Third, we eased our macroprudential policy with a number of instruments, such as lowering the down payment policy to 0%, or increasing the loan-to-value ratio (LTV) to 100% for property and automotive loans, reducing the obligation for Macroprudential Liquidity Buffers (MPLB), Macroprudential Intermediation Ratio (MIR), providing incentives to banks for lending to 38 priority sectors, including MSMEs, to spur national economic recovery. iv.
  Second, and as a result, monetary policy in crisis times should aim at repairing monetary policy transmission by reducing fragmentations in the economy and restoring thereby distributional neutrality. There is, however, no fundamental difference between monetary policy in normal and crisis times.