All these measures have  2  BIS Review 51/2007  widened and deepened the money market in terms of instruments and participants, enhanced transparency and improved the signalling mechanism of monetary policy while ensuring financial stability. These policy initiatives over time have led to the development of a relatively deep, liquid and vibrant money market in the country.
Activity in all the segments has increased significantly, especially during the last three years. With the development of market repo and CBLO segments, the call money market has been transformed into a pure inter-bank market from August 2005. A recent noteworthy development is the substantial migration of money market activity from the uncollateralised call money segment to the collateralised market repo and CBLO markets.