Let me remind everyone that the mandate of the BSP is price stability, and we are now moving more towards price and financial stability. We have the tools to pursue these. But, monetary and financial stability cannot be expected to do everything. It has been said, one cannot push on a string.
The link between the Lombard rate and the money market has to be robust for any shift in the interest rate policy stance to be instantly transmitted. However, as you may have observed, changes in the Lombard rate have been having the intended impact on our interest rate structure.