While the number of employees has registered a year-on-year growth rate of around 2 percent, total cash earnings per employee have risen moderately but steadily, led mainly by those of part-time employees. Against the background of such improvement in the employment and income situation, private consumption has been increasing moderately, albeit with fluctuations.
And this meant at some point that the overnight rate was left to drift down to the floor of the corridor, where it still stands. This, in turn, implies that the overnight rate has become more independent of the volume of excess liquidity.