Based on its assessments from these two perspectives, the Bank has decided to change the guideline for its money market operations so as to encourage the uncollateralized overnight call rate to remain at around 0.5 percent.
At the same time, the basic loan rate applicable under the complementary lending facility (the standby lending facility through which the Bank will extend a loan at the request of a counterparty up to an amount not exceeding the value of that counterparty's collateral) was set at 0.75 percent.