This liquidity injection through OMOs happened at a time when we were tightening policy rates to combat inflation. These were seemingly contrarian actions, and many observers may have seen them as being conflicting and incoherent.
It is not seen as a replacement for monetary policy and it is not expected to be as powerful a tool as monetary policy. Macro-prudential policy could nevertheless have a stabilising impact on credit supply decisions by the banks as well as credit demand decisions by households.