The same approach was adopted in the subsequent one-week main refinancing operations on 21 and 28 August and 4 September. Thanks to this relatively generous allotment, money market rates with maturities up to one week were brought back to usual levels. However, tensions remained in money market rates for maturities above one week.
As the degree of market functioning consequently improves, such as through interest rate formation becoming more flexible, this likely will lead to enhancing the sustainability of the policy. The Bank deems that such policy responses will lead to achieving 2 percent inflation at the earliest possible time while securing stability in economic and financial conditions.