During this period, in a sense, the policy effects stemming from the ample liquidity provided by the Bank, through which concern about the availability of liquidity was eased, may have been greater than those of the Bank's policy commitment, namely, its commitment in terms of policy duration. Since then, both the economy and the financial situation have been on an improving trend.
The implementation of the new framework marked the return to a market based mechanism for monetary operations following the removal of interest rate controls and lending policies by the Bank. The modernisation of the framework is expected to improve the transmission of monetary policy.