Prior to this, the Bank had adopted the 2 percent price stability target in terms of the year-on-year rate of change in the consumer price index (CPI) in January 2013. The Bank committed to pursuing monetary easing to achieve the 2 percent target as early as possible.
Despite this increased transparency on its inflation target, some in both the markets and the public soon questioned the achievability of the 2 percent target under the then existing monetary easing framework called comprehensive monetary easing (CME) adopted in October 2010.