And since rates reached zero, we have switched to unconventional measures – namely large-scale asset purchases – as the main means to expand our stance and ensure that inflation returns gradually back to 2%. Those asset purchases are proceeding smoothly and continue to have a favourable impact on the cost and availability of credit for firms and households.
Implementation and monitoring of financial inclusion targets should focus on usage of bank accounts, and expand beyond transfer payouts. As the recent inter Media survey shows, only half the bank accounts have been active over the previous three months.