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.
We realized that there was a communication challenge here – to explain to the market that we remained committed to bringing inflation down, that our action in injecting liquidity was not inconsistent with our anti-inflation stance, that we continued to hold that liquidity should be in a deficit mode in a monetary tightening cycle, but that we were injecting liquidity only to ease the “excessive deficit” in order to ensure that flow of credit for productive purposes was not choked.