At the Monetary Policy Meeting (MPM) held on April 3 and 4, 2013, the Bank decided to introduce the “quantitative and qualitative monetary easing” in order to achieve the price stability target of 2 percent in terms of the year-on-year rate of change in the CPI at the earliest possible time, with a time horizon of about two years.
Specifically, the Bank’s monetary easing consists of the following measures (Chart 7). First, with a view to pursuing the quantitative monetary easing, the Bank decided to change the main operating target for money market operations from the uncollateralized overnight call rate to the monetary base.