As challenges evolve globally and domestically, we continue to improve our open market 2/4  BIS central bankers' speeches  operations and expand our policy toolkit.
We are currently studying and conducting consultation with the industry for operational refinements meant to further strengthen our ability to guide shortterm market interest rates to move closely with the BSP policy rate and strengthen the transmission of monetary policy to the rest of the economy. We are tying this closely to the broader capital market reforms especially in developing the domestic debt market.