However, the Bank must consider whether its monetary policy choices could undermine the efficiency and stability of the domestic financial system. In current circumstances, the PTA rules out actively leaning against the housing cycle using monetary policy. Doing so would risk driving CPI inflation below the target range over the medium term.
To examine in more detail changes in the number of employed persons, Chart 7 compares the number of employed persons by gender and age group between the average for the 2013-2019 period and the total for 2020, with the latter reflecting the impact of COVID-19. The chart reveals that, for each age group, in 2020 the number of employed persons started to trend downward.