Markets tended to overreact to news that was either not directly relevant to the euro area macroeconomic outlook or simply confirmed our baseline scenario. Against this background, our forward guidance aimed at better aligning money market conditions with our policy intentions. In interpreting our forward guidance, there are three essential elements. First, it acknowledges the scope for further cuts in our key interest rates.
Meanwhile, the amount of cash money ready for circulation both in the treasuries of Bank Indonesia’s head office and representative offices in the regions in the month of January has reached approximately 222 trillion. 8. Another important activity of money circulation that requires escorting is the distribution of money.