At the same time, the major reason why the Bank can provide ample liquidity without facing under-subscription in open market operations is that there is demand from foreign banks for excess reserves, and this itself is not expected to lead to a revitalization of economic activity.
Of course, we still cannot deny the possibility that the demand for excess reserves will lead to a change in the portfolio of economic entities and ultimately stimulate economic activity in the long run. The Bank is now closely examining this possibility while continuing the current massive provision of liquidity. B.