Tender rates for longer-term operations would increase, and those for shorter-term operations would be reduced. Thus, the “term structure of tender rates” would become steeper, similar to the term structure of money market interest rates. However, the rates on the main refinancing operations (with a one-week maturity) convey the monetary policy stance.
The figures show, for instance: •  Consumer Credit has been increasing at a rate of 24 percent a year, compared with 9 percent a few years ago;  •  Credit for automobiles has risen by about 52 percent in the past year; while  •  Outstanding credit card debt has more than doubled since 2000.