In addition to the rise in the policy rate, the central bank focused on the short-end of the yield curve, draining excess liquidity from the inter-bank money market and pushing up short-tenor rates. Consequently, not only did the overnight rates remain close to the discount rate through most of the year, the volatility in these rates also declined.
Note: Futures spreads (right hand scale) are defined as the difference between the current spot price and the futures prices at different maturities, scaled by the current spot price. Prices are those traded in NYMEX and refers to West Texas Intermediate (WTI). The spot oil price is in log (left hand scale). Monthly observations refer to the last trading day of each month.