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Monetary policy

Inflation and Inflationary Expectations
Inflation targeting
Base Rate
Exchange Rate Policy
Monetary Policy Guidelines
Monetary Policy Decision-Making Process
Press-releases on the Monetary Policy
Monetary Policy Instruments
Inflation Report
Economic Research
Enterprise Monitoring
FAQ Regarding the Monetary Policy

Monetary Policy Instruments

Through these instruments, the National Bank regulates liquidity and interest rates in the money market, influences lending activity of banks and exercises control over the volume of money supplyin circulation.

Open Market Operations are regular operations of the National Bank in the form of auctions for provision or absorption of liquidity in the money market with a view to set interbank interest rates around the base rate. Open market operations are conducted at the National Bank’s initiative. Highly liquid and risk-free securities are used as collateral while conducting open market operations.

Standing Facilities are monetary policy instruments used to adjust liquidity volumes which resulted from open market operations. The main objective of standing facilities is to limit volatility of short-term interest rates in the money market. Such operations are conducted at the initiative of banks.

Minimum Reserve Requirements are used to regulate the structural liquidity as well as liquidity and interest rates in the interbank money market. By changing its minimum reserve requirements, a central bank regulates the demand from banks for its reserves and, by using its instruments, it maintains the money market liquidity at the level enabling to keep short-term interbank interest rates within the required band.

Purpose

Type of Instrument

Instrument

Collateral

Frequency

Provision / withdrawal duration

liquidity provision

standing facilities

KASE Reverse Repo

government bonds

upon request from commercial banks

1 day

open market operations

NBK auction for the purchase of securities with the reverse sale

Lombard List

as needed

7 days

liquidity withdrawal

NBK Notes Auction

-

in accordance with the schedule of issuance of notes

7, 28, 91, 182, 364 days

standing facilities

KASE Direct Repo

government bonds

upon request from commercial banks

1 day

NBK Deposits

no collateral

upon request from commercial banks

1, 7 days

 

Monetary policy operations


  
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