Open market operations are monetary policy operations carried out on the open market at the initiative of the central bank and include any of the following:
- definitive purchase or sale of assets (cash register and appointment)
- Buying or selling assets under a repurchase agreement
- Granting or borrowing against collateral
- Issue of bonds
- Acceptance of time deposits
- Foreign exchange swaps between domestic and foreign currencies
Open market transactions are used to control interest rates and liquidity in the market and to give signals regarding the course of monetary policy. The main refinancing operation is a regular open market operation that is carried out in the form of a fixed-term transaction. Limited to the extent that the central bank buys or sells assets on the basis of a repurchase agreement or grants loans against the pledging of collateral.
Main refinancing operations are carried out using standard weekly tenders with a maturity of one week. Standard tenders are settled within 24 hours from the announcement of the date to the confirmation of the allotment result.