policy

Twenty last years the monetary policy was generally marked by the concern of not deviating of a fundamental objective: the maintenance of the price stability. It was expressed through implementation the progressive of direct and indirect instruments. Initially, the increase in the minimum reserve ratios and the levelling off of the interest rates were the principal means of monetary control. But, vis-a-vis the inadequacy of these means in an increasingly complex environment, the authorities undertook to soften the management of the monetary policy by introducing there other instruments like the interventions on the foreign exchange market and, especially, the good BRH.

Instruments used by the BRH
One can distinguish two moments in the use of the instruments from monetary policy by the BRH: a first dominated by the use of the interest rates and the minimum reserve ratios and a second marked by the introduction of new instruments like the good BRH and the interventions over the foreign exchange market.
 

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