Monetary Policy Glossary

Monetary Policy Glossary

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Auction 
Issuance procedure generally used by the Treasury. Investors present the issuer with their requests, which can be competitive (they reflect the prices that they are willing to pay for the securities) or non-competitive (they do not reflect said prices). The issuer decides the minimum price they agree to receive, rejecting all the lower priced requests.
Autonomous liquidity factors 
Liquidity factors that do not normally stem from the use of monetary policy instruments. They include, for example, banknotes in circulation, government deposits with the central bank and net foreign assets of the central bank.