Monetary Policy Glossary

Monetary Policy Glossary

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Inflation 
An increase in the general price level, for example, in the consumer price index.
Interbank market 
An organised market that settles its operations through the Banco de España Settlement System (SLBE). Its main function is to enable the transfer of funds between banking institutions, contributing to the transmission of monetary policy. There are several trading segments in the interbank market: deposits, repurchase transactions, securities and derivatives.
Intraday credit 
Credit extended and reimbursed within a single day. The national central banks can extend these credits to speed up the use of TARGET, balancing mismatches in the settlement of payments. They may be in the form of a guaranteed overdraft, a credit operation pledged by available collateral or a repurchase agreement.
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