But central banks can choose to pay zero interest on a portion of the reserves that commercial banks hold with them, even when they increase the policy interest rate. And they can require commercial banks to hold zero-interest reserves at the central bank equal to a defined proportion of their loans, thus preventing inflationary growth of private credit and money.
央行们用自身以零利率或者超低利率融来的钱去购买政府债券。因此随着利率上升，央行可能会面临支出超过收入的状况。但即便央行提升了政策利率，它们依然可以选择去向那一部分由商业银行持有的储蓄支付零利息。它们也可以要求商业银行在央行持有相当于其贷款特定比例的零利率储蓄，并因此防止私人信贷和货币的通胀性增长。