Sometimes the RCB acted as the government’s banker, providing liquidity without considering the financial markets; at other times, it focused on the financial markets, providing liquidity to banks. In both cases, there is no link between inflation and interest rates.
过渡初期，有效货币政策框架的缺失反映了建立新制度和规则的难题，以及克服预算与信贷不分的中央计划经济遗留问题的困难。时而，RCB就像政府的银行，在不考虑金融市场的情况下提供流动资金；时而，它又专注于金融市场，向银行提供流动资金。两种情况下，通货膨胀和利率都没有联系。