Open market operations are the most important monetary policy tool because they are the primary determinant of changes in the monetary base, the main source of fluctuations in the money supply. Open market operations are the purchase and sale of securities in the open market by a central bank--are a key tool used by the Federal Reserve in the implementation of monetary policy.
In economics, the monetary base in a country is the total amount of money created by the central bank. This includes: the total currency circulating in the public, plus the currency that is physically held in the vaults of commercial banks, plus the commercial banks' reserves held in the central bank.
Therefore, the correct answer is as given above
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