Assume that the interest on excess reserves $<$ interbank rate $<$ the discount rate. What is the effect of an open market sale on the interbank rate?

A$.$

The interbank rate decreases. The interbank rate is greater than or equal to the interest on excess reserves.

B$.$

The interbank rate increases but is less than or equal to the discount rate

C$.$

The interbank rate decreases. The interbank rate is strictly greater than the interest on excess reserves.

D$.$

There is no change in interbank rate

E$.$

The interbank rate increases but is strictly less than the discount rate