It could be that they can slow down the process of inflation by cutting off interest rates.
I should preface by saying I'm not an expert either, but, the correlation between inflation and interest rate is inverse, in very simple terms; the higher the interest rate, the lower the inflation rate, and vice versa. So, lowering the interest rate to near zero is meant to stimulate the economy and keep the inflation rate stable at near 2% or slightly higher. If it goes much higher than this levels, hyperinflation would set in.
The pandemic has caused lots of businesses to shutdown, leading to employment and hence a stagnation of money in circulation, to counter this, Central banks initiate policies such as lower interest rate and stimulus packages, people would be able to take out loans at a much lower interest and would have cash with which to stimulate the economy - this would encourage spending.
The Bank of England is
considering a below zero or a negative interest rate from the current levels of about 0.1%.
This policy can also be used to reduce the money in circulation; during a booming period banks can set much higher interest rates - this would encourage saving
We should note that these policies has its negative effects, banks giving out loans at a loss would lead to deficits, leading to losses and declines in bank stocks.
Encouraging people to take loans would also lead to more bad loans and more defaults, further straining the banking sector.
But CMIIW, that it's an imminent thing to come after with all of those printed money.
I would assume the effect of printed money would be felt further down the road.