To make something free from bacteria or other living microorganisms. The surgeon sterilized the instruments before the operation.
To make a person or animal unable to reproduce. The veterinarian sterilized the stray cats to help control the population.
To make something ineffective or powerless. The new policy was designed to sterilize the influence of the opposition.
To neutralize the monetary effect of capital flows or foreign-exchange intervention through offsetting operations. The central bank sterilized its large dollar purchases to keep the money supply steady.