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Guinea

Government and institution measures in response to COVID-19.

Government and institution measures in response to COVID-19.

Return to homepage  |  Last updated: 24 June, 2020

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

Monetary policy

  • The BCRG allows banks, for the duration of the pandemic, to count against their reserves credit provided to SMEs, businesses in the services sector affected (hotels, restaurants and transport), and major importers of food and pharmaceutical products. The central bank also announced a program of liquidity injection, including a window for the provision of long-term liquidity.
  • The central bank announced measures to mitigate prudential requirements. These include:
    • lowering the liquidity coverage ratio from 100 to 80 percent;
    • suspending the NPL classification for businesses and individuals impacted by the pandemic and the provisioning of such loans
    • Relaxing the limits on foreign exchange positions (from 20 to 25 percent of capital for the net position, and 10 to 12.5 percent for the position in each currency).
  • Dividend payments have been suspended while financial institutions are required to limit technical assistance fees paid to their parent companies to the strict minimum.
  • Financial institutions have been granted a three-month postponement of the payment of supervision -related fees as well as contributions to the deposit insurance scheme.
  • Insurance companies are to postpone the payment of premia falling due during the epidemic and to suspend policies at the request of customers.
  • Identification requirements for e-money accounts have been eased and companies are encouraged to reduce e-money transfer fees.

Other measures and sources

  • On June 15, Guinea extended the state of emergency for 30 days and announced further measures to ease lockdown restrictions.
  • Worship places in prefectures without new cases for 30 consecutive days could resume services starting June 22.
  • Universities and school-classes preparing for official examination will reopen on June 29.
Main sources of information