BOU issued a communication on 20 March 2020 titled ‘Measures to mitigate the economic impact of COVID-19
BOU committed to undertake the following:
Ensure financial institutions supervised by BOU continue to operate effectively;
- Ensure that contingency plans by financial institutions guarantee the safety of customers and staff;
- Intervene in the foreign exchange market to smoothen out excess volatility arising from the global financial markets;
- Put in a place a mechanism to minimise the likelihood of sound business going into insolvency due to lack of credit;
- Provide exceptional liquidity assistance for a period of up to one year to financial institutions supervised by BoU that may require it;
- Waive limitations on restructuring of credit facilities at financial institutions that may be at risk of going into distress due to the COVID-19 pandemic;
- Continue to engage Mobile Network Operators (MNOs) and commercial banks to:
- further reduce fees on mobile money transactions and other digital payment charges in order to limit the use of cash and bank branch visits.
- Increase daily transaction and wallet size limits for mobile money transactions.