BoE Supports Central Banks in Africa and Asia to Manage COVID Shock
BoE published a statement outlining its contributions toward helping central banks in Africa and Asia in their response to COVID-19 by providing practical expertise on managing the economic impact of the pandemic. Through a scheme funded by the UK government, BoE staff is sharing UK expertise on forecasting, managing, and mitigating the economic and financial shock caused by the pandemic. Seventeen developing market central banks from Africa and Asia have participated in its webinar series and BoE is continuing its bilateral work with 10 central banks, including from Indonesia, Ghana, Morocco, and South Africa.
BoE has tailored its approach to the specific challenges faced by individual countries. For example, work with the South African Reserve Bank and the 15 central banks in the South African Development Community has focused on developing a crisis management framework to respond to commercial banks at risk from adverse economic impacts. BoE experts have supported other central banks, including in Sierra Leone and Ghana, on internal risk management, assessing risks to the banking sector and developing foreign currency markets. This activity is part of an ongoing partnership between the Department for International Development (DFID) and BoE to provide technical assistance on the monetary, economic, and financial policy issues faced by central banks. BoE has increased the number of central banks it supports due to the impact of COVID-19 and the existing program will run until 2022.
Related Link: Press Release
Keywords: Europe, UK, Banking, COVID-19, Crisis Management Framework, Asia, Africa, Central Banks, SARB, BoE
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