Revue des Economies financières bancaires et de management
Volume 10, Numéro 2, Pages 750-772
2021-12-12
The Role Of Monetary Policy Response To Covid-19: The Case Of Algeria
Authors : Benatek Hanane . Hadjmaoui Toufik . Benzai Yassine .
Abstract
The main purpose of this paper is to identify and analyse the contribution of monetary policy in mitigating the economic and social effects of the pandemic Covid-19. The descriptive and analytical methodology is adopted to achieve the objective of this study. The results showed that one of the most urgent measures adopted by the Central Bank of Algeria (CBA) consists on rescheduling the payment of the due loans for the benefit of businesses directly and highly impacted by the pandemic. Also, the obligatory reserve ratio was revised at a minimum level beside lowering the leading interest rate by the CBA to increase the bank’s lending capacity and reduce the cost of funding for both public and private sector. In addition, the CBA exempted the banks and the financial institutions from the constitution of a safety cushion and reduced the minimum liquidity ratio.
Keywords
Covid-19 ; Central Bank of Algeria ; Monetary Policy; Minimum Liquidity Coefficient ; Loan instalments ; safety cushion
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