Algeria | Banque d'Algeria reduced its policy rate by 25 bps to 3.00 percent on April 30, 2020. This was the second rate cut in response to COVID-19, following a previous reduction from 3.50 to 3.25 on March 15. | 3.00 | 0.50 | 4/30/2020 | 3848 |
Angola | Banco Nacional de Angola maintained the policy rate and established a special liqudity facility in the amount of Kz100 billion. | 15.50 | - | 4/03/2020 | 19 |
Benin
Burkina Faso
Côte d'Ivoire
Guinea-Bissau
Mali
Niger
Senegal
Togo | The Central Bank of West African States (BCEAO) increased available resources to banks to FCFA 4.750 billion, extended the collateral framework for 1,700 prequalified companies, and announced various credit refinancing frameworks. It also provided FCFA 25 billion in subsidies to the West African Development Bank (BOAD). On March 27, the BCEAO decided to maintain the policy rate at 2.5 percent. | 2.50 | - | 4/03/2020 | 2297 *
*BCEAO member total |
Botswana | The Bank of Botswana reduced the policy rate by 50 bps to 4.25 percent, and reduced the primary reserve requirement from 5 percent to 2.5 percent. | 4.25 | 0.50 | 4/30/2020 | 23 |
Cabo Verde | The Banco de Cabo Verde reduced the policy rate by 125 basis points to 0.25 percent and also reduced banks' reserve requirement rates. | 0.25 | 1.25 | 4/01/2020 | 10 |
Cameroon
CAR
Chad
Congo
Equatorial Guinea
Gabon | The Bank of Central African States (BEAC) reduced the policy rate from 3.5 percent to 3.25 percent, decreased the Marginal Lending Facility rate from 6 percent to 5 percent, and increased liquidity provisions to FCFA 500 billion. | 3.25 | 0.25 | 3/27/2020 | 1084 *
*BEAC member total |
DRC | The Banque Centrale du Congo lowered the policy rate from 9 percent to 7.5 percent and announced a number of additional response measures to ensure market stability and increase liquidity. | 7.50 | 1.50 | 3/24/2020 | 254 |
Egypt | The Central Bank of Egypt announced an extensive debt relief program targeting the tourism and SME sectors and reduced the policy rate by 300 basis points to 9.75 percent. | 9.75 | 3.00 | 4/02/2020 | 2350 |
Eswatini | The Central Bank of Eswatini reduced the policy rate by 100 basis points to 4.5 percent on April 15, 2020. This was the second rate cut, following a previous reduction from 6.5 percent to 5.5 percent on March 20. | 4.50 | 2.00 | 4/15/2020 | 15 |
Ethiopia | The National Bank of Ethiopia took steps to encourage the broader use of mobile banking in the country and announced a BIRR15 billion liquidity facility. | NA | - | 3/31/2020 | 82 |
Gambia | On February 27, 2020, in anticipation of the global economic impact of the COVID-19 epidemic in China, the Central Bank of The Gambia reduced the policy rate to 12 percent. | 12.00 | 0.50 | 2/27/2020 | 9 |
Ghana | The Bank of Ghana lowered the key rate from 16 percent to 14.5 percent and bank reserve requirement to 8 percent to support the financial sector. | 14.50 | 1.50 | 3/18/2020 | 636 |
Kenya | The Central Bank of Kenya reduced the policy rate by 25 basis points to 7.00 percent on April 29, 2020. This was the second rate cut, following a previous reduction from 8.25 to 7.25 on March 24. | 7.00 | 1.25 | 4/29/2020 | 374 |
Lesotho | On April 14, 2020, the Central Bank of Lesotho announced the further reduction of the policy rate by 100 basis points, from 5.25 percent to 4.25 percent. This was the second rate cut, following the March 23 reduction from 6.25 percent. | 4.25 | 2.00 | 4/14/2020 | 0 |
Liberia | On March 24, 2020, the Central Bank of Liberia decided maintain the policy rate at 30 percent, but has made policy changes to encourage mobile money transactions and to alleviate repayment pressures for borrowers in affected sectors, among other measures | 30.00 | - | 3/24/2020 | 59 |
Madagascar | The Central Bank of Madagascar provided a A420 billion liquidity injection to the market and took steps to encourage the use of mobile money, among other measures. | 9.50 | - | 3/25/2020 | 110 |
Malawi | The Reserve Bank of Malawi maintained the policy rate at 13.5 percent and announced it will inject K12 billion into Malawi's banks and reduce the Lombard rate (interest rate charged by central bank) by 50%, to 0.2% above the policy rate on April 9. | 13.5 | - | 4/09/2020 | 16 |
Mauritania | The Central Bank of Mauritania reduced the key policy rate to 5 percent and established a currency swap facility to prevent exchange rate fluctuation. | 5.00 | 1.50 | 3/24/2020 | 7 |
Mauritius | The Bank of Mauritius reduced the Key Repo Rate to 1.85 percent on April 16. This was the second rate cut, following a previous reduction from 3.35 percent to 2.85 percent on March 10. | 1.85 | 1.50 | 4/16/2020 | 324 |
Morocco | Bank Al Maghrib reduced the policy rate by 25 basis points to 2 percent and announced other policy response measures, including liquidity facilities targeting both local and foreign currency supplies. | 2.00 | 0.25 | 3/19/2020 | 1888 |
Mozambique | Banco de Moçambique reduced the main monetary policy rate by 150 basis points to 11.25 percent on April 16, 2020. | 11.25 | 1.50 | 4/16/2020 | 29 |
Namibia | The Bank of Namibia reduced the policy rate to 4.25 percent on April 15, 2020. This was the second rate cut in response to COVID-19, following a previous reduction from 6.25 percent to 5.25 percent on March 20. | 4.25 | 2.00 | 4/15/2020 | 16 |
Nigeria | The Central Bank of Nigeria kept its policy rate at 13.5 percent and liquidity ratio at 30 percent, but created an N50 billion targeted credit facility took other measures to inject liquidity into the banking system. | 13.5 | - | 4/01/2020 | 343 |
Rwanda | The National Bank of Rwanda (BNR) reduced the policy interest rate by 50 bps to 4.5 percent on April 29, 2020. Previously, the BNR had announced a RWF 50 billion liquidity facility for banks and lowered the reserve requirement ratio by 100 basis points to 4 percent, among other measures. | 4.50 | 0.50 | 4/29/2020 | 212 |
Seychelles | The Central Bank of Seychelles provided a US$36 million emergency credit facility for the financial sector and cut the policy rate by 100 basis points to 4 percent, among other measures. | 4.00 | 1.00 | 3/25/2020 | 11 |
Sierra Leone | The Bank of Sierra Leone set up Le 500 billion dedicated loan fund for the private sector and lowered the policy rate by 150 basis points to 15 percent, among other measures. | 15.00 | 1.50 | 3/18/2020 | 11 |
South Africa | The South African Reserve Bank again reduced the policy rate from 5.25 percent to 4.25 percent, effective April 15, 2020 to support the market liquidity. This was the second rate cut in response to COVID-19, following the reduction to 5.25 percent on March 25. | 4.25 | 2.00 | 4/14/2020 | 2415 |
Tunisia | The Central Bank of Tunisia reduced the policy rate by 100 basis points to 6.75% and provided credit guarantees in the amount of TND500 million, among other measures. | 6.75 | 1.00 | 4/10/2020 | 747 |
Uganda | The Bank of Uganda decided to reduce the policy rate by 100 basis points to 8 percent on April 6, 2020, and took other measures in response to the economic impact of COVID-19. | 8.00 | 1.00 | 4/06/2020 | 54 |
Zambia | Among other measures, the Bank of Zambia announced the establishment of a refinancing facility in the amount of K10 billion, revised loan classifications, and urged commercial banks to waive bank transaction fees. | 11.50 | - | 4/03/2020 | 45 |
Zimbabwe | The Reserve Bank of Zimbabwe further reduced the policy rate to 15 percent with effect from May 1, 2020. The Reserve Bank initially reduced the policy rate from 35 to 25 percent on April 2, 2020. | 15.00 | 20.00 | 5/1/2020 | 34 |
Nationwide Social Distancing Measures
Many African government have acted quickly—even before the first case of COVID-19 was confirmed in their countries—to implement nationwide social distancing measures.
Table: Social Distancing Measures in Place Across Africa in Response to COVID-19
*curfew extended on April 4 (1,251 confirmed cases)
*lockdown extended on April 10 (314 confirmed cases)
*Lockdown extended on April 14 (16 confirmed cases)
*Stay-at-home lockdowns began in Lagos, Abuja, and Ogun states on March 30 (96 confirmed cases nationwide) and were extended on April 14
(343 confirmed cases)
*Lockdown extended on April 9 (1,845 confirmed cases)
*lockdown was extended on April 14 (54 confirmed cases)
Last updated on April 17, 2020.
Sources: See links in table.
See also: ICNL’s COVID-19 Civic Freedom Tracker