Information Note to Banks on BRH COVID-19 Measures
- The BRH lowers its policy rates and its refinancing rate to reduce borrowing costs.
- Reserve requirement ratios are reduced so that banks can take deposits and lend at lower cost.
- Customers get easier loan repayment conditions for a period of three months.
- The BRH waives fees on SPIH interbank transfers and raises limits on mobile payment transactions.
- The measures take effect on March 23, 2020.
Citing the negative effects that the spread of COVID-19 may have on the financial system and the economy, the BRH sets out measures involving financial institutions to limit the deterioration of living conditions. The six measures are a reduction of the BRH policy rates, which should lower lending rates; a reduction of reserve requirement ratios to make deposit-taking and lending cheaper for banks; a lower BRH refinancing rate to cut the cost of liquidity; easier repayment of customer loans for three months; a waiver of fees on interbank transfers (SPIH); and higher limits on transactions through mobile payment services.
The BRH also encourages the public to use payment cards, interbank transfers, online transactions and mobile financial services. The measures take effect on Monday March 23, 2020. The note is signed by the Governor and five other signatories.
How to cite
Bank of the Republic of Haiti (BRH), 2020, Information Note to Banks on BRH COVID-19 Measures, https://www.brh.ht/wp-content/uploads/NOTE-information-COVID-19.pdf
- Rights holder
- Banque de la République d'Haïti (BRH)