East Africa: Central Banks Ramp Up Coronavirus Response

Source: All Africa

CENTRAL banks of the East African Community member countries are contemplating swift interventions in response to the coronavirus crisis amid calls on regional governments to implement significant economic stimulus packages.

The COVID-19 outbreak seems to devastate economic activities, bringing life to a standstill as many countries are taking bold measures to control further spreading of the pandemic.

Such measures include lockdowns, curfews, and quarantines; meanwhile, businesses such as hotels and tourism are shut down.

The East African Business Council (EABC) Chief Executive Officer (CEO) and Executive Director, Dr Peter Mathuki unveiled to the 'Daily News' that the Monetary Policy Committee (MPC) of the Central Bank of Kenya (CBK) met on 23rd March and analyzed the impact of the Covid-19 to Kenya's economy.