Regulatory Flexibility During the Pandemic: Emerging Lessons

The aim of this policy brief is to examine the types of regulatory flexibility adopted in response to the pandemic and provide early evidence on the impact of these measures. Based on desk research and interviews and exchanges with regulators and financial service providers (FSPs), the paper:

• Describes the main types of regulatory flexibility adopted in developing and emerging economies as a response to the pandemic.
• Provides preliminary evidence of how regulatory flexibility has impacted low-income financial consumers and micro and small enterprises, as well as the FSPs that serve them.
• Draws some emerging lessons for regulators seeking to better prepare for the future.