Pandemic Preparedness for Financial Institutions and Central Banks

This webinar provided IMF staff views on how Financial Institutions and Central Banks could prepare themselves for operating under crisis conditions. Financial Institutions and Central Banks provide critical services to an array of customers and society at large. In some countries, they are also critical for extending fiscal stimulus programs. (Central) Banks are, however, not immune to the effects of the pandemic and must prepare for operating under crisis conditions. In many countries, banks are required to develop business continuity plans (BCPs), which are subject to supervisory review and approval. However, there are differences between traditional business continuity planning and pandemic planning—notably due to the scale and duration of the shocks. These differences call for banks as well as Central Banks to review their BCPs and consider what actions can be taken to enhance preparedness and minimize the potential adverse effects of the spread of COVID-19.