2020-2021 : Gestion de crise et réponses à la pandémie

Abstract

This chapter analyzes the BRH’s response to the 2020-2021 health crisis. The pandemic produced a contraction in activity, rising uncertainty, and pressure on households, firms, and the financial system. The BRH sought to maintain banking liquidity, adjust reserve requirements, support selected credit channels, and defend the stability of the gourde. The chapter also examines the temporary appreciation of the currency in 2020, its immediate effects on prices, and the controversies generated by foreign-exchange interventions. The analysis highlights a central contradiction: stabilization measures may have reduced some nominal tensions, but they did not sustainably support the real economy. Crisis management therefore illustrates the triangle of incompatibility between monetary stability, public financing, and productive recovery.