The Central Bank has warned that the scale of the economic shock due to Covid-19 is "unprecedented" and will create pressure on the financial position of both borrowers and banks.
Central Bank Governor Gabriel Makhlouf said governments are facing "fantastic levels of uncertainty" over the future and warned that while the financial system is resilient, that resilience is not infinite.
He was speaking after the publication of the Central Bank's Financial Stability Review today. In its Financial Stability Review, the Central Bank estimated that 80% of businesses covering almost 70% of all employment are affected either directly or indirectly by the containment measures through loss of sales, disruption in supply chains and physical