* * * The policy response to the global economic jolt caused by the pandemic will necessarily continue to be at the centre of our agenda. The recovery that took hold in the third quarter of the 2/5  BIS central bankers' speeches  year, although vigorous, is partial and fragile.
In the main they consist of open market operations, treasury bill auctions, transactions in central banks’ bills, repurchase agreements, foreign exchange market operations and accommodation facilities. Most of the African countries continue to  2  BIS Review 68/2004  make use of statutory reserve requirements. Moreover, these reserve requirements are quite high in many of the countries. 4.