Americas Wholesale and Retail Banking Overview
COVID-19 Response in Core Markets
United
Canada
Mexico
Peru
Chile
Colombia
Policy Action
Policy Rate Cuts¹
States
150 bps
150 bps
300 bps¹
200 bps¹
125 bps¹
250 bps
(March 1, 2020 - June 1, 2021)
Current Policy Rate
0.25%
0.25%
4.50%
0.50%
0.75%
1.75%
2021 Nominal Neutral Rate²
2.00%
2.00%
6.00%
3.50%
3.50%
4.85%
Fiscal
& Financial Measures
17.5%
22.3%
0.7%
20.0%³
34.6%³
2.8%
(% of GDP)
Liquidity program
Wage and payroll
Selected
support programs
Key
Measures
Payment deferral
programs
Small business and
sectoral programs
Vaccine Coverage4
825%
443%
144%
204%
253%
67%
(% of possible population covered)
Vaccine Deployment5
135.10
105.61
57.22
46.01
137.50
60.22
(Vaccine doses administered per 100 people)
COVID-19 Incidence Rate5
(Cumulative confirmed cases per 100k people)
3,850
10,934
2,343
6,456
8,503
9,536
Sources: Scotiabank Economics, Duke University, Johns Hopkins University, Our World in Data and national reports as of August 12, 2021, unless otherwise indicated.
1 As of August 12, 2021, in Mexico, Chile and Peru, respectively, 50 bps, 25 bps and 25 bps of these cuts had been rolled back. Further rate increases are expected across the PACs during the remainder of 2021.
2 Canada, US, Colombia: Scotiabank Economics estimates; Mexico, Peru, Chile: central bank estimates.
3 Includes pension withdrawals and deposit relief.
4 Internationally comparable Duke University data adjusted for national reports; excludes doses via COVAX. Colombia includes public and private donations.
5 As of August 11, 2021. Source: Our World in Data.
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