Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Bangladesh 01 01 - Liquidity Support BDT 380,000,000,000 4,473,219,541
Bangladesh 01A 01A - Short-term lending BDT 380,000,000,000 4,473,219,541 Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/acd/apr132020acd01.pdf (accessed June 29). Banglashesh Bank. https://www.bb.org.bd/ (accessed 29 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 1 May 2020).

(i) Bangladesh Bank (BB) has created several refinancing schemes, including a BDT50 billion Pre-shipment Refinancing scheme to support exporters, a BDT50 billion Special Incentive Refinancing Scheme for the agriculture sector, a BDT30 billion Refinancing Scheme to support micro-finance, and a BDT250 billion refinance scheme to facilitate the implementation of the government stimulus packages.; (ii) No amount/estimate: Banks and financial institutions can borrow 360 days against additional treasury bills and bonds of statutory deposit rate (SLR) with Bangladesh Bank. The remaining amount of the face value will be paid as repo by applying margin of 15% and 5% face value of treasury bills and bonds respectively.

Bangladesh 01B 01B - Support policies for short-term lending BDT Banglashesh Bank. https://www.bb.org.bd/ (accessed 29 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 April 2020). The Financial Express. https://thefinancialexpress.com.bd/economy/bangladesh/bb-slashes-crr-to-20pc-for-obo-1592536938 (accessed 26 June 2020).

(i) No amount/estimate: The CRR was initially reduced from 5% to 4.5% (daily-basis) and from 5.5% to 5% (bi-weekly basis), with a further reduction to 3.5% and 4%, respectively, from April 15; For non-bank financial institutions, CRR has been reduced to 1.5% (bi-weekly basis) and 1% (daily basis) effective from June 1, 2020. (ii) No amount/estimate: June 19, central bank lowered cash reserve ratio by 200 bp to 2.0% for offshore banking operation.

Bangladesh 01C 01C - Forex operations BDT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 1 May 2020).

No amount/estimate: Foreign exchange rules were eased by Bangladesh Bank to provide foreign currency to the Bangladeshi nationals who are visiting abroad and facing problem in returning home due to travel disruptions. It also resumed sales of the US dollar to offset extra pressure on the market caused by lower remittance inflows following the COVID-19 outbreak.

Bangladesh 04 04 - Equity support BDT
Bangladesh 07 07 - Central bank financing government BDT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 April 2020).

No amount/estimate: The Bangladesh Bank has announced that it will buy treasury bonds and bills from banks.

Bangladesh 07A 07A - Direct lending and reserve drawdown BDT
Bangladesh 07B 07B - Secondary purchase: government securities BDT
Bhutan 01 01 - Liquidity Support BTN/INR
Bhutan 01A 01A - Short-term lending BTN/INR
Bhutan 01B 01B - Support policies for short-term lending BTN/INR International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

No amount/estimate: April, Provision of working capital at 5% interest for wholesale distributors authorized by the Ministry of Economic Affairs (MoEA) for a period of 3 months, extendable by 3 months to enable them to procure adequate stocks and ensure uninterrupted supply of essential items at reasonable price.

Bhutan 01C 01C - Forex operations BTN/INR
Bhutan 04 04 - Equity support BTN/INR
Bhutan 07 07 - Central bank financing government BTN/INR
Bhutan 07A 07A - Direct lending and reserve drawdown BTN/INR
Bhutan 07B 07B - Secondary purchase: government securities BTN/INR
European Central Bank 01 01 - Liquidity Support EUR
European Central Bank 01A 01A - Short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).

European Central Bank 01B 01B - Support policies for short-term lending EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).

No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).

European Central Bank 01C 01C - Forex operations EUR
European Central Bank 04 04 - Equity support EUR
European Central Bank 07 07 - Central bank financing government EUR
European Central Bank 07A 07A - Direct lending and reserve drawdown EUR
European Central Bank 07B 07B - Secondary purchase: government securities EUR OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020).

Purchases of government bonds are included in Measure 2 (Encourage Private Credit Creation). The amount could not be disaggregated from the EUR 750 billion PEPP program.

European Union 01 01 - Liquidity Support EUR 10,000,000,000 11,061,946,903
European Union 01A 01A - Short-term lending EUR 10,000,000,000 11,061,946,903 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020).

March, The European Investment Bank (EIB) dedicated liquidity lines to banks to ensure additional working capital support for small and medium enterprises (SMEs) and mid-caps of EUR10 billion.

European Union 01B 01B - Support policies for short-term lending EUR
European Union 01C 01C - Forex operations EUR
European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1507 (accessed 27 August 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs; (iv) June, EUR5.3 billion for the Solvency Support Instrument that will work via an EU guarantee provided to the European Investment Bank (EIB) Group under the European Fund for Strategic Investments (EFSI). Solvency support will form a separate window under the EFSI to mobilise private capital. The EIB Group will use this guarantee to provide financing directly or invest, fund or guarantee equity funds, special purpose vehicles, investment platforms or national promotional banks. These intermediary funds or vehicles must be established and operate in the EU. The Solvency Support Instrument should predominantly channel solvency support through financial market intermediaries and only to a lesser degree facilitate direct support to companies by the EIB Group [update].

European Union 07 07 - Central bank financing government EUR
European Union 07A 07A - Direct lending and reserve drawdown EUR
European Union 07B 07B - Secondary purchase: government securities EUR
India 01 01 - Liquidity Support INR 11,819,366,747,737 159,041,603,107
India 01A 01A - Short-term lending INR 9,171,879,440,000 123,416,968,165 Reserve Bank of India (RBI). https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50281 (accessed 03 September 2020). Financial Times. https://www.ft.com/content/5734f333-e4d7-4ebf-9de2-220e537da3f0?accessToken=zwAAAXIRWB3Ykc9XNPMz5NdOv9Od4iIOU32j8A.MEQCIE1obkN05q4qkjoiBgF6riG66o6ocs0SQWfl2AsFIikHAiADu_DmNRDP9bo3QfxgYpytmLV8FGnEHOa8g66dgBdahQ&sharetype=gift?token=4a849e3f-c1b7-487d-ba1d-e73f283cd8c8 (accessed 14 May 2020). India Economics Update, Capital Economics. IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 03 June 2020).

The Reserve Bank of India (RBI) has introduced (i) open market operations (over 0.1% of gross domestic product [GDP]); (ii) variable term repos (0.5% of GDP) to ease any domestic liquidity pressures; (iii) special refinance facilities for rural banks, housing finance companies, small enterprises (0.2% of GDP); (iv) a special liquidity facility for mutual funds (INR500 billion); (v) May 13, INR6 trillion worth of RBI liquidity injections into the banking system; (vi) No amount/estimate: extension of the of the small business refinancing facilities; (vii) Term repo operations for an aggregate amount of INR1 trillion at floating rates (i.e., at the prevailing repo rate) in the middle of September to assuage pressures on the market on account of advance tax outflows. In order to reduce the cost of funds, banks that had availed of funds under long-term repo operations (LTROs) may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15%) and availing funds at the current repo rate of 4%. [update]

India 01B 01B - Support policies for short-term lending INR 2,446,090,420,000 32,914,634,941 Reserve Bank of India. https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50176 (accessed 12 August 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 May 2020).

(i) No amount/estimate: Cash reserve ratio (CRR) maintenance for all additional retail loans has been exempted and the priority sector classification for bank loans to nonbanking financial companies (NBFCs) has been extended for on-lending for FY 2020/21; (ii) The CRR was cut by 100 bps and the ceiling for marginal standing facility was increased to 3% of the Statutory Liquidity Ratio (together with Measure 2A, these comprise around INR3.7 trillion worth of liquidity); (iii) April 20, The RBI increased the limit for ways and means advances (a short-term liquidity facility for central and state governments) to 60% (for state) and INR2.0 trillion (for central governments); (iv) Temporary reduction of the Liquidity Coverage Ratio from 100% to 80%; (v) August 6, Introduced an optional facility allowing banks to manage their day end cash reserve ratio (CRR) balances. Banks will be able to set the amount (specific or range) that they wish to keep as balance in their current account with RBI at the end of the day.

India 01C 01C - Forex operations INR 201,396,887,737 2,710,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 May 2020).

The RBI conducted two sell–buy swap auctions to inject United States dollar liquidity into the forex market to a cumulative USD2.71 billion on March 16 and 23.

India 04 04 - Equity support INR
India 07 07 - Central bank financing government INR 400,000,000,000 5,382,406,909
India 07A 07A - Direct lending and reserve drawdown INR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 May 2020).

April 20, The RBI increased the limit for ways and means advances for the Central Government (a short-term liquidity facility) for the remaining part of the first half of the FY 2020/21 from INR 1.2 trillion to INR2.0 trillion. The WMA is a temporary liquidity facility offered by the RBI to the government that acts as a credit line that the government may call upon to help them reconcile short-term mismatches in cash flows of their receipts and expenditures.

India 07B 07B - Secondary purchase: government securities INR 400,000,000,000 5,382,406,909 RBI. https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50252 (accessed 27 August 2020). https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50012, https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49712 (both accessed as of 2 July 2020).

(i) April 27, INR100 billion purchase of government securities under Open Market Operations (OMO); (ii) June 29, another INR100 billion purchase of government securities under Open Market Operations (OMO). These two operations, totalling INR200 billion, have long-term maturities ranging from 6 years to 10 years and are meant to replace the concurrent sale of short-term government securities maturing within the next year; (iii) August 26, Decided to again conduct simultaneous purchase and sale of government securities under Open Market Operation (OMO) for an aggregate amount of INR200 billion in two tranches of INR100 billion each. The auctions would be conducted on August 27, 2020 and September 03, 2020. [update]

Maldives 01 01 - Liquidity Support MVR
Maldives 01A 01A - Short-term lending MVR Ministry of Finance. https://www.finance.gov.mv/media/news/mvr-25-million-economic-recovery-plan (accessed 13 April 2020); International Monetray Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

April, The Government of Maldives will ensure, through banks, availability of working capital to businesses (Note that the amount is included in Measure 5.)