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 12 12 - Non-Economic Measures BDT Ministry of Public Administration. https://mopa.gov.bd/sites/default/files/files/mopa.gov.bd/notices/8b82fa43_9c1a_4269_bc9f_dcf378e47fdf/admin1-2020-347-r1.PDF (accsessed 29 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020).

(i) March 23, The government declared a general holiday from March 26 to April 4, which has been extended until May 5: government offices, private offices, and courts will be closed, commercial banks will operate shorter hours; (ii) Individuals have been requested not to leave their homes except to collect daily necessities and emergency supplies, and to wear masks when outside; and (iii) A lockdown has been imposed on 75 hotspots in Dhaka where cases have been identified, and a curfew is in operation from 6pm to 6am.

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 2 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 12 12 - Non-Economic Measures BTN/INR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 July 2020).

(i) Bhutan started imposing containment measures immediately after the first case was recorded on March 6, with restriction of entry of foreign tourists initially for two weeks but extended afterwards and closure of schools in three cities; (ii) March 22, Bhutan sealed off its land borders as a precautionary measure to prevent the spread of COVID-19. For non-Bhutanese, exits are allowed. Incoming non-Bhutanese are scrutinized and quarantined where applicable; (iii) March 27, More containment measures were imposed on public gatherings, travel (within and outside Bhutan), business and entertainment, games and sports and civil service, corporate, private, and other agencies. The quarantine period has been extended to April 21; (iv) Healthcare measures include setting up dedicated hospitals and quarantine centers.

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 12 12 - Non-Economic Measures EUR
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).

(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.

European Union 12 12 - Non-Economic Measures EUR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

Most European countries have taken several containment measures ranging from lockdowns and travel restrictions to school closures and bans on large gatherings. Measures that favor teleworking were also widely implemented. The European Commission presented guidelines for exit strategies and called for a common framework across member states. The criteria include: (i) sustained reduction and stabilization of new cases, (ii) sufficient health system capacity such as adequate hospital beds, pharmaceutical products, and equipment, and (iii) appropriate monitoring capacity to quickly detect and isolate infected individuals as well as to trace contacts. The Commission invited Schengen Member States and Schengen Associated States to extend the temporary restriction on non-essential travel to the EU until 15 June and presented further guidance on a gradual lifting of border restrictions .

India 01 01 - Liquidity Support INR 10,819,366,747,737 145,585,585,834
India 01A 01A - Short-term lending INR 8,171,879,440,000 109,960,950,893 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; (v) No amount/estimate: extension of the of the small business refinancing facilities.

India 01B 01B - Support policies for short-term lending INR 2,446,090,420,000 32,914,634,941 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% and restriction on banks from making dividend payouts.

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 12 12 - Non-Economic Measures INR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).

(i) March 21, A temporary ban for a week on international flights landing in the country for a week; (ii) March 26, Extended ban on all international flights till April 15th, excluding approved all-cargo operations and flights; (iii) March 5, Schools closed in some of the municipalities and states, including Delhi until the end of March, which was eventually expanded to all educational insttitutions in the country; (iv) March 12, Partial shutdowns was imposed on educational institutions, stadiums, cinema halls, and sports clubs and gathering of people were banned in some of the states, including Delhi; (v) March 24, The entire country was placed under lockdown for 21 days which, on April 14, was further extended to May 17; (vi) April 15, the government announced several relaxation measures in geographical areas designated as non-hotspot, with effect from April 20, 2020; (vii) May 30, the government issued ‘Unlock 1’ guidelines for a phased re-opening of most activities across the country and limiting the lockdown only to containment zones for a month until June 30. However, states have been empowered to prohibit certain activities if they deem it necessary.

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.)

Maldives 01B 01B - Support policies for short-term lending MVR Maldives Monetary Authority (MMA). http://www.mma.gov.mv/#/news/PR-MCS-2020-3(english).html (accessed 13 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020; 3 May 2020).

No amount/estimate: April, The Maldives Monetary Authority (MMA) announced measures including (i) reducing the Minimum Reserve Requirement (MRR) up to 5% as and when required; and (ii) making available a short-term credit facility to financial institutions as and when required. April 23, MRR was reduced to 7.5%.

Maldives 01C 01C - Forex operations MVR Maldives Monetary Authority. http://www.mma.gov.mv/#/news/PR-MCS-2020-3(english).html (accessed 13 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020).

April, The MMA will increase foreign exchange intervention and use other available facilities to maintain the exchange rate peg.

Maldives 04 04 - Equity support MVR
Maldives 12 12 - Non-Economic Measures MVR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 April 2020, 14 May 2020, 4 June 2020); The Edition. https://edition.mv/news/16934 (accessed 29 May 2020).

(i) March 12, The government declared a Public Health Emergency. There are several adopted containment measures, including (a) temporary suspension of on-arrival visa for all passengers arriving to Maldives by air and sea, (b) quarantine for all passengers traveling to Maldives by air except for tourists checking-in to resorts, (c) screening at ports of entry, (d) restrictions on travel between resorts and inhabited islands, (e) ban on all cruise ships from entering and docking; requirement on all guest houses and city hotels operating in the Maldives to temporally suspend all tourist check-ins since March 17, and (f) school closures; (ii) April 15, The greater Malé region was placed on lockdown; (iii) May 13, The lockdown was extended to May 28 (third extension since its implementation); (iv) May 28: (a) The state of Public Health Emergency was extended until June 29; (b) Phase one of lockdown easing started, with a relaxation in temporary permissions for leaving homes as well as allowing certain commercial businesses to open and operate; and (c) International flights as well as tourism resorts are expected to reopen in July.

Nepal 01 01 - Liquidity Support NPR
Nepal 01A 01A - Short-term lending NPR NRB. https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf; International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 July 2020).

No amount/estimate: March 29: (i) Nepal Rastra Bank (NRB) instructed banks to provide short-term loan of up to a certain limit to tourism and transport businesses within 5 days of their loan application [update]; (ii) Banks were asked to provide subsidized credit to migrant workers to initiate their own enterprises, who could not depart for foreign employment due to this pandemic, within 7 days of their loan application [update]; (iii) April 28, Businesses in affected sectors, if they can show the need, can qualify for additional working capital loans of up to 10% of the approved amount of their existing working capital loans, to be repaid within a year at most.

Nepal 01B 01B - Support policies for short-term lending NPR NRB. https://www.nrb.org.np/cmfm_rates/policy_rates (accessed 25 June 2020).

No amount/estimate: March 29, NRB lowered its cash reserve ratio from 4% to 3%.

Nepal 01C 01C - Forex operations NPR NRB. https://www.nrb.org.np/contents/uploads/2020/04/Circular10-2076-77_20200401_0001.pdf

No amount/estimate: April 1: (i) Import of gold limited to 10 kilograms per day to mitigate the pressure on foreign exchange reserves [update]; (ii) Foreign exchange facility shall not be provided for the import of alcohol and vehicles worth over USD50 thousand [update]; (iii) Foreign exchange facility via draft/TT for the import of COVID-related medical supplies and equipment increased from USD30 thousand to USD100 thousand [update].

Nepal 04 04 - Equity support NPR
Nepal 12 12 - Non-Economic Measures NPR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 July 2020).

April: (i) Closure of cinema halls, stadiums, health clubs, museums, bars and other recreational places and public transportation until July 22 [update]; (ii) Closure of land-border crossings; June: (iii) Nationwide lockdown until July 22 [update]; (iv) Ban on domestic and international flights (except chartered flights) until July 22 [update]; (v) The government began easing the lockdown on June 12, allowing shops to open; (vi) Government, private offices, and banks have reopened from June 15, with government staff working in shifts; (vii) Private vehicles are allowed to operate on an alternating odd-even license-plate-number basis, corresponding to the calendar date.