|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Arab Republic of Egypt||01||01 - Liquidity Support||EGP|
|Arab Republic of Egypt||01A||01A - Short-term lending||EGP||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
(i) No amount/estimate: Short-term loans of up to a year were made available to allow small projects harmed by COVID-19 (especially in industrial and labor-intensive sectors) to pay for their operational expenses until the crisis is over.
|Arab Republic of Egypt||01B||01B - Support policies for short-term lending||EGP|
|Arab Republic of Egypt||01C||01C - Forex operations||EGP|
|Arab Republic of Egypt||04||04 - Equity support||EGP||20,000,000,000||1,272,671,633||OECD. https://www.oecd.org/coronavirus/en/ (accessed 7 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).||
EGP20 billion stock-purchase program has been launched by the Central Bank.
|Argentina||01||01 - Liquidity Support||ARS||343,000,000,000||5,466,135,458|
|Argentina||01A||01A - Short-term lending||ARS||343,000,000,000||5,466,135,458||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed15 May 2020). Government of Argentina. https://www.argentina.gob.ar/noticias/el-gobierno-nacional-lanza-linea-de-credito-tasa-cero-para-el-sector-de-las-industrias (accessed 21 August 2020).||
(i) ARS1 billion working capital lines for SME through Bank of Investment and Foreign Trade (BICE) with a guarantee from the Reciprocal Guarantee Societies (SGR), and a term of up to 12 months; (ii) Mandatory credit lines through the Central Bank (ARS320 billion); (iii) Established a credit line for MSMEs, PyME Plus line, that do not have bank credit at a subsidized rate of 24%. The Central Bank authorized a special line for ARS22 billion with minimum requirements so that they can take their first credit and for the MSMEs that obtain the FOGAR guarantee, the banks cannot deny it; (iv) June 2, No amount/estimate: launched a special line of credit for work cooperatives at a subsidized rate of 18%; (v) June 11, No amount/estimate: created the PyMEs Plus program to support microbusinesses and SMEs by providing new lines of credit to eligible applicants; (vi) August 13, launched a zero-rate credit line for the cultural industries sector.
|Argentina||01B||01B - Support policies for short-term lending||ARS||0||BCRA. https://www.bcra.gob.ar/Noticias/Coronavirus-BCRa-medidas-directorio.asp (Accessed 27 April 2020).||
No amount/estimate: (i) Reduced reserve requirements for financial entities that offered special lines of credit to micro, small and medium-sized enterprises at maximum 24% interest; (ii) the combined divestiture of LELIQ holdings and release of reserve requirements could generate credit volumes more than 50% of current bank financing.
|Argentina||01C||01C - Forex operations||ARS||
See (i) in Measure 11.
|Argentina||04||04 - Equity support||ARS|
|Brazil||01||01 - Liquidity Support||BRL||552,493,781,818||113,141,326,324|
|Brazil||01A||01A - Short-term lending||BRL||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#B (accessed 29 April 2020).||
No amount/estimate: The central bank also opened a facility to provide loans to financial institutions backed by private corporate bonds as collateral;
|Brazil||01B||01B - Support policies for short-term lending||BRL||288,800,000,000||59,141,326,324||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#B (Accessed 29 April 2020). BCB https://www.bcb.gov.br/en/pressdetail/2321/nota (accessed May 29). BCB. https://www.bcb.gov.br/detalhenoticia/17105/nota (accessed June 25); BCB https://www.bcb.gov.br/detalhenoticia/17104/nota (accessed June 25)||
(i) March 16, the reserve requirement on time deposits was reduced from 31% to 25% and restrictions on applying reserve requirements to the Liquidity Coverage Ratio were relaxed; BCB estimates the effect will be to increase lending by BRL 135 billion; (ii) March 26, the reserve requirement on time deposits was reduced further from 25% to 17%; BCB estimates the effect will be to increase lending by BRL 68 billion; (iii) March 26, the upper limit of the repurchase of Financial Letters of their own issuance for bank from Segment S1 was raised from 5% to 50%; BCB estimates an increase in liquidity of BRL 30 billion; (iv) No amount/estimate: June 23, BCB reduced the Risk-Weighting Factor (FPR) from 50% to 35% for Time Deposits with Special Guarantees (DPGE) exposures when the depositor is an institution associated with the Credit Guarantee Fund (FGC); (v) June 23, BCB now allows credit operations for financing working capital for companies with annual sales of up to BRL50 million contracted from June 29 to December 31, 2020 to be deducted from compulsory reserve requirements on saving deposits for a period of 3 years; the measure has maximum estimated potential increase to lending potential of BRL55.8 billion.
|Brazil||01C||01C - Forex operations||BRL||263,693,781,818||54,000,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#B (Accessed 29 May 2020)||
(i) The central bank has intervened various times in the foreign exchange market since mid-February (both with spot and derivative contracts sales), by a total of nearly USD45 billion (10% of gross reserves) as of May 28; (ii) The central bank is resuming repo operations of Brazilian sovereign bonds denominated in US dollars, having released USD9 billion into the money market thus far.
|Brazil||04||04 - Equity support||BRL|
|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 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 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 .
|Islamic Republic of Iran||01||01 - Liquidity Support||IRR||63,000,000,000,000||1,500,000,000|
|Islamic Republic of Iran||01A||01A - Short-term lending||IRR|
|Islamic Republic of Iran||01B||01B - Support policies for short-term lending||IRR|
|Islamic Republic of Iran||01C||01C - Forex operations||IRR||63,000,000,000,000||1,500,000,000||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020).||
The Central Bank of Iran announced it injected USD1.5 billion in the foreign exchange market to stabilize the rial.
|Islamic Republic of Iran||04||04 - Equity support||IRR|
|Mexico||01||01 - Liquidity Support||MXN||469,690,000,000||21,379,671,355|
|Mexico||01A||01A - Short-term lending||MXN||200,000,000,000||9,103,737,084||Bank of Mexico.https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).||
(i) No amount/estimate: Ordinary Additional Liquidity Facility (FLAO); (ii) MXN100 billion -Temporary security swap window; (iii) MXN100 billion- Banco de México has decided to implement a corporate securities repurchase facility (FRTC) through credit institutions in order to provide liquidity to short-term corporate securities and long-term corporate debt that, as a result of the conditions of uncertainty and volatility, have observed lower liquidity and impaired trading conditions in the secondary market.
|Mexico||01B||01B - Support policies for short-term lending||MXN||50,000,000,000||2,275,934,271||Bank of Mexico. https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).||
(i) Reduce the mandatory regulatory deposit with Banxico (by MXN50 billion, or about 15% of the current stock); (ii) The central bank has also substantially expanded its liquidity facilities making them more affordable, accepting a broader range of collateral and expanding eligible institutions while establishing a corporate securities repo facility to support the corporate bond market.
|Mexico||01C||01C - Forex operations||MXN||219,690,000,000||10,000,000,000||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed on 30 April 2020).||
(i) The exchange rate has been allowed to adjust flexibly, while supporting USD liquidity. A new tool was added this week permitting the central bank to intervene in offshore non-deliverable forwards markets; (ii) Activated the swap line with the Fed, auctioned already USD5 billion to commercial banks and announced a second auction (USD5 billion).
|Mexico||04||04 - Equity support||MXN|
|Nigeria||01||01 - Liquidity Support||NGN|
|Nigeria||01A||01A - Short-term lending||NGN|
|Nigeria||01B||01B - Support policies for short-term lending||NGN|
|Nigeria||01C||01C - Forex operations||NGN||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 17 September 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020)||
(i) No amount/estimate: Since the beginning of the crisis, the official exchange rate has been devalued by 24%; (ii) No amount/estimate: Improving FX supply to the CBN by directing oil companies and oil servicing companies to sell FX to the CBN rather than the Nigerian National Petroleum Corporation; (iii) No amount/estimate: May 20, While I&E window turnover has been low since April, the CBN has resumed FX supply in some of the other windows.
|Nigeria||04||04 - Equity support||NGN|
|Russian Federation||01||01 - Liquidity Support||RUB||1,078,000,000,000||14,703,014,118|
|Russian Federation||01A||01A - Short-term lending||RUB||1,078,000,000,000||14,703,014,118||Ministry of Economic Devleopment. https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/pravitelstvo_smyagchit_pravila_predostavleniya_lgotnyh_kreditov_sistemoobrazuyushchim_predpriyatiyam.html (accessed 24 June 2020), https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/reshetnikov_kredity_pod_0_na_zarplatu_pozvolili_podderzhat_800_tys_rabochih_mest.html (accessed 28 May 2020), https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/maksim_reshetnikov_gosudarstvennye_mikrozaymy_pomogut_sohranit_150_tys_rabochih_mest_v_regionah.html (accessed 21 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); CBR. https://cbr.ru/eng/press/pr/?file=23032020_170800eng2020-03-23T17_07_10.htm (accessed 6 May 2020); CBR. https://cbr.ru/eng/press/event/?id=6530 (accessed 6 May 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 May 2020).||
(i) RUB1 trillion total in repo fine-tuning auctions were held, divided into two dates, (a) March 10, RUB500 billion worth, and (b) March 19, another RUB500 billion worth; (ii) No amount/estimate: Short-term zero-interest loans to be provided for all enterprises in affected industries to pay minimum wages for 6 months; (iii) May 8, RUB3 billion worth of loan programs to subsidiaries of "backbone companies"; (iv) Drafted a program that would provide low-cost loans to businesses through the Vnesheconombank (VEB); (iv) May 20, Announced the allocation of RUB12 billion from the Reserve Fund and issuing microloans to MFIs in need, for an average microloan term of 6 months; (v) May 27, RUB58 billion in loans at 0% interest for SMEs to continue paying salaries; (vi) June 19, RUB5 billion in soft loans to systemically important enterprises to restore working capital. Eligible enterprises must have had a 30% decline in monthly production