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
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
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 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].

Hong Kong, China 01 01 - Liquidity Support HKD 1,007,800,000,000 129,785,836,628
Hong Kong, China 01A 01A - Short-term lending HKD 7,800,000,000 1,004,494,469 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).

June 9, See bridge loan component of the Cathay Pacific package in Measure 4.

Hong Kong, China 01B 01B - Support policies for short-term lending HKD 922,349,000,000 118,781,342,159 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020). HKMA. https://www.hkma.gov.hk/eng/key-functions/banking/banking-regulatory-and-supervisory-regime/riding-out-the-covid-19-challenge/ (accessed 12 May 2020).

(i) No amount/estimate: The Hong Kong Monetary Authority (HKMA) introduced measures to increase banking sector’s liquidity, encouraging banks to deploy their liquidity buffers more flexibly, and easing interbank funding conditions by reducing the issuance size of Exchange Fund Bills. (ii) A total of HKD1 trillion in lending capacity has been released through reduction in regulatory reserves by half on March 16 along with (i) in Measure 1C and (ii) and (iii) in Measure 2B.

Hong Kong, China 01C 01C - Forex operations HKD 77,651,000,000 10,000,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 6 May 2020).

The HKMA (i) increased banking system liquidity such as through USD repo transactions; and (ii) April 22, Launched a US Dollar Liquidity Facility (US$10 billion) which uses funds obtained through the US Fed's FIMA Repo Facility.

Hong Kong, China 04 04 - Equity support HKD 19,500,000,000 2,511,236,172 News.gov.hk. https://www.news.gov.hk/eng/2020/06/20200609/20200609_161908_002.html?type=category&name=covid19 (accessed 11 June 2020).

June 9, HKG27.3 billion investment in Cathay Pacific Airways via government-owned Aviation 2020, comprising preference shares with detachable warrants of HKG19.5 billion and a bridging loan of HKG7.8 billion.

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
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, 14 August 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. April 23, MVR required reserve was reduced to 7.5%. July 16, foreign currency required reserve was reduced to 5%; and (ii) making available a short-term credit facility to financial institutions as and when required.

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
Mongolia 01 01 - Liquidity Support MNT 324,000,000,000 117,539,556
Mongolia 01A 01A - Short-term lending MNT
Mongolia 01B 01B - Support policies for short-term lending MNT 324,000,000,000 117,539,556 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); Bank of Mongolia (BOM). https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2552 (accessed 16 July 2020).

(i) March 11, The Bank of Mongolia (BOM) reduced the Mongolian Tugrik (MNT) reserve requirement of banks by 200 basis points (bps) to 8.5%. The lower reserve requirement released MNT324 billion of additional liquidity in the banking system; (ii) No amount/estimate: June 26, BOM announced that it will reduce remuneration on MNT reserve requirements issued to banks by the amount corresponding to the ratio of foreign currency-denominated (FX) deposits with relatively higher rates and FX current accounts charging any rate to total FX deposits and current accounts.

Mongolia 01C 01C - Forex operations MNT
Mongolia 04 04 - Equity support MNT
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 2 September 2020).

No amount/estimate: (i) March 29, 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; (ii) 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.