Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Brunei Darussalam 01 01 - Liquidity Support BND
Brunei Darussalam 01A 01A - Short-term lending BND
Brunei Darussalam 01B 01B - Support policies for short-term lending BND
Brunei Darussalam 01C 01C - Forex operations BND
Cambodia 01 01 - Liquidity Support KHR
Cambodia 01A 01A - Short-term lending KHR
Cambodia 01B 01B - Support policies for short-term lending KHR 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 2020, The National Bank of Cambodia (NBC) announced that there will be a lowering of required reserves that banking and financial institutions must maintain at the NBC both for local (riel) and foreign currencies.

Cambodia 01C 01C - Forex operations KHR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

No amount/estimate: April 2020, Cambodia continues to maintain a managed floating exchange rate.

Indonesia 01 01 - Liquidity Support IDR 222,422,636,190,480 14,638,293,840
Indonesia 01A 01A - Short-term lending IDR 56,000,000,000,000 3,685,526,208 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020). OJK. https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Documents/Pages/Siaran-Pers-Bersama-BI-dan-OJK-Sepakati-KB-Penguatan-Proses-Pemberian-PLJP-dan-PLJPS/Siaran%20Pers%20Bersama%20BI-OJK%20KB%20PLJP%20PLJPS.pdf (accessed 29 October 2020).

Bank Indonesia (BI) has injected liquidity to the money market and banking industry through various policy measures including (i) more than IDR56 trillion through a term-repo mechanism with underlying SBN transactions held by the banking industry; No amount/estimate: (ii) increasing the maximum duration for repo and reverse repo operations (up to 12 months); (iii) increasing the size of of the main weekly refinancing operations as needed; and (iv) A Presidential decree has expanded BI’s authority to maintain the stability of the financial system including by facilitating BI liquidity assistance to banks. On 20 October 2020, BI and Otoritas Jasa Keuangan (Finacial Services Authority or OJK) agreed to provide Short-term Liquidity Loans and Sharia Short-Term Liquidity Financing to banks.

Indonesia 01B 01B - Support policies for short-term lending IDR 117,800,000,000,000 7,752,767,631 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020); Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 15 April 2020); https://www.bi.go.id/en/ruang-media/info-terbaru/Pages/Perkembangan-Indikator-Stabilitas-Nilai-Rupiah-8-Mei-2020.aspx (accessed 11 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 5 May 2020).

BI announced increasing monetary easing through quantitative easing as follows: (i) No amount/estimate: Expand monetary operations by providing banks and the corporates a term-repo mechanism with government bonds (SUN) or sharia bonds (SBSN) underlying transactions of tenors up to 1 year; (ii) Lower the reserve requirement ratios effective 1 April 2020 to generate IDR22 trillion in additional liquidity and further reductions that took effect on 1 May 2020; (iii) As of 8 May 2020, IDR95.8 trillion from the relaxation of the additional demand deposit obligations to meet the Macroprudential Intermediation Ratio (MIR) for conventional commercial banks as well as Islamic banks/Islamic business units for a period of 1 year, effective from 1 May 2020 (Note that SBSN refers to government Islamic securities); and (iv) BI raised the the liquidity buffer ratio by 200 basis points for conventional banks and 50 basis points for islamic banks to be fulfilled only via government bonds purchased in the primary market.

Indonesia 01C 01C - Forex operations IDR 48,622,636,190,476 3,200,000,000 Bank Indonesia. https://www.bi.go.id/en/ruang-media/siaran-pers/Pages/sp_223020.aspx (accessed 16 April 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#P (accessed 5 May 2020).

(i) BI lowered the foreign currency reserve requirement by 4% to increase foreign currency liquidity in the banking industry by around USD3.2 billion; No amount/estimate: (ii) BI announced increasing the frequency of foreign exchange swap auctions for 1, 3, 6, and 12 month tenors from three times per week to daily auctions; and (iii) BI has intervened in the spot and domestic non-deliverable foreign exchange markets, and in the domestic government bond market to maintain orderly market conditions.

Lao PDR 01 01 - Liquidity Support LAK
Lao PDR 01A 01A - Short-term lending LAK
Lao PDR 01B 01B - Support policies for short-term lending LAK Bank of the Lao P.D.R. https://www.bol.gov.la/en/reservRate (accessed 12 April 2020); International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: 20 March 2020, The Bank of Lao P.D.R. (BOL) announced a reduction in the reserve requirements, from 10% to 8% on foreign exchange, and from 5% to 4% on local currency, effective on 2 April 2020.

Lao PDR 01C 01C - Forex operations LAK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 12 April 2020).

No amount/estimate: April 2020, The Lao People's Democratic Republic (Lao PDR) has a managed exchange rate (crawl-like arrangement). Under this arrangement, the exchange rate has depreciated. No new balance of payment or capital control measures have been adopted.

Malaysia 01 01 - Liquidity Support MYR 75,600,000,000 17,598,584,664
Malaysia 01A 01A - Short-term lending MYR 29,600,000,000 6,890,451,138 Ministry of Finance. https://penjana.treasury.gov.my/pdf/PENJANA-Booklet-En-v3.pdf (accessed 26 June 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5045&lang=en (accessed 17 May 2020); Prime Minister's Office of Malaysia. https://www.pmo.gov.my/2021/01/special-announcement-on-the-perlindungan-ekonomi-rakyat-malaysia-permai-assistance-package/ (accessed 21 January 2021).

(i) Since March 2020, Bank Negara Malaysia has provided additional liquidity of approximately MYR42 billion (as of 5 May 2020) into the domestic financial markets, via various tools including outright purchase of government securities, reverse repos and the reduction in Statutory Reserve Requirement [MYR16 billion in Measure 1B is subtracted from MYR42 billion]; (ii) 5 June 2020 in Short-term National Economic Recovery Plan or PENJANA: (a) To aid the tourism sector, a MYR1 billion PENJANA Tourism Financing (PTF) facility will be made available to finance transformation initiatives by SMEs in the tourism sector to enable them to remain viable and competitive in the new normal; (b) SME Go-Scheme for Liquidity Support amounting to MYR1.6 billion: SME Bank will provide financing support to contractors and vendors who were awarded with small government projects under the Pakej Rangsangan Ekonomi (PRE) 2020 and the PRIHATIN stimulus package; (c) No amount/estimate: To provide relief to SMEs’ cash flows, the Government is encouraging government-linked companies (GLCs) and large corporations to accelerate their vendors’ payment terms; (iii) 18 January 2021 in PERMAI, To assist the cash flow of microenterprises and SMEs, the government will expedite the implementation of microcredit schemes that had been announced previously. The implementation of MYR1 billion microcredit facilities include soft loans amounting to MYR390 million by Bank Simpanan Nasional, MYR350 million by Agrobank, and MYR295 million by TEKUN.

Malaysia 01B 01B - Support policies for short-term lending MYR 46,000,000,000 10,708,133,526 Bank Negara Malaysia (BNM). https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5014 (accessed 19 April 2020); BNM. https://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=5046&lang=en (accessed 17 May 2020); BNM. https://www.bnm.gov.my/-/statement-on-statutory-reserve-requirement (accessed 22 January 2021).

(i) No amount/estimate: 20 March 2020, Bank Negara Malaysia (BNM) lowered the Statutory Reserve Requirement (SRR) Ratio by 100 basis points to 2%. 5 May 2020, SRR remains at 2%. 20 January 2021, SRR remains unchanged at 2%; (ii) 5 May 2020, Bank Negara Malaysia (BNM) announced that Malaysian Government Securities (MGS) and Malaysian Government Investment Issues (MGII) can be used by banking institutions to fully meet the SRR compliance effective 16 May 2020. This flexibility is available until May 31, 2021. This measure will release approximately MYR16 billion worth of liquidity into the banking system. 20 January 2021, BNM announced the extension of the flexibility for banking institutions to use MGS and MGII to meet the SRR compliance until 31 December 2022. Since March 2020, the reduction in the SRR ratio by 100 basis points and flexibility to recognize MGS and MGII as part of SRR compliance have released approximately MYR46 billion worth of liquidity into the banking system.

Malaysia 01C 01C - Forex operations MYR
Myanmar 01 01 - Liquidity Support MMK
Myanmar 01A 01A - Short-term lending MMK Government of Myanmar. https://bit.ly/3dGxb5K (accessed on 26 June 2020).

No amount/estimate: 24 June 2020, The government announced a COVID-19 Special Credit Loan to provide loan to farmers to relieve the impact of the COVID-19 pandemic on the agricultural sector. Both paddy and crop farmers are eligible to apply for the special relief loan until September 2020 with an interest rate of 5% per annum.

Myanmar 01B 01B - Support policies for short-term lending MMK International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/myanmar-government-and-institution-measures-in-response-to-covid.html (accessed on 28 May 2020).

No amount/estimate: (i) April 2020, Deposit auctions have been halted to maintain adequate liquidity in the interbank market; (ii) 9 April 2020, the Central Bank of Myanmar (CBM) announced a temporary reduction in banks’ required reserve requirement ratio from 5% to 3.5% of deposits till September 30; (iii) April 2020, It also announced a temporary revision to the formula for calculating the liquidity ratio, increasing the weight of government treasury bonds with a remaining maturity of more than one year from 50% to 90%, until September.

Myanmar 01C 01C - Forex operations MMK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020).

No amount/estimate: April 2020, The kyat has been allowed to adjust flexibly, with limited rules-based intervention to manage excessive exchange rate volatility.

Philippines 01 01 - Liquidity Support PHP 264,734,000,000 5,200,693,075
Philippines 01A 01A - Short-term lending PHP Bangko Sentral ng Pilipinas (BSP). http://www.bsp.gov.ph/publications/media.asp?id=5400 (accessed 10 June 2020)

(i) 10 June 2020, The BSP re-offered other tenors in its term-deposit facility (TDF) and started a measured increase in offer volumes in its RRP facility with a PHP200-billion auction offering in line with the stabilization of liquidity conditions and normalization in the BSP's monetary operations; (ii) See the short-term lending component of (vi) in Measure 3A.

Philippines 01B 01B - Support policies for short-term lending PHP 264,734,000,000 5,200,693,075 International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). BSP. https://drive.google.com/file/d/1ZYm2oNeH8h6iFWSpKp0AZX5VqtQxYclo/view (accessed 20 April 2020).BSP. http://www.bsp.gov.ph/downloads/regulations/attachments/2020/c1087_.pdf (accessed 29 May 2020). BusinessWorld. https://www.bworldonline.com/bsp-to-extend-alternate-reserve-compliance-until-2022/ (accessed 4 June 2020). BusinessWorld. https://www.bworldonline.com/lenders-use-nearly-p45b-in-msme-loans-as-alternative-reserve-compliance/ (accessed 3 July 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5444 (accessed 21 July 2020). The Philippine Star (Philstar). https://www.philstar.com/business/2020/08/12/2034549/loans-qualified-rrr-nears-p100-billion (accessed 12 August 2020). Philstar. https://www.philstar.com/business/2020/11/03/2054103/loans-used-compliance-reserve-ratio-hit-p121-billion (accessed 4 November 2020). BusinessWorld. https://www.bworldonline.com/bsp-tightens-reserve-rules-for-lenders/ (accessed 14 December 2020). BusinessWorld. https://www.bworldonline.com/bsp-oks-new-regulatory-relief-for-savings-and-loan-associations/ (accessed 15 December 2020). BusinessWorld. https://www.bworldonline.com/msme-loans-used-as-alternative-reserve-compliance-hit-p134-8b/ (accessed 7 January 2021).

(i) 30 March 2020, the BSP announced a 200-basis point (bps) reduction of the reserve requirement ratio (RRR) for banks (an estimated additional liquidity of PHP220 billion, which also includes the impact of lowering the policy rate mentioned in Non-lending actions of Measure 2); (ii) No amount/estimate: Easier terms and access to the BSP’s rediscounting facility; (iii) No amount/estimate: 7 April 2020, Reduced the Minimum Liquidity Ratio (MLR) for stand-alone thrift banks, rural banks and cooperative banks from 20% to 16% (effective until 31 December 2020); (iv) No amount/estimate: 16 April 2020, The BSP also revised the composition of the RRR to include loans granted to micro-, small-, and medium-scale enterprises or MSMEs (equivalent to a cut of more than 2 percentage points [pps] to the RRR; see also [iii] in Non-lending actions of Measure 2). On 29 May 2020, The BSP expanded the coverage of the measure to include large enterprises. On 4 June 2020, The BSP extended the aforementioned alternative reserve compliance measures until 2022. As of 26 November 2020, PHP124.8 billion in MSME loans and PHP29.1 billion in loans to large enterprises have been used as alternative reserve compliance by banks. On 11 December 2020, the BSP announced limits of PHP300 billion and PHP425 billion, respectively, on the amount of loans that banks can lend to SMEs and large enterprises as alternative reserve requirement compliance; (v) 21 July 2020, The BSP announced a 100-bps cut in reserve requirements of thrift banks and rural and cooperative banks to 3% and 2%, respectively, effective 31 July 2020 to increase lending capacity for MSMEs and rural clients; (vi) 9 December 2020, The BSP allowed non-stock savings and loans associations to recognize as income their accrued interest on unclassified loans outstanding for the purpose of income distribution to members.

Philippines 01C 01C - Forex operations PHP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 April 2020). BSP. http://www.bsp.gov.ph/publications/media.asp?id=5364 (accessed 28 April 2020).

No amount/estimate: The BSP has: (i) Relaxed documentary and reporting rules for foreign exchange operations; and (ii) 23 April 2020, Eased the asset cover requirement of banks with expanded/foreign currency deposit units.

Singapore 01 01 - Liquidity Support SGD 4,000,000,000 2,823,861,631
Singapore 01A 01A - Short-term lending SGD 4,000,000,000 2,823,861,631 MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic (accessed 18 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-enhances-access-to-liquidity-facilities-to-strengthen-banking-sector-resilience (accessed 17 September 2020).

(i) No amount/estimate: Monetary Authority of Singapore (MAS) is providing sufficient liquidity to Singapore dollar (SGD) and United States dollar (USD) funding markets in Singapore and supporting their effective functioning. This will enable financial institutions to fund themselves, provide intermediate credit to individuals and businesses, and provide essential financial services. MAS has been providing ample SGD liquidity to the banking system through its daily money market operations (MMO); (ii) 27 March 2020, SGD4 billion bridge loan facility to Singapore Airlines (SIA) from DBS (see Measure 4); (iii) 9 September 2020, The MAS will open a new term facility (1- and 3-month tenors) on 28 September 2020 to provide banks and finance companies an additional channel to borrow SGD funds at longer tenors and with more forms of collateral.

Singapore 01B 01B - Support policies for short-term lending SGD
Singapore 01C 01C - Forex operations SGD MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-and-financial-industry-to-support-individuals-and-smes-affected-by-the-covid-19-pandemic (accessed 18 April 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-enhances-access-to-liquidity-facilities-to-strengthen-banking-sector-resilience (accessed 17 September 2020). MAS. https://www.mas.gov.sg/news/media-releases/2020/mas-announces-further-extension-of-the-us60-billion-swap-facility (accessed 27 January 2021).

No amount/estimate: MAS has also significantly stepped up its provision of USD liquidity to the banking system, increasing the volume of foreign exchange swaps transacted at its daily MMO as of 31 March 2020 by about 25% over the past 2 weeks. On 9 September 2020, MAS also expanded the collateral accepted at its USD facility. On 17 December 2020, MAS extended its USD liquidity facility (utilizing the USD60 billion swap line with the US Federal Reserve [Fed]) to 30 September 2021 [update].

Thailand 01 01 - Liquidity Support THB
Thailand 01A 01A - Short-term lending THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: A special facility was set up to provide liquidity for mutual funds through banks.

Thailand 01B 01B - Support policies for short-term lending THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

No amount/estimate: The Bank of Thailand (BOT) has provided temporary relaxation of repayment conditions for businesses.

Thailand 01C 01C - Forex operations THB IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020).

No amount/estimate: The BOT has provided some liquidity in the foreign exchange market thereby avoiding disorderly market conditions while also allowing the exchange rate to adjust as a shock absorber.

Timor-Leste 01 01 - Liquidity Support USD
Timor-Leste 01A 01A - Short-term lending USD
Timor-Leste 01B 01B - Support policies for short-term lending USD
Timor-Leste 01C 01C - Forex operations USD
Viet Nam 01 01 - Liquidity Support VND
Viet Nam 01A 01A - Short-term lending VND SBV's Directive 02/CT-NHNN dated 31 March 2020 on urgent measures of banking sector for contribution to Cov-19 control efforts and alleviation of difficulties caused by Cov-19 pandemic.

No amount/estimate: The State Bank of Vietnam (SBV) stated that it is ready to provide liquidity support, including through open market operations and refinancing windows, for Credit Institutions (CIs) to implement the government’s programs and help CIs to address nonperforming loans.