Data Extraction

No estimate/amount: The Financial Stability Committee is meeting regularly to assess evolving risks to the financial and monetary stability. Da Afghanistan Bank or DAB (central bank) has intensified its monitoring of banks and indicated its readiness to provide liquidity as needed.

No amount/estimate: (i) DAB is in discussions with money-service providers, who play a systemic role in financial transactions, to ensure uninterrupted services, including transactions in foreign currency, and to encourage enhancement of their remote services given closures; (ii) DAB remains focused on price stability and is committed to exchange rate flexibility, limiting its foreign interventions to preventing excessive volatility.

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.

(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%. [update]

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.

See (i) in Measure 11.

No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency.

(i) No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency. The CBA has undertaken some foreign exchange sales to limit excessive dram volatility since; (ii) the exchange rate has been allowed to adjust flexibly and has depreciated around 3% against the USD since the end of February. No balance of payment or capital control measures have been adopted.

April, The Central Bank of Azerbaijan (CBA), with the participation of the State Oil Fund, conducted scheduled and extraordinary foreign exchange auctions, and satisfied all demands for foreign currency at the announced 1.7AZN/USD rate.

No amount/estimate: The central bank also opened a facility to provide loans to financial institutions backed by private corporate bonds as collateral.

(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.

(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.

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).

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).

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.

No amount/estimate: The National Bank of Georgia (NBG) announced measures to support capital and liquidity in the banking sector.

(i) NBG has sold USD160 million in five interventions in the foreign exchange market, to prevent disorderly depreciation [update]; (ii) No amount/estimate: May 14, To ease lari liquidity pressures, the NBG started FX swap lines with banks and microfinance institutions in mid-April.

The Central Bank of Iran announced it injected USD1.5 billion in the foreign exchange market to stabilize the rial.

(i) KZT1 trillion in subsidized lending under the “Economy of Simple Things” program. (ii) KZT600 billion to help small and medium-sized enterprises (SMEs) finance their working capital; (iii) May 14, KZT50 billion in loans to farmers through National Holding Kazagro and KZT100 billion through the “Economy of Common Goods” program.