Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 01 01 - Liquidity Support AFN
Afghanistan 01A 01A - Short-term lending AFN
Afghanistan 01B 01B - Support policies for short-term lending AFN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 14 April 2020).

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.

Afghanistan 01C 01C - Forex operations AFN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 6 May 2020).

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.

Armenia 01 01 - Liquidity Support AMD
Armenia 01A 01A - Short-term lending AMD
Armenia 01B 01B - Support policies for short-term lending AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

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

Armenia 01C 01C - Forex operations AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

(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.

Azerbaijan 01 01 - Liquidity Support AZN
Azerbaijan 01A 01A - Short-term lending AZN
Azerbaijan 01B 01B - Support policies for short-term lending AZN
Azerbaijan 01C 01C - Forex operations AZN International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 June 2020).

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.

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 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
Georgia 01 01 - Liquidity Support GEL 486,517,162 160,000,000
Georgia 01A 01A - Short-term lending GEL
Georgia 01B 01B - Support policies for short-term lending GEL 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: The National Bank of Georgia (NBG) announced measures to support capital and liquidity in the banking sector.

Georgia 01C 01C - Forex operations GEL 486,517,162 160,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).

(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.

Kazakhstan 01 01 - Liquidity Support KZT 1,750,000,000,000 4,244,996,968
Kazakhstan 01A 01A - Short-term lending KZT 1,750,000,000,000 4,244,996,968 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 13 April 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/kazakhstan-government-and-institution-measures-in-response-to-covid.html (accessed 14 May 2020). OECD. https://www.oecd.org/coronavirus/en/ (accessed 21 May 2020)

(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.

Kazakhstan 01B 01B - Support policies for short-term lending KZT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020)

No amount/estimate: As of June 10, Reduced liquidity coverage ratio requirement (from 80% to 60%). [update]

Kazakhstan 01C 01C - Forex operations KZT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

No amount/estimate: The National Bank (NBK) allowed the tenge to depreciate by over 15% to almost 450 KZT/USD from March 9, intervening to mitigate excessive volatility. It also introduced a limit on bid-ask spread and lowered the ceiling of FX purchase without supporting import documents for the duration of the state of emergency. The exchange rate has recovered to around 430 KZT/USD, but remains vulnerable to oil price volatility.

Kyrgyz Republic 01 01 - Liquidity Support KGS 16,189,425,701 217,000,000
Kyrgyz Republic 01A 01A - Short-term lending KGS
Kyrgyz Republic 01B 01B - Support policies for short-term lending KGS International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 April 2020).

No amount/estimate: April, The National Bank of the Kyrgyz Republic (NBKR, the central bank) will postpone enactment of several financial regulations until further notice. In addition, it took the following decisions: (i) liquidity ratio is lowered to a minimum of 30% (from the current 45%); (ii) liquidity ratio requirements (7-day and overnight/instant) will be removed; and (iii) minimum threshold level for mandatory reserve requirements is reduced from 80% to 70%.

Kyrgyz Republic 01C 01C - Forex operations KGS 16,189,425,701 217,000,000 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 April 2020).

April, The National Bank of the Kyrgyz Republic has already sold USD217 million of foreign exchange reserves so far (about 50% more than total FX interventions for the whole year of 2019).

Pakistan 01 01 - Liquidity Support PKR
Pakistan 01A 01A - Short-term lending PKR
Pakistan 01B 01B - Support policies for short-term lending PKR
Pakistan 01C 01C - Forex operations PKR
Tajikistan 01 01 - Liquidity Support TJS
Tajikistan 01A 01A - Short-term lending TJS
Tajikistan 01B 01B - Support policies for short-term lending TJS International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 May 2020).

No amount/estimate: April, The National Bank of Tajikistan (NBT) lowered the reserve requirement for local currency and foreign exchange deposits to boost liquidity in the system.

Tajikistan 01C 01C - Forex operations TJS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 28 May 2020).

No amount/estimate: April, The NBT allowed a one-off 5% depreciation of the somoni to adjust the official exchange rate with the cash market rate. Foreign exchange liquidity has been provided to banks.

Turkmenistan 01 01 - Liquidity Support TMT
Turkmenistan 01A 01A - Short-term lending TMT