|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||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; (iii) 27 January 2021, continued the enhanced refinancing limit of USD30 million for disbursement until 30 June 2021 to member mills under the Export Development Fund.
|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). Bangdalesh Bank. https://www.bb.org.bd/en/index.php/mediaroom/circular (accessed 29 January 2021).||
(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 15 April 2020; 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: 19 June 2020, 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.
|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 2020, 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|
|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) 13 May 2020, 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%.
|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 15 October 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). These measures have been extended until March 2021; (iii) 20 April 2020, 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) 6 August 2020, 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 16 March and 23 March 2020.
|Maldives||01||01 - Liquidity Support||MVR||76,844,828||5,000,000|
|Maldives||01A||01A - Short-term lending||MVR||76,844,828||5,000,000||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). International Islamic Trade Finance Corporation (ITFC). https://itfc.africa-newsroom.com/press/international-islamic-trade-finance-corporation-signs-us5-million-murabaha-financing-facility-to-support-smes-in-maldives?lang=en (accessed 25 September 2020).||
(i) April 2020, The Government of Maldives will ensure, through banks, availability of working capital to businesses (Note that the amount is included in Measure 5.); (ii) 23 September 2020, The International Islamic Trade Finance Corporation (ITFC), member of the Islamic Development Bank (IsDB) Group, has approved a USD5 million Murabaha Financing Facility in favor of Bank of Maldives to support the Bank’s private sector businesses, particularly SMEs importing raw materials from the international markets.
|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 2020, The Maldives Monetary Authority (MMA) announced measures including (i) reducing the Minimum Reserve Requirement (MRR) up to 5% as and when required. 23 April 2020, MVR required reserve was reduced to 7.5%. 16 July 2020, 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 2020, The MMA will increase foreign exchange intervention and use other available facilities to maintain the exchange rate peg.
|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 26 November 2020).||
No amount/estimate: (i) 29 March 2020, 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) 28 April 2020, 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.
|Nepal||01B||01B - Support policies for short-term lending||NPR||NRB. https://www.nrb.org.np/cmfm_rates/policy_rates (accessed 25 June 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#N (accessed 15 January 2021).||
(i) No amount/estimate: 29 March 2020, NRB lowered its cash reserve ratio from 4% to 3%; (ii) No amount/estimate: 3 December 2020, The NRB announced the collateral auction process will be deferred for some time for borrowers impacted by the COVID-19 pandemic who have outstanding interest payment of less than six months.
|Nepal||01C||01C - Forex operations||NPR||NRB. https://www.nrb.org.np/contents/uploads/2020/04/Circular10-2076-77_20200401_0001.pdf (accessed 6 July 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#N (accessed 15 January 2021).||
No amount/estimate: 1 April 2020: (i) Import of gold limited to 10 kilograms per day to mitigate the pressure on foreign exchange reserves; (ii) Foreign exchange facility shall not be provided for the import of alcohol and vehicles worth over USD50 thousand; (iii) Foreign exchange facility via draft/TT for the import of COVID-related medical supplies and equipment increased from USD30 thousand to USD100 thousand; (iv) No amount/estimate: 3 December 2020, The NRB announced that provisions will be made to allow repayment of foreign currency loans in local currency.
|Sri Lanka||01||01 - Liquidity Support||LKR|
|Sri Lanka||01A||01A - Short-term lending||LKR||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_2020051_central_bank_of_sri_lanka_implements_extraordinary_regulatory_measures_to_provide_liquidity_to_banks_amidst_covid_19_outbreak_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200625_the_central_bank_of_sri_lankas_covid_19_relief_measures_e1.pdf (accessed 10 July 2020).||
No amount/estimate: (i) April 2020, State-owned financial institutions will invest in treasury bonds and bills to stabilize the money market interest rate at 7%; (ii) 13 May 2020, Enable licensed banks to avail of liquidity through the Sri Lanka Deposit Insurance and Liquidity Support Scheme or as loans and advances in rupees under the Framework of Emergency Loans and Advances to Licensed Banks, based on acceptable collateral and liquidity forecasts.
|Sri Lanka||01B||01B - Support policies for short-term lending||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200625_the_central_bank_of_sri_lankas_covid_19_relief_measures_e1.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200820_Monetary_Policy_Review_august_2020_e_Bf6jQ.pdf (accessed 21 August 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201022_Monetary_Policy_Review_October_2020_e_G93k5.pdf (accessed 23 October 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_finance_business_act_directions_no_2_of_2020_e.pdf (accessed 12 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/snbfi_finance_business_act_directions_no_7_of_2020_e.pdf (accessed 6 November 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201126_Monetary_Policy_Review_November_2020_e.pdf (accessed 27 November 2020).||
No amount/estimate: (i) 17 March 2020, The required reserve ratio on domestic currency deposits of commercial banks has also been lowered from 5% to 4% to ease liquidity conditions; 16 June 2020, The Central Bank of Sri Lanka (CBSL) decided to reduce the Statutory Reserve Ratio (SRR) applicable on all rupee deposit liabilities of licensed commercial banks (LCBs) from 4% to 2%, where it has since remained unchanged; (ii) 31 March 2020, CBSL Lowered the minimum daily liquidity requirements for Licensed Finance Companies (LFCs) with regards to holdings of time deposits (from 10% to 6%), savings deposits (from 15% to 10%), borrowings (retained at 5%), and government securities (from 7.5% to 5%) to ease stress on liquidity for a six-month period up to 30 September; On 30 September 2020, this was extended for another 6 months up to 31 March 2021; (iii) 16 April 2020, Lowered the minimum daily reserve requirement for LCBs to 20% from 90% to ease overnight liquidity needs; (iv) 13 May 2020, The liquidity coverage ratio and net stable funding ratios have been reduced to 90%.
|Sri Lanka||01C||01C - Forex operations||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200319_the_central_bank_of_sri_lanka_introduces_urgent_measures_to_ease_the_pressure_on_the_exchange_rate_e.pdf (accessed 26 June 2020). Sri Lanka, Department of Foreign Exchange. http://www.dfe.lk/web/images/rdevelopment/7493fcd02734123bd9345647d7230e7b-Department-of-Trade-and-Investment-Policy---Foreign-Exchange-regulations--Act-No.%2012%20of%202017-E.pdf (accessed 10 July 2020). CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_directions_no_1_of_2020_e.pdf (accessed 28 August 2020). Sri Lanka, Department of Government Information (DGI). https://www.dgi.gov.lk/news/cabinet-decisions/2335-cabinet-decisions-2020-09-23 (accessed 25 September 2020). CBSL. https://www.cbsl.gov.lk/en/news/continuation-of-measures-taken-to-preserve-foreign-currency-reserve (accessed 6 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_11_of_2020.pdf (accessed 15 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_2_of_2021.pdf (accessed 5 February 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_12_of_2020.pdf (accessed 5 February 2021).||
No amount/estimate: (i) 19 March 2020, The CBSL introduced the following measures for licensed commercial banks to adopt for a period of 3 months to ease the pressure on the exchange rate. These include suspending the facilitation of motor vehicle importation until 19 July 2020. It also includes suspension of importation of nonessential goods, which was extended indefinitely on 30 June 2020; (ii) 19 March 2020, The purchase of Sri Lanka international sovereign bonds (ISBs) was suspended. On 19 June 2020, Banks were allowed to purchase ISBs, provided it is funded with new foreign currency inflows to the banks; On 11 December 2020, CBSL required licensed commercial banks and national savings banks to suspend the purchase of ISBs until June 2021, unless such purchase is funded by new currency inflows from abroad; On 23 December 2020, given the pressure on the exchange rate, licensed banks were suspended from purchasing ISBs for a period of three months regardless of the source of financing for such purchases [update]; (iii) April 2020, Inward remittances will be exempted from certain regulations and taxes; (iv) 2 April 2020, Restrictions on capital outflows through suspension of investment-related remittances; On 25 June 2020, this was extended for another 6 months from 2 July 2020 to 1 January 2021; 5 January 2021, The restriction on capital outflow through remittances was extended for another 6 months from 2 January to 1 July 2021; (v) 23 September 2020, CBSL approved the buying and selling of USD/LKR for a period of 1 to 2 years to nonresident investors to encourage the inflow of foreign currency into the country; (vi) 25 January 2021, Licensed commercial banks were refrained from entering into forward exchange rate contracts for a period of three months [update].