Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
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.

Arab Republic of Egypt 01B 01B - Support policies for short-term lending EGP
Argentina 01B 01B - Support policies for short-term lending ARS BCRA. https://www.bcra.gob.ar/Noticias/Coronavirus-BCRa-medidas-directorio.asp (Accessed 27 April 2020).

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.

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.

Australia 01B 01B - Support policies for short-term lending AUD RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 6 May 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020).

No amount/estimate: May 2020, To assist with the smooth functioning of Australian capital markets, the RBA has broadened the range of eligible collateral for open market operations to include securities issued by non-bank corporations with an investment grade.

Austria 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 15 April 2020).

No amount/estimate: The Oesterreichische Nationalbank (OeNB) has declared readiness to supply sufficient cash to banks, ATM operators, and the economy in response to increased withdrawals. Working hours were extended to meet the increased demand.

Azerbaijan 01B 01B - Support policies for short-term lending AZN
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.

Belgium 01B 01B - Support policies for short-term lending EUR
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.

Brazil 01B 01B - Support policies for short-term lending BRL 288,800,000,000 59,141,326,324 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#B (Accessed 29 April 2020). BCB https://www.bcb.gov.br/en/pressdetail/2321/nota (accessed May 29). BCB. https://www.bcb.gov.br/detalhenoticia/17105/nota (accessed June 25); BCB https://www.bcb.gov.br/detalhenoticia/17104/nota (accessed June 25)

(i) 20 February 2020, 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) 26 March 2020, 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) 26 March 2020, 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; (iv) No amount/estimate: 23 June 2020, BCB reduced the Risk-Weighting Factor (FPR) from 50% to 35% for Time Deposits with Special Guarantees (DPGE) exposures when the depositor is an institution associated with the Credit Guarantee Fund (FGC); (v) 23 June 2020, BCB now allows credit operations for financing working capital for companies with annual sales of up to BRL50 million contracted from 29 June to 31 December 2020 to be deducted from compulsory reserve requirements on saving deposits for a period of 3 years; the measure has maximum estimated potential increase to lending potential of BRL55.8 billion.

Brunei Darussalam 01B 01B - Support policies for short-term lending BND
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.

Canada 01B 01B - Support policies for short-term lending CAD Bank of Canada. https://www.bankofcanada.ca/2020/04/assets-eligible-collateral-standing-liquidity-facility-090420/; Bank of Canada. https://www.bankofcanada.ca/2020/06/bank-canada-announces-changes-term-repo-operations-bankers-acceptance-purchase-facility/ (all accessed 10 June 2020).

No amount/estimate. (i) Most recent collateral policies, assets aligible as Collateral under the Bank of Canada’s Standing Liquidity Facility (SLF), provides access to liquidity to those institutions that participate directly in the Large Value Transfer System (LVTS).(ii) On 9 April 2020, the Bank widened the eligibility requirements of term asset-backed securities accepted as collateral; (iii) 24 April 2020, the Bank included term repurchase agreements up to 90 days in its Standing Term Liquidity Facility (STLF); (iii) June 3, eligible securities for collateral in Term Repo operations will be reduced to exclude all large value transaction settlement (LVTS) members' bankers' acceptances or bearer deposit notes (including own name).

Cook Islands 01B 01B - Support policies for short-term lending NZD
Denmark 01B 01B - Support policies for short-term lending DKK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 15 April 2020).

(i) No amount/estimate: 20 March 2020, The Danmarks Nationalbank (DN) announced the launch of an ‘extraordinary lending facility’ which will make full-allotment, 1-week, collateralized loans available to banks at -0.5% interest rate. Starting 27 March 2020, this facility will also include 3-month variable rate loans; (ii) No amount/estimate: 24 March 2020, The DN announced the auction of USD liquidity; (iii) No amount/estimate: The Danish Financial Stability Authority (DFSA) also announced a case by case relaxation of regulation on the LCR requirement.

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 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 22 April 2020, 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 Union 01B 01B - Support policies for short-term lending EUR
Federated States of Micronesia 01B 01B - Support policies for short-term lending USD
Fiji 01B 01B - Support policies for short-term lending FJD
Finland 01B 01B - Support policies for short-term lending EUR
France 01B 01B - Support policies for short-term lending EUR
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.

Germany 01B 01B - Support policies for short-term lending EUR
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 16 March 2020 along with (i) in Measure 1C and (ii) and (iii) in Measure 2B.

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.

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.

Ireland 01B 01B - Support policies for short-term lending EUR
Islamic Republic of Iran 01B 01B - Support policies for short-term lending IRR
Italy 01B 01B - Support policies for short-term lending EUR OECD. http://www.oecd.org/coronavirus/en/ (accessed 15 April 2020).

No amount/estimate: less significant banks and non-bank intermediaries are allowed to operate temporarily below the level of the Pillar 2 Guidance, the capital conservation buffer and the liquidity coverage ratio. Their deadline to submit their revised non-performing loan reduction plans is postponed to 30 June 2020. Other reporting and inspection deadlines are delayed.

Japan 01B 01B - Support policies for short-term lending JPY IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 May 2020); BOJ. https://www.boj.or.jp/en/announcements/release_2020/k200427a.pdf (accessed 1 May 2020); https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 12 May 2020). https://www.boj.or.jp/en/announcements/release_2020/rel200508e.pdf (accessed 11 June 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel200909a.pdf (accessed 9 September 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201009a.pdf (accessed 28 October 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201109a.pdf (accessed 12 November 2020). BOJ. https://www.boj.or.jp/en/announcements/release_2020/rel201209a.pdf (accessed 12 December 2020).

No amount/estimate: (i) Banks have been allowed to draw down the stock of high-quality liquid assets below the minimum liquidity coverage ratio requirement; (ii) 27 April 2020, The Bank of Japan (BOJ) strengthened its special funds-supplying operations by (a) expanding the range of eligible collateral to private debt in general, including household debt, and (b) increasing the number of eligible counterparties (to mainly include member financial institutions of central organizations of financial cooperatives); (iii) 8 May 2020, Decreased the Benchmark Ratio used to calculate the Macro Add-on Balance in financial institutions' current account balances at the BOJ (to which 0% interest rate is applied) for the May 2020 reserve maintenance period from 32.5% to 30%. As of 9 December 2020, the benchmark ratio increased to 17.5% during the December 2020 reserve maintenance period.

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)

10 June 2020: (i) No amount/estimate: Expanded the list of eligible collaterals; (ii) No amount/estimate: Reduced liquidity coverage ratio requirement (from 80% to 60%).

Kiribati 01B 01B - Support policies for short-term lending AUD
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 2020, The National Bank of the Kyrgyz Republic 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%.

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.

Luxembourg 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 19 April 2020).

No amount/estimate: In line with the European Central Bank's (ECB) recommendation on dividend distribution during the COVID-19 pandemic, banks were advised to refrain from distributing accumulated profits should this constrains their capacity to meet their clients’ credit and liquidity needs.

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.

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.

Marshall Islands 01B 01B - Support policies for short-term lending USD
Mexico 01B 01B - Support policies for short-term lending MXN 50,000,000,000 2,275,934,271 Bank of Mexico. https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed on 30 April 2020).

(i) Reduce the mandatory regulatory deposit with Banxico (by MXN50 billion, or about 15% of the current stock); (ii) The central bank has also substantially expanded its liquidity facilities making them more affordable, accepting a broader range of collateral and expanding eligible institutions while establishing a corporate securities repo facility to support the corporate bond market.

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); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2552 (accessed 16 July 2020); BOM. https://www.mongolbank.mn/eng/news.aspx?tid=1&id=2682 (accessed 24 November 2020).

(i) 11 March 2020, 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. 23 November 2020, The revised reserve requirement on banks’ domestic currency liabilities is 6%; (ii) No amount/estimate: 26 June 2020, 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.

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.