|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Afghanistan||02||02 - Credit creation||AFN|
|Afghanistan||02A||02A - Financial sector lending/funding||AFN|
|Afghanistan||02B||02B - Support policies for long-term lending||AFN|
|Afghanistan||02B1||02B1 - Interest rate reductions||AFN|
|Afghanistan||02B2||02B2 - Other policies to support long-term lending||AFN||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19#U (accessed 6 May 2020).||
No estimate/amount: (i) The authorities increased the frequency of Financial Stability Committee meetings, enhanced the monitoring of early signs of liquidity stress, and reviewed banks’ business continuity plans; (ii) DAB has suspended administrative penalties and fees, postponed the IFRS-9 implementation to June 2021, and froze loan classifications at the pre-pandemic cutoff of end-February.
|Afghanistan||02C||02C - Loan guarantees||AFN|
|Arab Republic of Egypt||02||02 - Credit creation||EGP||108,000,000,000||6,872,426,816|
|Arab Republic of Egypt||02A||02A - Financial sector lending/funding||EGP|
|Arab Republic of Egypt||02B||02B - Support policies for long-term lending||EGP|
|Arab Republic of Egypt||02B1||02B1 - Interest rate reductions||EGP||Reuters. https://www.reuters.com/article/egypt-cenbank/update-2-egypts-central-bank-cuts-interest-rates-by-50-basis-points-idINL8N2HY85S (accessed 13 November 2020); Egypt Independent. https://www.egyptindependent.com/egypt-cuts-interest-rates-by-50-bps-as-inflation-subsides/ (accessed 1 October 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020).||
No amount/estimate: (i) 20 March 2020, The central bank has reduced the policy rate by 300 bps to 9.25%; (ii) 24 March 2020, preferential interest rate on loans to tourism has been reduced from 10% to 5%, for SMEs. As of 24 June 2020, this measure has already been reversed; (iii) 24 March 2020, preferential interest rate on loans to industry and housing for low-income and middle-class families has been reduced from 10% to 8%. As of 24 June 2020, the new rate now applies to tourism, industry, agriculture and construction sectors as well; (iv) 25 September 2020, The Egyptian Central Bank's Monetary Policy Committee (MPC) reduced its overnight rates by 50bps each, with the lending rate down to 9.75% and the deposit rate down to 8.75%; (v) 12 November 2020, These rates were again reduced by 50bps each, with the overnight lending rate now down to 9.25% and the overnight deposit rate down to 8.25%.
|Arab Republic of Egypt||02B2||02B2 - Other policies to support long-term lending||EGP||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020).||
(i) Regulations issued last year requiring banks to obtain detailed information of borrowers have been relaxed; (ii) Suspension of credit score blacklists for irregular clients and waiver of court cases for defaulted customers have been announced;
|Arab Republic of Egypt||02C||02C - Loan guarantees||EGP||108,000,000,000||6,872,426,816||Central Bank of Egypt. https://www.cbe.org.eg/_layouts/download.aspx?SourceUrl=%2FHighlights%2520Documents%2FCircular%2520dated%252016%2520June%25202020%2520regarding%2520tourism%2520sector%2520initiative%2520financing%2520payroll%2520guaranteed%2520by%2520the%2520Ministry%2520of%2520Finance.pdf (accessed 19 June 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 19 June 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 6 August 2020).||
(i) EGP3 billion of loan guarantees by the government has been announced for the tourism industry soft loans; (ii) EGP100 billion of loan guarantees from the Central Bank to cover lending at preferential rates to the manufacturing, agriculture and contracting industries; (iii) 16 June 2020, EGP3 billion in loan guarantees to the Tourism sector; (iv) As of 30 July 2020, an EGP2 billion guarantee fund has been formed to guarantee mortgages and consumer loans.
|Argentina||02||02 - Credit creation||ARS||34,000,000,000||541,832,669|
|Argentina||02A||02A - Financial sector lending/funding||ARS|
|Argentina||02B||02B - Support policies for long-term lending||ARS|
|Argentina||02B1||02B1 - Interest rate reductions||ARS||Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 November 2020).||
13 November 2020, raised the benchmark Leliq rate to 38% from 36%, along with increases in repo rates and retail certificate deposits.
|Argentina||02B2||02B2 - Other policies to support long-term lending||ARS||BCRA. https://www.bcra.gob.ar/Noticias/Coronavirus-BCRA-creditos-mipymes.asp (Accesed 27 April 2020). Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 15 May 2020).||
No amount/estimate: (i) Provided new incentives for financial entitites to increase their loans to micro, small, and medium-sized enterprises (MiPyMEs) for the payment of salaries, as long as those entities are payment agents of the company that requests it; (ii) the Central Bank also temporarily added 60 days to each category of debtor in arrears; (iii) Developed the Conformed Invoice as a credit instrument to discount in financial entities or the capital market.
|Argentina||02C||02C - Loan guarantees||ARS||34,000,000,000||541,832,669||BCRA. https://www.argentina.gob.ar/coronavirus/medidas-gobierno (Accessed 27 April 2020). Government of Argentina. https://www.argentina.gob.ar/noticias/el-gobierno-anuncio-una-linea-de-creditos-para-pymes-turisticas-con-un-ano-de-gracia-y-tasa (accessed 30 October 2020).||
No amount/estimate: (i) See (i) in Actions that increase liabilities in Measure 1; (ii) Created a Special Affectation Fund, which will transfer ARS30 billion to the Argentine Guarantee Fund. The guarantees have the objective of facilitiating the repayment of loans for working capital. Eligible parties include companies listed in the small and medium-sized enterprise registry (MiPyMES Registry); (iii) No amount/estimate: FOGAR provides a guarantee that covers 100% of the credit in (iv) of Measure 1A; (iv) 13 October 2020, ARS3 billion in (viii) of Measure 3A.
|Armenia||02||02 - Credit creation||AMD||25,000,000,000||51,123,841|
|Armenia||02A||02A - Financial sector lending/funding||AMD||25,000,000,000||51,123,841||JAM News. https://jam-news.net/armenian-govt-offers-stimulus-package-to-help-mitigate-corona-crisis/(accessed 16 April 2020).||
Allocate a total of AMD25 billion (over USD50 million) to co-finance loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials. This amount includes subsidy for the interests of these of loans.
|Armenia||02B||02B - Support policies for long-term lending||AMD|
|Armenia||02B1||02B1 - Interest rate reductions||AMD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 December 2020).||
(i) No amount/estimate: 28 April 2020, The Central Bank of Armenia (CBA) reduced the policy rate by 25 bps to 5%. On 17 June 2020, this rate was further reduced by 50 bps to 4.5%. On 15 September 2020, this rate was reduced to 4.25%, where it has since remained unchanged.
|Armenia||02B2||02B2 - Other policies to support long-term lending||AMD|
|Armenia||02C||02C - Loan guarantees||AMD|
|Australia||02||02 - Credit creation||AUD||255,000,000,000||158,558,999,891|
|Australia||02A||02A - Financial sector lending/funding||AUD||215,000,000,000||133,686,999,908||RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/government-invest-15b-support-sme-lending (accessed 3 June 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020).||
(i) April 2020, The government is allocating up to AUD15 billion to invest in residential mortgage-backed securities and asset-backed securities to help funding for small banks and non-bank financial institutions; (ii) April 2020, To allow banks to lend more to small and medium enterprises (SMEs) during the period of disruption caused by COVID-19, RBA has established a Term Funding Facility (TFF) of at least AUD90 billion for SMEs lending (TFF will offer three-year funding to authorized deposit-taking institutions [ADIs]). On 1 September 2020, RBA announced an expansion to the TFF. ADIs will have access to additional funding, equivalent to 2% of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. As of 1 September 2020, ADIs have drawn AUD52 billion under the TFF. The current expansion brings the total amount available under this facility to around AUD200 billion.
|Australia||02B||02B - Support policies for long-term lending||AUD|
|Australia||02B1||02B1 - Interest rate reductions||AUD||RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 5 May 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html#fn2 (accessed 01 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-17.html (accessed 8 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-18.html (accessed 06 August 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-24.html (accessed 07 October 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-11-03.html (accessed 04 November 2020).||
No amount/estimate: (i) 3 March 2020 and 19 March 2020, The policy rate was cut by 25 basis points twice to 0.25%. 5 May 2020, 2 June 2020, 7 July 2020, 4 August 2020, 1 September 2020, and 6 October 2020, the RBA announced that it will maintain the current rates. 30 June 2020, While the cash rate target has remained at 25 basis points, the actual cash rate traded in the market has declined to around 13–14 basis points. 3 November 2020, The RBA announced a reduction in the cash rate to 10 basis points; (ii) 3 November 2020, The RBA reduced the interest rate on new drawings under the TFF to 10 basis points, from the current 25 basis points.
|Australia||02B2||02B2 - Other policies to support long-term lending||AUD||Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-releases-letter-and-data-on-temporary-loan-repayment-deferrals-due-to (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-regulatory-approach-to-loans-subject-to-repayment-deferral (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-guidance-on-capital-management-for-banks-and-insurers (accessed 30 July 2020);||
No amount/estimate: (i) April 2020, The Australian Prudential Regulation Authority (APRA) has provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met. 9 July 2020, APRA has issued a letter to ADIs, advising that this measure will be extended to cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first. 29 July 2020, APRA has updated its capital management guidance for ADIs, i.e. (a) retain at least 50% of earnings when making decisions on capital distributions and raise more capital through dividend reinvestment plans; (b) conduct regular stress testing to inform decision-making and demonstrate ongoing lending capacity; and (c) make use of capital buffers to absorb the impacts of stress, and continue to lend to support households and businesses; (ii) 30 March 2020, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.
|Australia||02C||02C - Loan guarantees||AUD||40,000,000,000||24,871,999,983||Department of Treasury. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of the Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/supporting-small-business-adapt-grow-and-create-jobs (accessed 22 July 2020).||
April 2020, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion. 20 July 2020, The government announced that it plans to expand the SME Guarantee Scheme to help small businesses to adapt, grow and create jobs. The changes include widening the range of investments that can be funded, increasing maximum loan size, and increasing the maximum long term to five years, among others. The second phase of the Scheme will start on October 2020 and will be available until June 2021.
|Austria||02||02 - Credit creation||EUR||9,000,000,000||9,955,752,212|
|Austria||02A||02A - Financial sector lending/funding||EUR|
|Austria||02B||02B - Support policies for long-term lending||EUR|
|Austria||02B1||02B1 - Interest rate reductions||EUR|
|Austria||02B2||02B2 - Other policies to support long-term lending||EUR|
|Austria||02C||02C - Loan guarantees||EUR||9,000,000,000||9,955,752,212||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).||
EUR9 billion in credit guarantees.
|Azerbaijan||02||02 - Credit creation||AZN||500,000,000||294,117,647|
|Azerbaijan||02A||02A - Financial sector lending/funding||AZN|
|Azerbaijan||02B||02B - Support policies for long-term lending||AZN|
|Azerbaijan||02B1||02B1 - Interest rate reductions||AZN||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); CBA. https://www.cbar.az/press-release-2644/on-parameters-of-interest-rate-corridor (accessed 23 June 2020).||
No amount/estimate: (i) 19 March 2020, The CBA left the refinancing rate unchanged at 7.25%, but raised the floor of the interest rate corridor (within a de facto floor system) by 125 basis points (bps) to 6.75%. 1 May 2020, The CBA lowered the ceiling of the interest rate corridor by 100 bps to 8%; (ii) 19 June 2020, The CBA decided to reduce the discount rate from 7.25% to 7%. The lower limit of the interest rate corridor was set at 6.5%, and the upper limit of the interest rate corridor was set at 7.5%; (iii) 18 September 2020, The CBA has lowered its interest rates by 0.25 percentage points, from 6.75% to 6.5%.
|Azerbaijan||02B2||02B2 - Other policies to support long-term lending||AZN||Central Bank of Azerbaijan (CBA). https://www.cbar.az/press-release-2527/on-extension-of-blanket-guarantee?language=en (accessed on 23 June 2020); CBA. https://www.e-cbar.az/News/Info/2674878?culture=en (accessed on 23 June 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); CBA. https://www.cbar.az/press-release-2866/central-bank-decides-to-extend-package-of-additional-support-actions-to-financial-sector-in-connection-to-coronavirus-pandemic (accessed 4 January 2021).||
No amount/estimate: (i) 19 March 2020. The authorities have announced their intention to extend the blanket deposit guarantee until 4 December 2020 (the interest rate cap for national currency denominated deposits 10% and for foreign currency denominated deposits 2.5%) irrespective of deposits’ amount, currency and banks’ financial standing; (ii) 23 April 2020, Suspension of inspections of credit institutions; (iii) 30 December 2020, Regulatory requirements for the classification of loans have been relaxed and dividend payments have been limited until 1 April 2021. Loan classification concessions were applied to interest-subsidized business loans and restructuring of loans issued at the expense of state funds [update].
|Azerbaijan||02C||02C - Loan guarantees||AZN||500,000,000||294,117,647||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); Caspian News. https://caspiannews.com/news-detail/azerbaijan-takes-measures-to-mitigate-covid-19-impact-on-economy-social-life-2020-4-6-1/ (accessed 15 April 2020); KPMG. https://home.kpmg/xx/en/home/insights/2020/04/azerbaijan-government-and-institution-measures-in-response-to-covid.html (accessed on 6 May 2020); Ministry of Economy. https://www.economy.gov.az/en/article/elektron-kredit-platformasi-sahibkarlarin-kredit-uchun-muracietlerini-asanlashdirib/31075 (accessed 27 July 2020).||
6 April 2020, Entrepreneurs get state guarantee for 60% of their new bank loans and the government subsidizes half of the interest on guaranteed loans from the state budget; overall state support at AZN500 million (USD294 million); (ii) No amount/estimate: May 2020, The CBA also announced that it will extend its guarantees on insurance premiums.