Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Arab Republic of Egypt 02 02 - Credit creation EGP 103,000,000,000 6,554,258,907
Arab Republic of Egypt 02A 02A - Financial sector lending/funding EGP
Arab Republic of Egypt 02B 02B - Support policies for long-term lending EGP IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

No amount/estimate: (i) March 20, The central bank has reduced the policy rate by 300 bps to 9.25%; (ii) March 24, preferential interest rate on loans to tourism has been reduced from 10% to 5%, for SMEs; (iii) March 24, preferential interest rate on loans to industry and housing for low-income and middle-class families has been reduced from 10% to 8%; (iv) regulations issued last year requiring banks to obtain detailed information of borrowers have been relaxed; (v) 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 103,000,000,000 6,554,258,907 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 May 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.

Arab Republic of Egypt 04 04 - Equity support EGP 20,000,000,000 1,272,671,632 OECD. https://www.oecd.org/coronavirus/en/ (accessed 7 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

EGP20 billion stock-purchase program has been launched by the Central Bank.

Argentina 02 02 - Credit creation ARS 31,000,000,000 494,023,904
Argentina 02A 02A - Financial sector lending/funding ARS
Argentina 02B 02B - Support policies for 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 31,000,000,000 494,023,904 BCRA. https://www.argentina.gob.ar/coronavirus/medidas-gobierno (Accessed 27 April 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. [update]

Argentina 04 04 - Equity support ARS
Brazil 02 02 - Credit creation BRL 1,456,000,000,000 298,164,027,448
Brazil 02A 02A - Financial sector lending/funding BRL
Brazil 02B 02B - Support policies for long-term lending BRL 1,451,000,000,000 297,140,112,518 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/2329/nota, https://www.bcb.gov.br/en/pressdetail/2321/nota (accessed May 29). BCB https://www.bcb.gov.br/detalhenoticia/17088/nota (accessed June 8), https://www.bcb.gov.br/detalhenoticia/17085/nota (accessed June 8).

(i) The central bank lowered the policy rate (SELIC) by 50bps a historical low of 3.75%; (ii) March 26, the New Term Deposit with Special Guarantees (NDPGE) was introduced as a new financing tool for financial institutions associated with the Credit Guarantee Fund (FCG). This is expected to raise credit supply by BRL 200 billion; (iii) March 26, the BCB offered loans backed by debentures to financial insitutions through the Temporary Liquidity Line; this is expected to increase credit by BRL 91 billion; (iv) March 26, the BCB allowed the temporary exemption of tax effects arising from overhedge of equity investments held abroad being deducted from equity -- This provides sufficient capital relief from currency depreciation that BCB estimates an increase of BRL 520 billion in credit creation; (v) BCB reduced the factor applied to calculate the Capital Conservation buffer from 2.5% to 1.25% through March 2021 with gradual reversal until March 2022; BCB estimates this provides capital relief of about BRL 56 billion and increases credit supply by BRL 640 billion; No amount/estimate: (vi) April 24, the Banco Central de Brasil (BCB) raised the limit on collateralized lending for cooperative banks; (vii) On May 6, The central bank decided to lowered the Selic rate to 3% p.a; (viii) May 29, BCB announced an extension of dividend restrictoins until December 2020 and temporary easing of rules on real estate financing; [update] (ix) June 2, BCB announced it would maintain the countercyclical capital buffer addition at 0% for at least 1 year. [update]

Brazil 02C 02C - Loan guarantees BRL 5,000,000,000 1,023,914,929 Ministry of Economy. https://www.gov.br/economia/pt-br/assuntos/noticias/2020/junho/governo-federal-e-bndes-oferecerao-garantia-emergencial-para-reduzir-risco-de-pequenas-e-medias-empresas (accessed 8 June 2020).

(i) June 2, Ministry of Ecoomy provides BRL5 billion immediately and up to BRL20 billion in loan guarantees available to financial agents that lend to small and medium sized enterprises. [update]

Brazil 04 04 - Equity support BRL
European Central Bank 02 02 - Credit creation EUR 4,470,000,000,000 4,944,690,265,487
European Central Bank 02A 02A - Financial sector lending/funding EUR 1,470,000,000,000 1,626,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020); ECB. https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200522~f0355619ae.en.html (accessed 22 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html ( accessed 9 June 2020).

(i) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (ii) March 18, launched a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP. Based on The European Central Bank is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic, the accounts of the bank’s April meeting showed on Friday; (iii) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (iv) June 4, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over [update].

European Central Bank 02B 02B - Support policies for long-term lending EUR 3,000,000,000,000 3,318,584,070,796 EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); EC. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html [accessed 3 May 2020]; EC. https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html (accessed 30 April 20202); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020).

(i) March 12, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. It is estimated that the facility could provide up to around EUR3 trillion in at a negative rate, which can be as low as -0.75%, the lowest rate ECB ever offered. On April 30, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period. No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020.; (v) see (ii) on CCB in Measure 1; (vi) April 28, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vii) No amount/estimate: April 30, New series of non-targeted pandemic emergency longer-term refinancing operations, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021.

European Central Bank 02C 02C - Loan guarantees EUR
European Central Bank 04 04 - Equity support EUR
European Union 02 02 - Credit creation EUR 46,000,000,000 50,884,955,752
European Union 02A 02A - Financial sector lending/funding EUR
European Union 02B 02B - Support policies for long-term lending EUR Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020).

No amount/breakdown: April 22, Provided guidance on the use of flexibility in relation to COVID-19 and called for heightened attention to risks. The European Banking Authority (EBA) proposed to introduce the use of a 66% aggregation factor to be applied until December 31, 2020 under the "core approach." EBA intended to delay reporting for the first FRTB-SA figures until September 2021. EBA emphasized flexibility in the prudential requirements available to competent authorities for banks using VaR models. EBA also clarified the prudential application on the definitions of "default" and "forbearance," and how the EBA Guidelines on legislative and non-legislative moratoria on loan repayments apply to securitizations.

European Union 02C 02C - Loan guarantees EUR 46,000,000,000 50,884,955,752 EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_569 (accessed 16 April 2020); EC. https://ec.europa.eu/regional_policy/en/newsroom/news/2020/01/14-01-2020-financing-the-green-transition-the-european-green-deal-investment-plan-and-just-transition-mechanism (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-086-eib-group-will-rapidly-mobilise-eur-40-billion-to-fight-crisis-caused-by-covid-19 (accessed 16 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); European Finance Network. https://www.european-microfinance.org/news/investeu-programme-questions-and-answers (accessed 19 April 2020); SP Global. https://www.spglobal.com/en/research-insights/articles/covid-19-daily-update-april-16-2020 (accessed 19 April 2020); EIB. https://www.eib.org/en/press/all/2020-126-eib-board-approves-eur-25-billion-pan-european-guarantee-fund-to-respond-to-covid-19-crisis.htm (accessed 1 June 2020).

(i) April 6, The EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and midcaps; (ii) The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programmes for immediate deployment; (iii) 09 April, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros ($1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilise public and private investment through an EU budget guarantee; (v) 26 May, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps .

European Union 04 04 - Equity support EUR 549,000,000 607,300,885 EIB. https://www.eib.org/en/press/all/2020-103-eib-backs-eur5-billion-investment-to-mitigate-economic-impact-of-coronavirus-and-support-medical-technology (accessed 29 April 2020); Yale. https://som.yale.edu/faculty-research-centers/centers-initiatives/program-on-financial-stability/covid-19-crisis (accessed 29 April 2020); EC. https://ec.europa.eu/commission/presscorner/detail/en/ip_20_1007 (accessed 12 June 2020).

(i) April 8, The Commission is launching ESCALAR, a new investment approach, developed together with the European Investment Fund (EIF), that will support venture capital and growth financing for promising companies. In its pilot phase, ESCALAR will provide up to EUR300 million backed by the European Fund for Strategic Investments (EFSI); (ii) April 24, EIB also approved an equity investment worth EUR75 million for the German company Curevac, through the EIB's Infectious Disease Financing Facility; (iii) June 8, EUR174 million equity investments from the European Innovation Council (EIC) Accelerator Pilot funding to innovative startups and SMEs [update].

Islamic Republic of Iran 02 02 - Credit creation IRR
Islamic Republic of Iran 02A 02A - Financial sector lending/funding IRR
Islamic Republic of Iran 02B 02B - Support policies for long-term lending IRR
Islamic Republic of Iran 02C 02C - Loan guarantees IRR
Islamic Republic of Iran 04 04 - Equity support IRR
Mexico 02 02 - Credit creation MXN 350,000,000,000 15,931,539,897
Mexico 02A 02A - Financial sector lending/funding MXN 350,000,000,000 15,931,539,897 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) MXN350 billion- Financing facility for commercial and development banks to foster lending to SMEs.

Mexico 02B 02B - Support policies for long-term lending MXN Bank of Mexico. https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/monetary-policy-announcements.html (accessed on 14 May 2020).

No amount/estimate: (i) Monetary policy rate has been lowered by 100bp to 6%, most recently in a 50bp cut (April 21); Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 50 basis points to 5.5% (May 14); (ii) Halved the cost of repos.

Mexico 02C 02C - Loan guarantees MXN
Mexico 04 04 - Equity support MXN
Nigeria 02 02 - Credit creation NGN
Nigeria 02A 02A - Financial sector lending/funding NGN
Nigeria 02B 02B - Support policies for long-term lending NGN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19?fbclid=IwAR3QQSk6OmfE7YbISvq0_ut_FpTD_Bc00gRB-YJ_YA_VB-VlWiYD9PBO0Ro#P (accessed 4 May 2020). KPMG. https://home.kpmg/xx/en/home/insights/2020/04/nigeria-government-and-institution-measures-in-response-to-covid.html (accessed 4 May 2020). Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/MPD/Central%20Bank%20of%20Nigeria%20Communique%20No%20130%20of%20the%20Monetary%20Policy%20Committee%20Meeting%20of%20May%2028,%202020.pdf (accessed 5 June 2020)

(i) No amount/estimate: Reducing interest rates on all applicable CBN interventions from 9% to 5%; (ii) No amount/estimate: Strengthening of the loan-to-deposit ratio policy; (iii) No amount/estimate: Extended the deadlines for compliance with the revised minimum capital requirements for all categories of Microfinance Banks (MFBs) by one year; (iii) No amount/estimate: Lowered the policy rate from 13.5% to 12.5%. [update]

Nigeria 02C 02C - Loan guarantees NGN
Nigeria 04 04 - Equity support NGN
Russian Federation 02 02 - Credit creation RUB 3,500,000,000,000 47,737,058,824
Russian Federation 02A 02A - Financial sector lending/funding RUB 3,500,000,000,000 47,737,058,824 CBR. https://cbr.ru/eng/press/pr/?file=27032020_203415eng2020-03-27T20_33_29.htm (accessed 6 May 2020).

March 27, RUB3.5 trillion increase in the maximum aggregate limit under irrevocable credit lines for systemically important credit institutions from RUB1.5 trillion to RUB5 trillion for the period from 1 April 2020 through 31 March 2021.