|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Arab Republic of Egypt||02||02 - Credit creation||EGP||106,000,000,000||6,745,159,653|
|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 24 June 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. As of June 24, this measure has already been reversed [update]; (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%. As of June 24, the new rate now applies to tourism, industry, agriculture and construction sectors as well. [update] (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||106,000,000,000||6,745,159,653||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 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; (iii) June 16, EGP3 billion in loan guarantees to the Tourism sector. [update]
|Arab Republic of Egypt||07||07 - Central bank financing government||EGP|
|Arab Republic of Egypt||07A||07A - Direct lending and reserve drawdown||EGP|
|Arab Republic of Egypt||07B||07B - Secondary purchase: government securities||EGP|
|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.
|Argentina||07||07 - Central bank financing government||ARS|
|Argentina||07A||07A - Direct lending and reserve drawdown||ARS|
|Argentina||07B||07B - Secondary purchase: government securities||ARS|
|Brazil||02||02 - Credit creation||BRL||1,456,000,000,000||298,164,027,448|
|Brazil||02A||02A - Financial sector lending/funding||BRL||BCB. https://www.bcb.gov.br/detalhenoticia/17103/nota (accessed 26 June 2020).||
(i) No amount/estimate; June 23, BCB announced conditions for purchase of private financial assets in secondary markets, namely that assets with credit risk equivalent to BB- or higher, in a central depository, not convertible into shares, and with a maturity of 12 months or more will be eligible. [update]
|Brazil||02B||02B - Support policies for long-term lending||BRL||1,451,000,000,000||297,140,112,519||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; (ix) June 2, BCB announced it would maintain the countercyclical capital buffer addition at 0% for at least 1 year; (x) No amount/estimate: June 17, BCB announced a 0.75% cut in the Selic rate to 2.25%. [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.
|Brazil||07||07 - Central bank financing government||BRL||SPGlobal. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/brazil-s-quantitative-easing-program-gets-approval-58531681 (accessed 30 May 2020).||
May 7, Brazil's Congress approved a constitutional amendment to enable BCB to implement quantitative easing program.
|Brazil||07A||07A - Direct lending and reserve drawdown||BRL|
|Brazil||07B||07B - Secondary purchase: government securities||BRL|
|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||07||07 - Central bank financing government||IRR|
|Islamic Republic of Iran||07A||07A - Direct lending and reserve drawdown||IRR|
|Islamic Republic of Iran||07B||07B - Secondary purchase: government securities||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; (iii) No amount/estimate: June 25, Banco de Mexico reduced the target for the overnight interbank funding rate by 50 basis points to 5.5%. [update]
|Mexico||02C||02C - Loan guarantees||MXN|
|Mexico||07||07 - Central bank financing government||MXN||200,000,000,000||9,103,737,084|
|Mexico||07A||07A - Direct lending and reserve drawdown||MXN|
|Mexico||07B||07B - Secondary purchase: government securities||MXN||200,000,000,000||9,103,737,084||Bank of Mexico. https://www.banxico.org.mx/publications-and-press/other-announcements/%7B6F7FECBA-44CB-6AA5-4E4B-269DDBD9B5A8%7D.pdf (accessed 30 April 2020).||
(i) MXN100 billion- Swaps of government securities in which it will receive long-term securities (10 years and longer) and will deliver other with maturities of up to 3 years; (ii) MXN100 billion- Government securities term repurchase window in which Banco de México facilitates an orderly intermediation of government securities (Cetes, Bonos M, Udibonos, Bondes D and BPAs), which will benefit financial institutions with liquidity needs.
|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%.
|Nigeria||02C||02C - Loan guarantees||NGN|
|Nigeria||07||07 - Central bank financing government||NGN|
|Nigeria||07A||07A - Direct lending and reserve drawdown||NGN|
|Nigeria||07B||07B - Secondary purchase: government securities||NGN|