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