Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source 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 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
Afghanistan 07 07 - Central bank financing government AFN
Afghanistan 07A 07A - Direct lending and reserve drawdown AFN
Afghanistan 07B 07B - Secondary purchase: government securities AFN
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 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).

No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28 [update]. The interbank market has been active, and the central bank has easily met liquidity needs so far.

Armenia 02C 02C - Loan guarantees AMD
Armenia 07 07 - Central bank financing government AMD
Armenia 07A 07A - Direct lending and reserve drawdown AMD
Armenia 07B 07B - Secondary purchase: government securities AMD
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 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020); 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); CBA. https://www.cbar.az/press-release-2644/on-parameters-of-interest-rate-corridor (accessed 23 June 2020).

No amount/estimate: March 19: (i) 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%. May 1, the CBA lowered the ceiling of the interest rate corridor by 100 bps to 8%; (ii) The authorities have announced their intention to extend the blanket deposit guarantee until December 4, 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; (iii) A relation of capital requirements (systemwide and the countercyclical capital buffer) and risk weights on mortgage loans; (iv) April 23, Suspension of inspections of credit institutions; (v) June 19, 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% [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 24 June 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).

April 6, 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, The CBA also announced that it will extend its guarantees on insurance premiums.

Azerbaijan 07 07 - Central bank financing government AZN
Azerbaijan 07A 07A - Direct lending and reserve drawdown AZN
Azerbaijan 07B 07B - Secondary purchase: government securities AZN
Georgia 02 02 - Credit creation GEL 930,000,000 305,847,382
Georgia 02A 02A - Financial sector lending/funding GEL 600,000,000 197,320,891 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 7 May 2020).

May 7, Commercial banks will gain access to a long-term financial resource of GEL600 million.

Georgia 02B 02B - Support policies for long-term lending GEL IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 14 May 2020).

No amount/estimate: April 29, The NBG reduced its policy rate by 50 bp.

Georgia 02C 02C - Loan guarantees GEL 330,000,000 108,526,490 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020).

GEL330 million credit guarantee scheme for business. [update]

Georgia 07 07 - Central bank financing government GEL
Georgia 07A 07A - Direct lending and reserve drawdown GEL
Georgia 07B 07B - Secondary purchase: government securities GEL
Kazakhstan 02 02 - Credit creation KZT
Kazakhstan 02A 02A - Financial sector lending/funding KZT
Kazakhstan 02B 02B - Support policies for long-term lending KZT IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 April 2020).

(i) No amount/estimate: (a) March 10, The National Bank raised its policy rate from 9.25% to 12% and widened the interest rate corridor from 100 to 150 bps, after pressures on the tenge (KZT) intensified with the drop of oil prices. The NBK cut the base rate to 9.5% and further widened the corridor to +/-200 bps in early April to stimulate economic growth; and (b) To encourage lending, the authorities have also lowered risk weights for SME exposure in tenge (from 75% to 50%) and for FX loans (from 200% to 100%) until October; (ii) As of May 20, interest on subsidized credit from the "Economy of Simple Things" program is being cut from 13-15% to 6%.

Kazakhstan 02C 02C - Loan guarantees KZT
Kazakhstan 07 07 - Central bank financing government KZT
Kazakhstan 07A 07A - Direct lending and reserve drawdown KZT
Kazakhstan 07B 07B - Secondary purchase: government securities KZT
Kyrgyz Republic 02 02 - Credit creation KGS
Kyrgyz Republic 02A 02A - Financial sector lending/funding KGS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 May 2020).

No amount/estimate: May, The authorities are preparing a second package including subsidized credit to banks to provide funding to small and medium-size enterprises through soft loans as mentioned in Measure 5B.

Kyrgyz Republic 02B 02B - Support policies for long-term lending KGS IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 14 April 2020).

No amount/estimate: April, The NBKR will postpone enactment of several financial regulations until further notice. In addition, it made the following decisions: (i) risk-weights of FX corporate and retail loans will be reduced from 150% to 100%, (ii) banks and Nonbank Financial Institutions (NBFIs) should create a loan loss reserve equal to 100% for the amount of overdue accrued interest payments on loans that have been given the status of non-accrual of interest income when overdue arrears are 270 days or more (from the now 90 days), and (iii) in the event of arrears arising from COVID-19, banks or NBFIs have the right not to worsen the classification category due to financial condition of the borrower.

Kyrgyz Republic 02C 02C - Loan guarantees KGS
Kyrgyz Republic 07 07 - Central bank financing government KGS
Kyrgyz Republic 07A 07A - Direct lending and reserve drawdown KGS
Kyrgyz Republic 07B 07B - Secondary purchase: government securities KGS