Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Arab Republic of Egypt 02 02 - Credit creation EGP 225,000,000,000 14,317,555,866
Arab Republic of Egypt 02A 02A - Financial sector lending/funding EGP
Arab Republic of Egypt 02B 02B - Support policies for long-term lending EGP 117,000,000,000 7,445,129,051
Arab Republic of Egypt 02B1 02B1 - Interest rate adjustments 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); Reuters. https://www.reuters.com/article/egypt-cenbank-int/egypts-central-bank-keeps-key-interest-rates-on-hold-statement-idUSKBN2A427X (accessed 11 February 2021); Reuters. https://www.reuters.com/article/egypt-cenbank-int/egypts-central-bank-keeps-key-interest-rates-on-hold-statement-idUSKBN2BA27V (accessed 25 March 2021).

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%; (vi) 5 February 2021, the Central Bank has made announcements that it has kept its key interest rates on hold; (vii) 19 March 2021, the Central Bank has announced again that it has kept its key interest rates on hold. [update]

Arab Republic of Egypt 02B2 02B2 - Other policies to support long-term lending EGP 117,000,000,000 7,445,129,051 Daily News Egypt. https://dailynewsegypt.com/2021/02/23/banks-to-inject-egp-117bn-into-msmes-until-2022-end-cbe/ (accessed 25 February 2021); Reuters. https://www.reuters.com/article/egypt-banks/update-1-egypts-central-bank-bans-banks-from-paying-dividends-to-shareholders-idUSL1N2JN0LO (accessed 14 January 2021); 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; (iii) 12 January 2021, Egypt's central bank bans banks from paying dividends to shareholders to protect capital amid the COVID-19 crisis; (iv) 23 February 2021, The Central Bank of Egypt (CBE) has directed banks to increase their lending to small- and medium-sized enterprises (MSMEs) from 20% to 25% of the bank's credit facilities portfolio. This is expected to inject EGP117 billion into MSMEs until the end of December 2022.

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.

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 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 adjustments 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.

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 1,576,000,000,000 322,737,985,755
Brazil 02A 02A - Financial sector lending/funding BRL 120,000,000,000 24,573,958,306 BCB. https://www.bcb.gov.br/detalhenoticia/17103/nota (accessed 26 June 2020). BCB https://www.bcb.gov.br/detalhenoticia/17131/nota (accessed 20 July 2020). BCB https://www.bcb.gov.br/detalhenoticia/17133/nota (accessed 24 July 2020)

(i) No amount/estimate: 23 June 2020, 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; (ii) 16 July 2020, BCB announced the Working Capital Program for the Preservation of Companies (CGPE) that provides access to credit for companies with revenues up to BRL 300 million; BCB estimates the CGPE can increase credit to these companies by BRL 120 billion; (iii) No amount/estimate: 21 July 2020, the BCB announced that it will regulate the CGPE--loans will be for a minimum of 36 months, with a minimum grace period of 6 months for the beginning of debt amortization; at least 80 percent of the program is targeted at smaller companies with annual revenus up to BRL100 million; new CGPE loans cannot have higher interest rates or terms longer than the original transaction; the value of the collateral pledged must observe the regulatory limit applicable to the original transaction.

Brazil 02B 02B - Support policies for long-term lending BRL 1,451,000,000,000 297,140,112,519
Brazil 02B1 02B1 - Interest rate adjustments BRL Minsitry of Economy https://www.gov.br/economia/pt-br/assuntos/noticias/2020/marco/taxa-de-juros-do-consignado-e-reduzida-a-1-80-para-facilitar-acesso-ao-credito (accessed March 20). 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). CVM http://www.cvm.gov.br/noticias/arquivos/2020/20200728-3.html (accessed 29 July 2020). BCB https://www.bcb.gov.br/en/pressdetail/2345/nota (accessed 6 Auguest 2020). BCB https://www.bcb.gov.br/detalhenoticia/17297/nota (accessed 28 January 2021)

(i) 17 March 2020, The Ministry of Economy reduced interest rates on payroll loans for retirees from 2.08% to 1.8%, and reduced the credit card rate from 3% to 2.7%; (ii) The central bank lowered the policy rate (SELIC) by 50bps a historical low of 3.75%; (iii) On 6 May 2020, The central bank decided to lowered the Selic rate to 3% p.a; (iv) No amount/estimate: 17 June 2020, BCB announced a 0.75% cut in the Selic rate to 2.25%; (v) No amount/estimate: 5 August 2020, BCB announced a 0.25% cut in the Selic rate to 2%; (vi) 20 January 2021; no amount/estimate; the BCB's policy committee, COPOM, announced that because various measures of underlying inflation are above the range compatible with meeting the inflation target, and it therefore assesses that both inflation expectations and inflation projections are sufficiently close to its inflation target for the relevant monetary policy horizon--consequently, its previous forward guidance from mid 2020 (that COPOM would not reduce the degree of monetary stimulus provided that certain conditions were met) has been ended and monetary policy will henceforth follow the usual analysis of the risk balance for prospective inflation; the committe reiterated, however, that it is not inclined to raise its SELIC (policy rate) target above the current level of 2% at this time; COPOM also warned of fiscal risks due to the central government's large budget deficits used to respond to COVID-19; (vii) 17 March 2021, BCB raised the target SELIC rate to 2.75 percent [update].

Brazil 02B2 02B2 - Other policies to support 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). CVM http://www.cvm.gov.br/noticias/arquivos/2020/20200728-3.html (accessed 29 July 2020). BCB https://www.bcb.gov.br/en/pressdetail/2345/nota (accessed 6 Auguest 2020); BCB https://www.bcb.gov.br/detalhenoticia/17363/nota (Accessed 10 April 2021)

(i) 26 March 2020, 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; (ii) 26 March 2020, 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; (iii) 26 March 2020, 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; (iv) 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 BRL640 billion; No amount/estimate: (v) 24 April 2020, the Banco Central de Brasil (BCB) raised the limit on collateralized lending for cooperative banks; (vi) 29 May 2020, BCB announced an extension of dividend restrictoins until December 2020 and temporary easing of rules on real estate financing; (vii) 2 June 2020, BCB announced it would maintain the countercyclical capital buffer addition at 0% for at least 1 year; (viii) No amount/estimate: 28 July 2020, the Securities and Exchange Commission (CVM) extended the suspension of requirement that a new public offering cannot occur within 4 months of the closing of a previous offering; (ix) 7 April 2021; BCB announced proposed improvements to the rules for the management of social, environmental, and climatic risks in the financial system, and to requirements to be observed by financial institutions as BCB establishes its Social, Environmental, and Climate REsponsiblity Policy [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) 2 June 2020, Ministry of Economy 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).

7 May 2020, 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
Cook Islands 02 02 - Credit creation NZD
Cook Islands 02A 02A - Financial sector lending/funding NZD
Cook Islands 02B 02B - Support policies for long-term lending NZD
Cook Islands 02B1 02B1 - Interest rate adjustments NZD
Cook Islands 02B2 02B2 - Other policies to support long-term lending NZD
Cook Islands 02C 02C - Loan guarantees NZD
Cook Islands 07 07 - Central bank financing government NZD
Cook Islands 07A 07A - Direct lending and reserve drawdown NZD
Cook Islands 07B 07B - Secondary purchase: government securities NZD
Federated States of Micronesia 02 02 - Credit creation USD
Federated States of Micronesia 02A 02A - Financial sector lending/funding USD
Federated States of Micronesia 02B 02B - Support policies for long-term lending USD
Federated States of Micronesia 02B1 02B1 - Interest rate adjustments USD
Federated States of Micronesia 02B2 02B2 - Other policies to support long-term lending USD
Federated States of Micronesia 02C 02C - Loan guarantees USD