Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Arab Republic of Egypt 02 02 - Credit creation EGP 108,000,000,000 6,872,426,816
Arab Republic of Egypt 02A 02A - Financial sector lending/funding EGP
Arab Republic of Egypt 02B 02B - Support policies for long-term lending EGP
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).

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%.

Arab Republic of Egypt 02B2 02B2 - Other policies to support long-term lending EGP 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.

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.

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.

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, 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.

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);

(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.

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.

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 02B1 02B1 - Interest rate adjustments IRR
Islamic Republic of Iran 02B2 02B2 - Other policies to support long-term lending IRR
Islamic Republic of Iran 02C 02C - Loan guarantees 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
Mexico 02B1 02B1 - Interest rate adjustments 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). Banco de Mexico. https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/%7BEE3854EF-A71A-D0DD-A99E-2413B4D38D59%7D.pdf (accessed 18 August 2020); https://www.banxico.org.mx/publications-and-press/announcements-of-monetary-policy-decisions/%7BAB9BB249-8F4A-2B55-D7E8-D3A2E0412C30%7D.pdf (accessed 30 September 2020)

No amount/estimate: (i) 13 February 2020, Banco de Mexico cut the policy rate by 0.25% to 7%; (ii) 20 March 2020, Banco de Mexico reduced the rate charged to commercial banks for secured credits or repos. The rate is reduced from the normal 2 to 2.2 times the size of the overnight interest rate target down to 1.1 times this rate; (iii) 20 March 2020, Banco de Mexico reduced the overnight interest rate target by 0.5% to 6.5%; (iv) 21 April 2020, Monetary policy rate has been lowered by 0.5% to 6%; (iv) 14 May 2020, Banco de México’s Governing Board decided to lower the target for the overnight interbank interest rate by 50 basis points to 5.5%; (v) No amount/estimate: 25 June 2020, the Banco de Mexico reduced the overnight interbank interest rate target by 0.5% to 5%; (vi) No amount/estimate: 13 August 2020, Banco de Mexico reduced the overnight interbank interest rate target by 0.5% to 4.5%; (vii) No amount/estimate: 24 September 2020, Banco de Mexico reduced the overnight interbank interest rate target by 0.25% to 4.25%.

Mexico 02B2 02B2 - Other policies to support long-term lending MXN
Mexico 02C 02C - Loan guarantees 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
Nigeria 02B1 02B1 - Interest rate adjustments 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). Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/CCD/Letter%20to%20All%20Banks%20on%20Interest%20Rate%20on%20Savings%20Sept%202020.pdf (accessed 4 September 2020). Premium Times NG. https://www.premiumtimesng.com/news/headlines/416378-cbn-cuts-lending-rate-to-11-5-amid-looming-recession.html (accessed 25 September 2020)

(i) No amount/estimate: Reducing interest rates on all applicable CBN interventions from 9% to 5%; (ii) No amount/estimate: Lowered the policy rate from 13.5% to 12.5%. As of 22 September 2020, this has been further reduced to 11.5%. The symmetric corridor has also been adjusted to +100 and -700 basis points; (iv) No amount/estimate: 1 September 2020, Announced to all deposit money banks that the interest rate on local currency savings deposits shall be negotiable subject to a minimum of 10% per annum of the Monetary Policy Rate.

Nigeria 02B2 02B2 - Other policies to support 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). Central Bank of Nigeria. https://www.cbn.gov.ng/Out/2020/CCD/Letter%20to%20All%20Banks%20on%20Interest%20Rate%20on%20Savings%20Sept%202020.pdf (accessed 4 September 2020). Premium Times NG. https://www.premiumtimesng.com/news/headlines/416378-cbn-cuts-lending-rate-to-11-5-amid-looming-recession.html (accessed 25 September 2020)

(i) No amount/estimate: Strengthening of the loan-to-deposit ratio policy; (ii) No amount/estimate: Extended the deadlines for compliance with the revised minimum capital requirements for all categories of Microfinance Banks (MFBs) by one year.

Nigeria 02C 02C - Loan guarantees NGN
Russian Federation 02 02 - Credit creation RUB 3,900,000,000,000 53,192,722,690
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).

27 March 2020, 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.

Russian Federation 02B 02B - Support policies for long-term lending RUB 300,000,000,000 4,091,747,899
Russian Federation 02B1 02B1 - Interest rate adjustments RUB CBR. https://cbr.ru/press/pr/?file=19062020_141025dkp2020-06-19T14_07_06.htm, https://cbr.ru/press/pr/?file=19062020_133000Key.htm (both accessed 24 June 2020), https://cbr.ru/press/pr/?file=24042020_133000Key.htm (accessed 6 May 2020); TASS Russian News Agency. https://tass.com/economy/1245551 (accessed 21 January 2021).

No amount/estimate: (i) 24 April 2020, the CBR cut the policy rate by 50 bps to 5.5%; (ii) 19 June 2020, Decided to lower the interest rate that the Bank of Russia extends to small and medium-sized enterprises (SMEs) to support and maintain employment by 1%, decreasing the annual rate from a level of 3.5% to 2.5%. As of 27 July 2020, this rate was reduced further by 0.25% to 2.25%; (iii) 19 June 2020, Decided to reduce the key interest rate by 1%, bringing the annual rate to a level of 4.5%. As of 24 July 2020, the key interest rate was again reduced by 0.25% to 4.25%; (iv) 24 July 2020, Cut the interest rates associated with loans to medical and pharmaceutical manufacturers by 70% until the end of 2021; (v) 21 January 2021, Bank of Russia again cut the key rate from 4.25% to 4.0%, for another 0.25% since the last cut in July.

Russian Federation 02B2 02B2 - Other policies to support long-term lending RUB 300,000,000,000 4,091,747,899 Ministry of Economic Development. https://www.economy.gov.ru/material/news/minekonomrazvitiya_uprostilo_trebovaniya_k_poluchatelyam_zaymov_mfo_i_garantiy_rgo.html (accessed 16 July 2020). CBR. https://cbr.ru/press/pr/?file=10082020_163109pr_0.htm (accessed 20 August 2020). https://cbr.ru/press/event/?id=7953 (accessed 30 July 2020). https://cbr.ru/press/pr/?file=17042020_125400if2020-04-17T12_49_42.htm, https://cbr.ru/eng/press/pr/?file=27032020_203415eng2020-03-27T20_33_29.htm, CBR. https://cbr.ru/eng/press/pr/?file=23032020_170800eng2020-03-23T17_07_10.htm, https://cbr.ru/eng/press/event/?id=6493 (all accessed 6 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 July 2020).

No amount/estimate: (i) 20 March 2020, National countercyclical capital buffer maintained at 0; (ii) 27 March 2020, Will devise proposals on amending the Federal Law ‘On Credit Histories’ aimed at preventing the deterioration of borrowers’ credit histories and individual credit ratings because of the pandemic; (iii) 17 April 2020, Expanded the scope of support programs for small and medium-sized enterprises (SMEs), by (a) revising the calculation of debt limits, and (b) relaxing the in-person requirement for SMEs to obtain loans related to supporting/maintaining employment; (iv) 17 April 2020, The BOR also sought to reduce deposit insurance premiums from 0.15% to 0.1% by the end of 2020; (v) CBR has introduced temporary regulatory easing for banks intended to help corporate borrowers; (vi) More favorable treatment for FX loans issued to certain sectors; (vii) Until 30 September 2020, (a) credit institutions will be given an option not to downgrade the assessment of debt servicing quality irrespective of the financial position of a borrower in such sectors as tourism and transport, (b) add-ons to risk weights on foreign currency loans provided to organisations producing pharmaceuticals and medical equipment will be reduced to zero; (viii) Simplified the requirements for Russian Microfinance Institutions (MFIs) to obtain loans and guarantees as part of anti-crisis support for small and medium-sized enterprises (SMEs). Application requirements were softened; (ix) 24 July 2020, Introduced a new methodology for assessing credit risk for mortgages. The move is supposed to free up around RUB300 billion of bank capital for expanded mortgage lending; (x) 24 July 2020, Reduced the risk ratio associated with certain investments such as subordinated liabilities (e.g. perpetual bonds), private shares issued under debt-equity exchanges, and loans to non-commodity exporters covered by the Russian Agency for Export Credit and Investment Insurance (EXIAR). As of 10 August 2020, this now includes the non-application of premiums on risk ratios for foreign currency loans for specific organizations until 31 December 2021. Also as of 10 August 2020, to support consumer lending, the Bank of Russia (BoR) cancelled the premia paid on risk ratios for unsecured consumer loans issued up to 31 August 2020. The BoR also lowered the premiums to risk ratios on unsecured consumer loans extended from 1 September 2020; (xi) 10 August 2020, To support lending to the economy, the Bank of Russia (BoR) extended the rights for credit institutions to restructure corporate loans by changing currency from foreign currency to rubles by 31 December 2020.

Russian Federation 02C 02C - Loan guarantees RUB 100,000,000,000 1,363,915,966 Ministry of Economic Development. https://www.economy.gov.ru/material/news/ekonomika_bez_virusa/reshetnikov_soobshchil_ob_uvelichenii_portfelya_programmy_kreditovaniya_pod_2_do_350_mlrd_rubley.html (accessed 17 June 2020).

15 June 2020, Announced an increase in the anti-crisis loan program by RUB100 billion (to RUB350 billion total). Through the Vnesheconombank (VEB), the Russian government guarantees loans to businesses up to 85%, with loan rates below 2% per annum, aimed at supporting employment.