|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Bangladesh||02||02 - Credit creation||BDT||370,000,000,000||4,355,503,237|
|Bangladesh||02A||02A - Financial sector lending/funding||BDT||350,000,000,000||4,120,070,630||Ministry of Finance. https://mof.portal.gov.bd/sites/default/files/files/mof.portal.gov.bd/page/ed9e8b19_ccba_4cca_94b1_c40013f7a760/MTMPS_2020-21_English.pdf (accessed 29 June 6). Bangladesh Bank. BRPD Circular Letter No-53 (29 October 2020).||
(i) The Ministry of Finance will subsidize interest payments on up to BDT500 billion in working capital loans by scheduled banks to businesses. Half of this amount (BDT 250 billion) will be refinanced by Bangladesh Bank and is included in Item 1 above. Remaining BDT250 billion will be financed by commercial banks from their own funds. (ii) 29 October 2020, increased to BDT400 billion from BDT300 billion, working capital facilities to affected industries and service sector. This is part of the BDT500 billion amount in measure i.
|Bangladesh||02B||02B - Support policies for long-term lending||BDT|
|Bangladesh||02B1||02B1 - Interest rate adjustments||BDT||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 1 May 2020). https://www.bb.org.bd/monetaryactivity/mps/mps.php (accessed 31 July 2020). Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/brpd/sep242020brpdl47.pdf (accessed 25 September 2020).||
No amount/estimate: (i) The repo rate has been lowered from 6 percent to 5.75% (effective 24 March 2020) and will be further reduced to 5.25% effective 12 April 2020. (vii) No amount/estimate: 29 July 2020, Bangladesh Bank in its monetary policy statement announced: (a) Overnight repo rate from 5.25% to 4.75%, (b) reverse repo rate from 4.75% to 4.00%, (c) Bank Rate which remained unchanged for the last 17 years (since 2003) to be reduced from 5.00% to 4.00%; (ix) September 24, Bangladesh bank fixed the highest interest rate on credit card loans to 20%.
|Bangladesh||02B2||02B2 - Other policies to support long-term lending||BDT||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accesed 1 May 2020). Bdnews24. https://bdnews24.com/economy/2020/06/15/bangladesh-gives-bank-loan-defaulters-until-september-to-repay-instalments (accessed 26 June 2020). Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/dos/may112020dos03.pdf (accessed 29 June 2020). Bangladesh Bank. https://www.bb.org.bd/mediaroom/circulars/fepd/mar232020fepd15e.pdf (accessed 29 June 2020).||
(i) The Bangladesh Bank (BB) has also raised the advance-deposit ratio (ADR) and investment-deposit ratio (IDR) by 2% to facilitate credit to the private sector and improve liquidity in the banking system; (iii) BB took measures to delay non-performing loan classification; (iv) Banks with capital adequacy ratio (CAR) (in relation to their risk-weighted assets (RWA)) of 12.50% or above will be permitted to declare up to 30% dividend (of which cash dividend may be up to 15%); banks with CAR between 11.25% and 12.50% may declare dividend up to 15% (of which maximum cash dividend may be 7.5%); banks with CAR below 11.25% may declare dividend up to 10% (of which maximum cash dividend may be 5%). Cash dividend can be distributed before 30 September 2020 in favor of individual (local and foreign) investors; (v) 15 June 2020, loan defaulters given until September to repay loans before they are considered default; (vi) Banks may, without repayment guarantee, advance credit up to USD 500k for import of coronavirus related life-saving drugs, medical kits/equipment and other essential medical items.
|Bangladesh||02C||02C - Loan guarantees||BDT||20,000,000,000||235,432,607||Bangladesh Bank. 2020. SME and Special Programme Department Circular No. 3. (27 July 2020).||
27 July 2020, BDT20 billion credit guarantee scheme for cottage, micro and small industries.
|Bhutan||02||02 - Credit creation||BTN/INR|
|Bhutan||02A||02A - Financial sector lending/funding||BTN/INR|
|Bhutan||02B||02B - Support policies for long-term lending||BTN/INR|
|Bhutan||02B1||02B1 - Interest rate adjustments||BTN/INR|
|Bhutan||02B2||02B2 - Other policies to support long-term lending||BTN/INR|
|Bhutan||02C||02C - Loan guarantees||BTN/INR|
|India||02||02 - Credit creation||INR||4,254,809,580,000||57,252,791,199|
|India||02A||02A - Financial sector lending/funding||INR||1,254,809,580,000||16,884,739,382||Reserve Bank of India. https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50176 (accessed 12 August 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 May 2020).||
(i) The RBI introduced long-term repo operations (0.4% of GDP for the first tranche and 0.2% of GDP for the second tranche; 1–3 years); (ii) 6 August 2020, Established special refinance facilities for a total amount of INR650 million for all India financial institutions (AIFIs); (iii) 6 August 2020, Extended INR250 million to the National Bank for Agriculture and Rural Development (NABARD) to back agricultural operations in the wake of challenges posed by COVID-19.
|India||02B||02B - Support policies for long-term lending||INR|
|India||02B1||02B1 - Interest rate adjustments||INR||RBI. https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49843, https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11893&Mode=0, https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11894&Mode=0 (all accessed 26 May 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020).||
(i) 27 March 2020, The RBI reduced the repo and reverse repo rates by 75 and 90 basis points (bps) to 4.4% and 4.0%, respectively; (ii) 17-20 April 2020: The RBI reduced the reverse repo by 25 bps to 3.75%; (iii) 22 May 2020, the RBI reduced the repo and reverse repo rates further by 40 bps each to 4.0% and 3.35% respectively, and reduced the marginal standing facility and bank rates from 4.65% to 4.25%.
|India||02B2||02B2 - Other policies to support long-term lending||INR||RBI. https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=50288 (accessed 17 September 2020). https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=49844 (accessed 10 June 2020); Economic Times, India Times. https://economictimes.indiatimes.com/markets/stocks/news/no-extension-of-loan-moratorium-but-rbi-introduces-debt-resolution-plan-for-eligible-borrowers/articleshow/77392810.cms (accessed 21 August 2020). IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020).||
No amount/estimate: (i) RBI provided regulatory forbearance on asset classification of loans to micro, small, and medium enterprises (MSMEs) and real estate developers and introduced regulatory measures to promote credit flows to the retail sector and MSMEs; (ii) The Securities and Exchange Board of India temporarily relaxed the norms related to debt default on rated instrument and delayed the implementation of the net stable funding ratio and the last stage of the phased-in implementation of the capital conservation buffers by 6 months; (iii) The limit for foreign portfolio investment (FPI) in corporate bonds has been increased to 15% of outstanding stock for FY 2020/21 and restriction on nonresident investment in specified securities issued by the Central Government was removed; (iv) Announced a standstill on asset classifications during the 3-month loan moratorium period with 10% provisioning requirement and an extension of the time period for resolution timeline of large accounts under default by 90 days; (v) Restriction on banks from making dividend payouts; (vi) 22 May 2020, Authorities have also increased the large exposure limit from 25% to 30% of bank capital. Under the extant guidelines on the Large Exposures Framework, the exposure of a bank to a group of connected counterparties shall not be higher than 25% of the bank’s eligible capital base at all times; (vii) 21 June 2020, the RBI directed banks to assign zero % risk weight on the credit facilities extended under the emergency credit line guarantee scheme (ECLGS). As of the first week of November, the Government extended the ECLGS until 30 November 2020, and then further until 31 March 2021; (viii) 6 August 2020, the RBI permitted banks to restructure existing loans to MSMEs classified as "standard” as of March 1, 2020 without a downgrade in the asset classification. Banks are required to maintain additional provision of 5% over and above the provision already held by them for accounts restructured; (ix) 6 August 2020, the RBI also permitted lenders to implement a resolution plan in respect of eligible corporate exposures as well as personal loans, keeping the ownership unchanged, and without classifying them as non-performing loans. 10% provisioning is required; (x) Extant limit for investments that can be held in HTM category is 25% of total investment. Banks are allowed to exceed this limit provided the excess is invested in SLR securities within an overall limit of 19.5% of NDTL only. On 31 August 2020, banks were allowed to hold fresh acquisitions of SLR securities acquired from 1 September 2020 under held-to-maturity up to an overall limit of 22% through 31 March 2021.
|India||02C||02C - Loan guarantees||INR||3,000,000,000,000||40,368,051,817||Financial Times. https://www.ft.com/content/5734f333-e4d7-4ebf-9de2-220e537da3f0?accessToken=zwAAAXIRWB3Ykc9XNPMz5NdOv9Od4iIOU32j8A.MEQCIE1obkN05q4qkjoiBgF6riG66o6ocs0SQWfl2AsFIikHAiADu_DmNRDP9bo3QfxgYpytmLV8FGnEHOa8g66dgBdahQ&sharetype=gift?token=4a849e3f-c1b7-487d-ba1d-e73f283cd8c8 (accessed 14 May 2020). India Economics Update, Capital Economics.||
13 May 2020, INR3 trillion worth of loan guarantees for small and medium-sized companies.
|Maldives||02||02 - Credit creation||MVR|
|Maldives||02A||02A - Financial sector lending/funding||MVR|
|Maldives||02B||02B - Support policies for long-term lending||MVR|
|Maldives||02B1||02B1 - Interest rate adjustments||MVR|
|Maldives||02B2||02B2 - Other policies to support long-term lending||MVR|
|Maldives||02C||02C - Loan guarantees||MVR|
|Nepal||02||02 - Credit creation||NPR||200,000,000,000||1,754,693,806|
|Nepal||02A||02A - Financial sector lending/funding||NPR||200,000,000,000||1,754,693,806||NRB. https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf (accessed 6 July 2020); NRB. https://www.nrb.org.np/contents/uploads/2020/07/Monetary_Policy_in_Nepali-2077-78_Full_Text-new-1.pdf (accessed 17 July 2020).||
29 March 2020: (i) NRB announced a refinancing fund of NPR60 billion to provide subsidized credit for banks willing to lend at a concessional rate to priority sectors including small and mid-size enterprises affected by the pandemic. Banks were instructed to approve loans within 5 days pertaining to import and distribution of medical supplies and equipment, food, and other essential items to combat COVID-19 pandemic. 17 July 2020, NRB released the Monetary Policy for this fiscal year 2021 (ending 15 July 2021). The bank has increased the refinancing fund to NPR200 billion (USD1.7 billion); (ii) No amount/estimate: Banks were asked to provide subsidized credit to migrant workers to initiate their own enterprises, who could not depart for foreign employment due to this pandemic, within 7 days of their loan application; (iii) No amount/estimate: 28 May 2020, The budget speech for fiscal 2020/21 includes a provision for commercial banks to lend subsidized credit to at least 10 individuals per branch and development banks to at least 5 individuals per branch.
|Nepal||02B||02B - Support policies for long-term lending||NPR|
|Nepal||02B1||02B1 - Interest rate adjustments||NPR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020); NRB. https://www.nrb.org.np/cmfm_rates/policy_rates (accessed 25 June 2020); NRB.https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf (accessed 6 July 2020); NRB. https://www.nrb.org.np/contents/uploads/2020/07/Monetary_Policy_in_Nepali-2077-78_Full_Text-new-1.pdf (accessed 17 July 2020).||
(i) 29 March 2020, The NRB reduced interest rate on the standing liquidity facility from 6% to 5%; (ii) 29 April 2020, The NRB directed banks to apply lower interest rates (up to 2 percentage points) when calculating the interest due for the period of mid-April to mid-July, applicable to borrowers from affected sectors; (iii) The policy rate or repo rate was cut by 100 basis points to 3.5%. 17 July 2020, The repo rate was further cut by 50 basis points to 3%.
|Nepal||02B2||02B2 - Other policies to support long-term lending||NPR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 26 November 2020); NRB.https://archive.nrb.org.np/bfr/circular/2076-77/2076_77_(Notice)--18-Covid-19_Related-new.pdf (accessed 6 July 2020); NRB. https://www.nrb.org.np/contents/uploads/2020/07/Monetary_Policy_in_Nepali-2077-78_Full_Text-new-1.pdf (accessed 17 July 2020).||
No amount/estimate: 29 March 2020: (i) The NRB is no longer requiring banks to build up the 2% countercyclical capital buffer as provisioned under Capital Adequacy Framework 2015 that was due in July 2020; (ii) The NRB temporarily relaxed reporting norms and announced that bank and financial institutions will not be charged or penalized for their non-compliance with regulatory and supervisory requirements in April; (iii) 17 July 2020, The limit on the loan-to-value ratio for personal residential home loans was raised to 60% and margin natured loans to 70% from 65%. The limit on banks’ total loans was raised to 85% of the sum of core credit and deposits from 80%. The NRB requires banks to increase their loans to priority sectors, such as agriculture, energy, tourism, and micro, small and mid-size enterprises, to 40% from 25% by 2024.
|Nepal||02C||02C - Loan guarantees||NPR|
|Sri Lanka||02||02 - Credit creation||LKR||150,000,000,000||810,562,472|
|Sri Lanka||02A||02A - Financial sector lending/funding||LKR||150,000,000,000||810,562,472||Sri Lanka, Ministry of Information and Mass Media. https://www.media.gov.lk/media-gallery/latest-news/2395-concessions-from-president-gotabaya-as-country-battles-with-covid19 (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200616_the_central_bank_of_sri_lanka_implements_new%20Credit%20Schemes%20_to_support_the_revival_of_the_economy_e.pdf (accessed 26 June 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200821_central_bank_extends_deadline_of_application_for_working_capital_loan_e.pdf (accessed 28 August 2020); CBSL. https://www.cbsl.gov.lk/en/news/central-bank-extends-the-grace-period-for-working-capital-loans (accessed 6 November 2020).||
No amount/estimate: (i) 24 March 2020, The 2.4 million beneficiaries of the Samurdhi program can avail interest-free loans of up to LKR10,000 with a 6-month grace period and 18 months repayment period through all Samurdhi banks; 31 March 2020: (ii) A 4% working capital loan for two years (with 6-month debt moratorium) under the scheme “Saubagya COVID-19 Renaissance facility” for MSMEs in all the sectors, and large enterprises in the affected sectors (such as tourism) was introduced through a LKR50 billion re-financing facility by the Central Bank. On 19 August 2020, CBSL extended the deadline of application for the 4% working capital loan scheme until 30 September 2020. Under this scheme, the Central Bank provides 100% refinancing to participating licensed banks at an interest rate of 1%; On 6 November 2020, CBSL extended the grace period applicable for the loans registered under this facility from 6 months to 9 months; (iii) No amount/estimate: Investment purpose rupee loan facility for five years at an interest rate equal to maximum of average weighted prime lending rate plus 1.5% may be obtained only by performing borrowers from a bank, with the amount not exceeding LKR300 million per bank per borrower, to expand business activities; (iv) 16 June 2020, The Central Bank implemented new Credit Schemes to support the revival of economic activity to support lending to business segments affected by COVID-19 (construction and other needy sectors) at the concessional rate of 4% per annum. This scheme along with the existing refinance Scheme will provide LKR150 billion in total to the businesses affected by the COVID-19 pandemic (See other details in Measure 10).
|Sri Lanka||02B||02B - Support policies for long-term lending||LKR|
|Sri Lanka||02B1||02B1 - Interest rate adjustments||LKR||CBSL. https://www.cbsl.gov.lk/en/rates-and-indicators/policy-rates (accessed 12 June 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200330_central_bank_of_sri_lanka_implements_extraordinary_regulatory_measures_to_facilitate_banks_to_support_covid_19_affected_businesses_and_individuals_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200331_central_bank_of_sri_lanka_decides_to-establish_a_rupees_50_billion_six_month_refinancing_facility_e.pdf (accessed 10 July 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200820_Monetary_Policy_Review_august_2020_e_Bf6jQ.pdf (accessed 21 August 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201022_Monetary_Policy_Review_October_2020_e_G93k5.pdf (accessed 23 October 2020); CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201126_Monetary_Policy_Review_November_2020_e.pdf (accessed 27 November 2020); CBSI. https://www.cbsl.gov.lk/en/news/monetary-policy-review-no-1-of-2021 (accessed 21 January 2021).||
No amount/estimate: 16 April 2020: (i) The CBSL has reduced monetary policy rates by 50 basis points since March 2020; (ii) The rate at which CBSL grants advances to commercial banks for temporary liquidity needs has been lowered from 15% to 10%; (iii) 6 May 2020, The CBSL has reduced monetary policy rates by 100 basis points since March 2020 from 6.5% to 5.5% for the Standing Deposit Facility Rate and from 7.5% to 6.5% for the Standing Lending Facility Rate. The bank rate was also reduced from 10% to 9.5%; 9 July 2020, The CBSL has reduced monetary policy rates from 5.5% to 4.5% for the Standing Deposit Facility Rate (SDFR), from 6.5% to 5.5% for the Standing Lending Facility Rate (SLFR), and the bank rate from 9.5% to 8.5%, where they have since remained unchanged.
|Sri Lanka||02B2||02B2 - Other policies to support long-term lending||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20200820_Monetary_Policy_Review_august_2020_e_Bf6jQ.pdf (accessed 21 August 2020); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201022_Monetary_Policy_Review_October_2020_e_G93k5.pdf (accessed 23 October 2020); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20201126_Monetary_Policy_Review_November_2020_e.pdf (accessed 27 November 2020); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/Banking_Act_Directions_No_1_of_2021.pdf (accessed 21 January 2021); https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/bsd_monetary_law_act_order_3_of_2020_e.pdf (accessed 5 February 2021).||
No amount/estimate: (i) 30 March 2020, Defer the requirement to enhance capital by banks which are yet to meet the requirement by end 2020, until end 2022; (ii) 31 March 2020, Licensed banks, finance, and leasing companies have been permitted, if required, to reclassify NPLs under the debt moratorium scheme as performing loans; 16 April 2020: (iii) Lower capital conservation buffer requirements and a relaxation of loan classification rules have been announced; (iv) 13 May 2020, The Monetary Board, has decided to restrict certain discretionary payments of licensed banks, such as declaring cash dividends or repatriation of profits, engaging in share buy backs, increasing management allowances and payments to the Board of Directors for a limited period until 31 December 2020; (v) 20 August 2020, CBSL also introduced measures to promote lending. The Board decided to revise downward the caps on interest rates on credit cards from 28% to 18% per annum, on pre-arranged temporary overdrafts to 16% per annum, and on pawning facilities to 10% per annum from an earlier imposed maximum interest rate of 12% on 27 April 2020. Penal interest rates were capped at 2 percentage points over the regular interest rates charged on the relevant credit facility; (vi) 4 December 2020, CBSL imposed maximum interest rates on mortgage-backed housing loans obtained by salaried employees from licensed banks [update]; (vii) 19 January 2021, The Monetary Board directed all licensed banks to refrain from paying cash dividends and repatriating profits until the financial statements for 2020 are finalized and audited; the restriction on share buy-backs, increase in management allowances and payments to the Board, restriction on non-essential expenditures such as advertising, entertainment, traveling, and training were extended until 30 June 2021.
|Sri Lanka||02C||02C - Loan guarantees||LKR||CBSL. https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/cdg/dod_20200618_operating_instructions_no_35_03_023_0001_001_e_0.pdf (accessed 26 June 2020); CBSL. https://www.cbsl.gov.lk/en/node/8123 (accessed 10 July 2020).||
No amount/estimate: (i) 16 June 2020, The government and the Monetary Board of the Central Bank of Sri Lanka (CBSL) provided construction sector enterprises with a facility to borrow from licensed commercial banks (LCBs), using guarantees issued by the government equivalent to the amount due on account of contracts carried out in the past, made available at the concessionary rate of 1% per annum, for a period of 180 days; (ii) 26 June 2020, In parallel to the LKR150 billion facility, a credit guarantee scheme was launched on 1 July 2020. Through this scheme, CBSL will provide a credit guarantee to banks, ranging from 80% for smaller loans to 50% for relatively large loans to provide loans at an interest rate of 4% using the banks own funds.