Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 02 - Credit creation
Afghanistan 02A - Financial sector lending/funding
Afghanistan 02B - Support policies for long-term lending
Afghanistan 02C - Loan guarantees
Armenia 02 - Credit creation 25,000,000,000 51,123,841
Armenia 02A - Financial sector lending/funding 25,000,000,000 51,123,841 JAM News. 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 - Support policies for long-term lending IMF. (accessed 15 April 2020).

March, The Central Bank of Armenia (CBA) reduced the policy rate by 25 bps to 5.25% on March 17. The interbank market has been active, and the central bank has easily met liquidity needs so far.

Armenia 02C - Loan guarantees
Australia 02 - Credit creation 110,000,000,000 68,397,999,953
Australia 02A - Financial sector lending/funding 90,000,000,000 55,961,999,961 IMF. (accessed 11 April 2020); RBA. (accessed 11 April 2020).

(i) April, The government is allocating up to AUD15 billion to invest in residential mortgage-backed securities and asset-backed securities to help funding for small banks and non-bank financial institutions (See Measure 9: No breakdown); (ii) To allow banks to lend more to small and medium enterprises (SMEs) during the period of disruption caused by COVID-19, RBA has established a Term Funding Facility (TFF) of at least AUD90 billion for SMEs lending (TFF will offer three-year funding to authorized deposit-taking institutions [ADIs]).

Australia 02B - Support policies for long-term lending IMF. (accessed 11 April 2020); RBA. (accessed 11 April 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25%; (ii) The Australian Prudential Regulation Authority (APRA) has (a) provided temporary relief from its capital requirement, allowing banks to utilize some of their current large buffers to facilitate ongoing lending to the economy as long as minimum capital requirements are met, and (b) March 30, announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Australia 02C - Loan guarantees 20,000,000,000 12,435,999,991 IMF. (accessed 11 April 2020); Organisation for Economic Co-operation and Development (OECD). (accessed 11  April 2020); Department of the Treasury, Government of Australia. (accessed 16 April 2020).

April, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion (2% of GDP) (AUD20 billion of the total AUD40 biilion is lumped in the AUD194 billion package. See Measure 9: No breakdown).

Austria 02 - Credit creation 9,000,000,000 9,955,752,212
Austria 02A - Financial sector lending/funding
Austria 02B - Support policies for long-term lending
Austria 02C - Loan guarantees 9,000,000,000 9,955,752,212 OECD. (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Azerbaijan 02 - Credit creation 500,000,000 294,117,647
Azerbaijan 02A - Financial sector lending/funding
Azerbaijan 02B - Support policies for long-term lending IMF. (accessed 15 April 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 to 6.75%; (ii) The authorities have announced their intention to extend the blanket deposit guarantee until December 4, 2020. The guarantee covers all AZN (foreign currency) deposits within a 10 (2.5) % interest rate cap.

Azerbaijan 02C - Loan guarantees 500,000,000 294,117,647 Caspian News. (accessed 15 April 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).

Bangladesh 02 - Credit creation 500,000,000,000 5,885,815,185
Bangladesh 02A - Financial sector lending/funding 500,000,000,000 5,885,815,185 IMF. (accesed 14 April 2020).

The Ministry of Finance will subsidize interest payments on up to BDT500 billion in working capital loans by scheduled banks to businesses.

Bangladesh 02B - Support policies for long-term lending IMF. (accesed 14 April 2020).

No amount/estimate: The repo rate has been lowered from 6 percent to 5.75% (effective March 24th) and will be further reduced to 5.25% effective April 12th.

Bangladesh 02C - Loan guarantees
Belgium 02 - Credit creation 53,000,000,000 58,628,318,584
Belgium 02A - Financial sector lending/funding
Belgium 02B - Support policies for long-term lending 1,000,000,000 1,106,194,690 OECD. (accessed 15 April 2020).

The National Bank of Belgium announced the decision to reduce the counter-cyclical buffer to zero, releasing approximately EUR1 billion worth of capital available to Belgian banks to expand lending.

Belgium 02C - Loan guarantees 52,000,000,000 57,522,123,894 IMF. (accessed 15 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4 % of GDP).

Bhutan 02 - Credit creation
Bhutan 02A - Financial sector lending/funding