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
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 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 June 2020).

No amount/estimate: (i) March 20, The central bank has reduced the policy rate by 300 bps to 9.25%; (ii) March 24, preferential interest rate on loans to tourism has been reduced from 10% to 5%, for SMEs. As of June 24, this measure has already been reversed; (iii) March 24, 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 June 24, the new rate now applies to tourism, industry, agriculture and construction sectors as well. (iv) regulations issued last year requiring banks to obtain detailed information of borrowers have been relaxed; (v) suspension of credit score blacklists for irregular clients and waiver of court cases for defaulted customers have been announced.

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) June 16, EGP3 billion in loan guarantees to the Tourism sector; (iv) As of July 30, an EGP2 billion guarantee fund has been formed to guarantee mortgages and consumer loans.

Argentina 02 02 - Credit creation ARS 31,000,000,000 494,023,904
Argentina 02A 02A - Financial sector lending/funding ARS
Argentina 02B 02B - Support policies for 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 31,000,000,000 494,023,904 BCRA. https://www.argentina.gob.ar/coronavirus/medidas-gobierno (Accessed 27 April 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.

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 2 June 2020).

(i) No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28. The interbank market has been active, and the central bank has easily met liquidity needs so far; (ii) June 17, The CBA further reduced the policy rate by 50 bps to 4.5%.

Armenia 02C 02C - Loan guarantees AMD
Australia 02 02 - Credit creation AUD 255,000,000,000 158,558,999,891
Australia 02A 02A - Financial sector lending/funding AUD 215,000,000,000 133,686,999,908 RBA. https://www.rba.gov.au/mkt-operations/term-funding-facility/ (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/government-invest-15b-support-sme-lending (accessed 3 June 2020); RBA. https://www.rba.gov.au/covid-19/ (accessed 03 June 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 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; (ii) April, 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]). On September 1, RBA announced an expansion to the TFF. ADIs will have access to additional funding, equivalent to 2% of their outstanding credit, at a fixed rate of 25 basis points for three years. ADIs will be able to draw on this extra funding up until the end of June 2021. As of September 1, ADIs have drawn AUD52 billion under the TFF. The current expansion brings the total amount available under this facility to around AUD200 billion [update].

Australia 02B 02B - Support policies for long-term lending AUD RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-03-19.html (accessed 11 April 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-13.html (accessed on 5 May 2020); Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-dg-2020-06-30.html#fn2 (accessed 01 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-17.html (accessed 8 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-releases-letter-and-data-on-temporary-loan-repayment-deferrals-due-to (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-regulatory-approach-to-loans-subject-to-repayment-deferral (accessed 10 July 2020); APRA. https://www.apra.gov.au/news-and-publications/apra-updates-guidance-on-capital-management-for-banks-and-insurers (accessed 30 July 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-18.html (accessed 06 August 2020); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-20.html (accessed 01 September 2020).

No amount/estimate: (i) March 3 and 19, The policy rate was cut by 25 basis points twice to 0.25% and on May 5, June 2, July 7, August 4, and September 1 [update] the RBA announced that it will maintain the current rates. June 30, While the cash rate target has remained at 25 basis points, the actual cash rate traded in the market has declined to around 13–14 basis points; (ii) April, The Australian Prudential Regulation Authority (APRA) has 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. On July 9, APRA has issued a letter to ADIs, advising that this measure will be extended to cover a maximum period of 10 months from the start of a repayment deferral, or until 31 March 2021, whichever comes first. On July 29, APRA has updated its capital management guidance for ADIs, i.e. (a) retain at least 50% of earnings when making decisions on capital distributions and raise more capital through dividend reinvestment plans; (b) conduct regular stress testing to inform decision-making and demonstrate ongoing lending capacity; and (c) make use of capital buffers to absorb the impacts of stress, and continue to lend to support households and businesses; (iii) March 30, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Australia 02C 02C - Loan guarantees AUD 40,000,000,000 24,871,999,983 Department of Treasury. https://treasury.gov.au/coronavirus/sme-guarantee-scheme (accessed 16 April 2020); Department of Treasury. https://treasury.gov.au/sites/default/files/2020-05/Overview-Economic_Response_to_the_Coronavirus_3.pdf (accessed 3 June 2020); Department of the Treasury. https://ministers.treasury.gov.au/ministers/josh-frydenberg-2018/media-releases/supporting-small-business-adapt-grow-and-create-jobs (accessed 22 July 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. On July 20, The government announced that it plans to expand the SME Guarantee Scheme to help small businesses to adapt, grow and create jobs. The changes include widening the range of investments that can be funded, increasing maximum loan size, and increasing the maximum long term to five years, among others. The second phase of the Scheme will start on October 2020 and will be available until June 2021.

Austria 02 02 - Credit creation EUR 9,000,000,000 9,955,752,212
Austria 02A 02A - Financial sector lending/funding EUR
Austria 02B 02B - Support policies for long-term lending EUR
Austria 02C 02C - Loan guarantees EUR 9,000,000,000 9,955,752,212 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 15 April 2020).

EUR9 billion in credit guarantees.

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 July 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%.

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 July 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); Ministry of Economy. https://www.economy.gov.az/en/article/elektron-kredit-platformasi-sahibkarlarin-kredit-uchun-muracietlerini-asanlashdirib/31075 (accessed 27 July 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.

Bangladesh 02 02 - Credit creation BDT 250,000,000,000 2,942,907,593
Bangladesh 02A 02A - Financial sector lending/funding BDT 250,000,000,000 2,942,907,593 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)

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.

Bangladesh 02B 02B - Support policies for 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). Banglasdesh Bank. https://www.bb.org.bd/monetaryactivity/mps/mps.php (accessed 31 July 2020).

No amount/estimate: (i) 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; and (ii) 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 September 30 in favor of individual (local and foreign) investors; (v) June 15, 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; (vii) No amount/estimate: July 29, 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%.

Bangladesh 02C 02C - Loan guarantees BDT
Belgium 02 02 - Credit creation EUR 53,000,000,000 58,628,318,584
Belgium 02A 02A - Financial sector lending/funding EUR
Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690 OECD. http://www.oecd.org/coronavirus/en/#country-tracker (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 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 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); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts.

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 02C 02C - Loan guarantees BTN/INR
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; June 23, 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) July 16, 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; July 21, 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.