Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 02B 02B - Support policies for long-term lending AFN
Afghanistan 02B1 02B1 - Interest rate adjustments AFN
Afghanistan 02B2 02B2 - Other policies to support 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.

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.

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.

Armenia 02B 02B - Support policies for long-term lending AMD
Armenia 02B1 02B1 - Interest rate adjustments AMD IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 5 December 2020).

(i) No amount/estimate: 28 April 2020, The Central Bank of Armenia (CBA) reduced the policy rate by 25 bps to 5%. On 17 June 2020, this rate was further reduced by 50 bps to 4.5%. On 15 September 2020, this rate was reduced to 4.25%, where it has since remained unchanged.

Armenia 02B2 02B2 - Other policies to support long-term lending AMD
Australia 02B 02B - Support policies for long-term lending AUD
Australia 02B1 02B1 - Interest rate adjustments 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); 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); 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); RBA. https://www.rba.gov.au/media-releases/2020/mr-20-24.html (accessed 07 October 2020); RBA. https://www.rba.gov.au/speeches/2020/sp-gov-2020-11-03.html (accessed 04 November 2020); RBA. https://www.rba.gov.au/media-releases/2021/mr-21-01.html (accessed 3 February 2021).

No amount/estimate: (i) 3 March 2020 and 19 March 2020, The policy rate was cut by 25 basis points twice to 0.25%. 5 May 2020, 2 June 2020, 7 July 2020, 4 August 2020, 1 September 2020, and 6 October 2020, the RBA announced that it will maintain the current rates. 30 June 2020, 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. 3 November 2020, The RBA announced a reduction in the cash rate to 10 basis points. On 2 February 2021, the RBA announced that it will maintain the targets of 10 basis points for the cash rate [update]; (ii) 3 November 2020, The RBA reduced the interest rate on new drawings under the TFF to 10 basis points, from the current 25 basis points.

Australia 02B2 02B2 - Other policies to support long-term lending AUD Australian Prudential Regulation Authority (APRA). https://www.apra.gov.au/news-and-publications/apra-announces-deferral-of-capital-reform-implementation (accessed 3 June 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);

No amount/estimate: (i) April 2020, 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. 9 July 2020, 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. 29 July 2020, 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; (ii) 30 March 2020, APRA announced that it is deferring its scheduled implementation of the Basel III reforms in Australia by one year to January 2023.

Austria 02B 02B - Support policies for long-term lending EUR
Austria 02B1 02B1 - Interest rate adjustments EUR
Austria 02B2 02B2 - Other policies to support long-term lending EUR
Azerbaijan 02B 02B - Support policies for long-term lending AZN
Azerbaijan 02B1 02B1 - Interest rate adjustments AZN IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); CBA. https://www.cbar.az/press-release-2644/on-parameters-of-interest-rate-corridor (accessed 23 June 2020).

No amount/estimate: (i) 19 March 2020, 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%. 1 May 2020, The CBA lowered the ceiling of the interest rate corridor by 100 bps to 8%; (ii) 19 June 2020, The 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%; (iii) 18 September 2020, The CBA has lowered its interest rates by 0.25 percentage points, from 6.75% to 6.5%.

Azerbaijan 02B2 02B2 - Other policies to support long-term lending AZN 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); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 01 October 2020); CBA. https://www.cbar.az/press-release-2866/central-bank-decides-to-extend-package-of-additional-support-actions-to-financial-sector-in-connection-to-coronavirus-pandemic (accessed 4 January 2021).

No amount/estimate: (i) 19 March 2020. The authorities have announced their intention to extend the blanket deposit guarantee until 4 December 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; (ii) 23 April 2020, Suspension of inspections of credit institutions; (iii) 30 December 2020, Regulatory requirements for the classification of loans have been relaxed and dividend payments have been limited until 1 April 2021. Loan classification concessions were applied to interest-subsidized business loans and restructuring of loans issued at the expense of state funds.

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.

Belgium 02B 02B - Support policies for long-term lending EUR 1,000,000,000 1,106,194,690
Belgium 02B1 02B1 - Interest rate adjustments EUR
Belgium 02B2 02B2 - Other policies to support 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); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 19 November 2020).

(i) 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; (ii) As of 11 November 2020, Belgian authorities have also retracted a decision to increase the buffer by 0.5%, and provided guidance that this would remain unchanged until mid-2021.

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
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.

Brunei Darussalam 02B 02B - Support policies for long-term lending BND
Brunei Darussalam 02B1 02B1 - Interest rate adjustments BND
Brunei Darussalam 02B2 02B2 - Other policies to support long-term lending BND
Cambodia 02B 02B - Support policies for long-term lending KHR
Cambodia 02B1 02B1 - Interest rate adjustments KHR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); NBC teleconference with media. https://www.khmertimeskh.com/702862/the-central-bank-announces-measures-to-boost-lending/ (accessed 30 April 2020).

No amount/estimate: April 2020, The NBC (i) reduced the interest rate in its Liquidity Providing Collateralized Operations (LPCOs) that decreases banks’ funding costs in domestic currency, (ii) cutting the interest rate on negotiable certificates of deposit (the collateral for LPCOs) to encourage banks to disburse loans.

Cambodia 02B2 02B2 - Other policies to support long-term lending KHR IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 24 July 2020); NBC teleconference with media. https://www.khmertimeskh.com/702862/the-central-bank-announces-measures-to-boost-lending/ (accessed 30 April 2020).

No amount/estimate: April 2020, The NBC announced the delay in additional increases in the capital conservation buffer until 2021.

Canada 02B 02B - Support policies for long-term lending CAD 300,000,000,000 215,015,230,245
Canada 02B1 02B1 - Interest rate adjustments CAD Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. BoC https://www.bankofcanada.ca/wp-content/uploads/2020/06/fad-press-release-2020-06-03.pdf (all accessed 10 June 2020). BoC https://www.bankofcanada.ca/2020/10/fad-press-release-2020-10-28/ (accessed Oct 31). BoC https://www.bankofcanada.ca/2020/12/fad-press-release-2020-12-09/ (accessed 20 December 2020). BoC https://www.bankofcanada.ca/2021/01/fad-press-release-2021-01-20/ (accessed 22 January 2021)

(i) 3 June 2020, the BoC maintained its targets at 0.5% for the Bank Rate (penalty rate) and 0.25% for both the deposit rate (interest on reserves) and the overnight rate target; (ii) 28 October 2020, the BoC announced that it will maintain its overnight rate target at the lower bound (interest on reserves) rate of 0.25% until "the 2% inflation target is sustainably achieved. In our current projection, this does not happen until 2023"; (iii) 28 October 2020, the BoC announced that its quantitative easing program (QE) will continue purchasing government securities, though "total purchases will be gradually reduced to at least CAD4 billion per week," a reduction from the previous rate of CAD5 billion per week; (iv) 9 December 2020, the BoC announced that the policy rate will remain at the current levels until the inflation objective is achieved; (v) no amount/estimate; 20 January 2021, the BoC reiterated that the policy rate will remain at the "effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved" and clarified that "In our project, this does not happen until 2023. To reinforce this commitment and keep interest rates low across the yield curve, the Bank will continue its QE program until the recovery is well underway";

Canada 02B2 02B2 - Other policies to support long-term lending CAD 300,000,000,000 215,015,230,245 Department of Finance Canada. https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html#Supporting_Financial_Market. OSFI https://www.osfi-bsif.gc.ca/Eng/fi-if/in-ai/Pages/FRI20200828_let.aspx (Accessed 2 September).

(i) The Office of the Superintendent of Financial Institutions (OSFI) announced it is lowering the Domestic Stability Buffer by 1.25% of risk-weighted assets to 1%, effective immediately. This action will allow Canada’s large banks to inject CAD300 billion of additional lending in to the economy; (ii) No amount/estimate: 31 August 2020, the Office of the Superintendent of Financial Institutions (OSFI) extended regulatory flexibility for insurers for 6 more months, including relaxing requirements for insurers regarding capital requirements for premiums or insured loans that are delinquent or for which a payment deferral has been given.