|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Armenia||01||01 - Liquidity Support||AMD|
|Armenia||01A||01A - Short-term lending||AMD|
|Armenia||01B||01B - Support policies for short-term lending||AMD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).||
No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency.
|Armenia||01C||01C - Forex operations||AMD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 05 May 2020).||
(i) No amount/estimate: Provided a few foreign exchange swap operations to assure sufficient liquidity in AMD and in foreign currency. The CBA has undertaken some foreign exchange sales to limit excessive dram volatility since; (ii) the exchange rate has been allowed to adjust flexibly and has depreciated around 3% against the USD since the end of February. No balance of payment or capital control measures have been adopted.
|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 05 May 2020).||
No amount/estimate: The Central Bank of Armenia (CBA) reduced the policy rate by another 25 bps to 5% on April 28 [update]. The interbank market has been active, and the central bank has easily met liquidity needs so far.
|Armenia||02C||02C - Loan guarantees||AMD|
|Armenia||03||03 - Direct long-term lending||AMD|
|Armenia||03A||03A - Long-term lending||AMD|
|Armenia||03B||03B - Forbearance||AMD|
|Armenia||04||04 - Equity support||AMD|
|Armenia||05||05 - Health and income support||AMD||30,000,000,000||61,348,610|
|Armenia||05A||05A - Health support||AMD|
|Armenia||05B||05B - Income support||AMD||30,000,000,000||61,348,610||Asbarez. http://asbarez.com/193112/pashinyan-unveils-economic-aid-package-amid-state-of-emergency/ (accessed 16 April 2020).||
(i) No amount/estimate: Subsidize the interest rates of co-financed loans for companies that borrow money from Armenian banks in the national currency to pay salaries, taxes, bills and purchase raw materials; (ii) a package of AMD30 billion (over USD60 million) for urgent social assistance for the impoverished. See Measure 9: No breakdown.
|Armenia||06||06 - Budget reallocation||AMD|
|Armenia||07||07 - Central bank financing government||AMD|
|Armenia||07A||07A - Direct lending & reserve drawdown||AMD|
|Armenia||07B||07B - Secondary purchase: government securities||AMD|
|Armenia||08||08 - International Assistance Received||AMD||155,084,198,936||317,140,000|
|Armenia||08A||08A - Swaps||AMD|
|Armenia||08B||08B - International loans/grants||AMD||155,084,198,936||317,140,000|
|Armenia||08B1||08B1 - Asian Development Bank||AMD||15,374,431,527||31,440,000||ADB Table A1.3: Nonsovereign Operations, Table A1.5: Country Support under TA 9550-REG. (both accessed 12 June 2020). ADB. https://www.adb.org/news/adb-electric-networks-armenia-sign-20-million-working-capital-support-loan (accessed 4 June 2020)||
(i) March 22, Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (USD0.5 million); (ii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - guarantee (USD10.21 million OCR, USD10.01 million co-financed) [update]; (iii) Nonsovereign Operations: Trade Finance Program (Additional Financing) - loan (USD0.73 million, with USD1.40 million co-financed); (iv) May 28, USD45 million from the COVID-19 Working Capital Support Project (USD20 million OCR, USD25 million co-financed).
|Armenia||08B2||08B2 - Other||AMD||139,709,767,409||285,700,000||WB. https://www.worldbank.org/en/news/press-release/2020/04/03/world-bank-supports-armenia-to-combat-the-human-impact-of-the-covid19-pandemic (accessed 5 May 2020). IMF. https://www.imf.org/en/News/Articles/2020/05/18/pr20219-armenia-imf-execboard-concludes-2ndrev-under-sba-augments-access-address-impact-covid19 (accessed 21 May 2020)||
(i) April 3, The World Bank allocated USD3 million to address the country’s urgent needs for equipment and supplies needed for the intensive care of people with a confirmed COVID-19 diagnosis; (ii) May 18, USD280 million in total aid immediately available after an augmentation of its Stand-By Arrangement with the IMF; (iii) As of May 26, USD2.7 million to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, bolster risk-communications, and more.
|Armenia||09||09 - International Assistance Provided||AMD|
|Armenia||09A||09A - Swaps||AMD|
|Armenia||09B||09B - International loans/grants||AMD|
|Armenia||10||10 - No breakdown||AMD||245,000,000,000||501,013,646||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 30 April 2020); Asbarez. http://asbarez.com/193112/pashinyan-unveils-economic-aid-package-amid-state-of-emergency/ (accessed 16 April 2020)||
Government assistance package with a headline amount of at least AMD300 billion (over USD300 million) to mitigate the socio-economic issues related to the pandemic, although this includes a variety of direct spending, state-sponsored loans and increased investment. The key measures include (i) direct labor subsidies to micro enterprises and SMEs that retain their employees and maintain their wage; (ii) strategic support to innovative companies, although the details of this last element are not yet final.
|Armenia||11||11 - Other Economic Measures||AMD||KPMG. https://home.kpmg/xx/en/home/insights/2020/04/armenia-government-and-institution-measures-in-response-to-covid.html (accessed 14 May 2020)||
May 14, Temporary restrictions on the export of medical masks, gloves and goggles, biohazard suits, medical robes, antiviral medicines, gauze and other medical products.
|Armenia||12||12 - Non-Economic Measures||AMD||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 10 June 2020).||
No amount/estimate: The government declared a national state of emergency on March 16, and imposed strict containment measures, including school closures, travel bans on foreign citizens from high risk countries, and imposed fines to those who violate isolation orders during the state of emergency. The state of emergency will be in place until June 14 and encompass movement restrictions. Effective May 4, the movement restrictions are removed and almost all business activities are allowed to operate. This decision is considered a test and stricter restrictions may be implemented again depending on the spread of the virus. Effective June 4, the government declared wearing a face mask in all open public spaces mandatory. [update]
|European Central Bank||01||01 - Liquidity Support||EUR|
|European Central Bank||01A||01A - Short-term lending||EUR||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
No amount/estimate: 12 March, Conducting additional longer-term refinancing operations (LTROs) temporarily (with an interest rate equal to the average rate on the deposit facility, -0.50% currently).
|European Central Bank||01B||01B - Support policies for short-term lending||EUR||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 29 April 2020); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020).||
No amount/estimate: (i) The ECB also announced a broad package of collateral easing measures for Eurosytem credit operations in early April. These include a permanent collateral haircut reduction of 20 percent for non-marketable assets, and temporary measures for the duration of the PEPP (with a view to re-assess their effectiveness before the end of 2020) such as a reduction of collateral haircuts by 20 percent and expansion of collateral eligibility to include Greek sovereign bonds as well as an expansion of the scope of so-called additional credit claims framework so that it may also include public sector-guaranteed loans to SMEs, self-employed individuals, and households. In a move to mitigate the impact of possible rating downgrades on collateral availability , on April 22, the ECB also announced that it would grandfather until September 2021 the eligibility of marketable assets used as collateral in Eurosystem credit operations falling below current minimum credit quality requirements of “BBB-“ (“A-“ for asset-backed securities) as long as their rating remains at or above “BB” and “BB+”, respectively. Assets that fall below these minimum credit quality requirements will be subject to haircuts based on their actual ratings; (ii) Allow major banks (directly supervised by the ECB) to operate temporarily below the level of capital defined by the Pillar 2 Guidance (P2G), the capital conservation buffer (CCB) and the liquidity coverage ratio (LCR).
|European Central Bank||01C||01C - Forex operations||EUR|
|European Central Bank||02||02 - Credit creation||EUR||4,470,000,000,000||4,944,690,265,487|
|European Central Bank||02A||02A - Financial sector lending/funding||EUR||1,470,000,000,000||1,626,106,194,690||OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 29 April 2020); ECB. https://www.ecb.europa.eu/press/accounts/2020/html/ecb.mg200522~f0355619ae.en.html (accessed 22 May 2020); ECB. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.mp200604~a307d3429c.en.html ( accessed 9 June 2020).||
(i) March 12, Adding a temporary envelope of additional net asset purchases of EUR120 billion until the end of the year; (ii) March 18, launched a new temporary asset purchase programme of private and public sector securities (Pandemic Emergency Purchase Programme, PEPP) with an overall envelope of EUR 750 billion until the end of 2020. Some self-imposed purchase limits will not apply to the PEPP. A waiver of the eligibility requirements for securities issued by the Greek government will be granted for purchases under PEPP. Based on The European Central Bank is “fully prepared” to provide even more stimulus as soon as June to support an economy that may shrink by a tenth this year due to the COVID-19 pandemic, the accounts of the bank’s April meeting showed on Friday; (iii) expanding the range of eligible assets under the corporate sector purchase programme (CSPP) to non-financial commercial paper; (iv) June 4, The PEPP envelope will be increased by EUR600 billion to a total of EUR1,350 billion. The purchases will continue to be conducted in a flexible manner over time, across asset classes and among jurisdictions. This allows the Governing Council to effectively stave off risks to the smooth transmission of monetary policy. The horizon for net purchases under the PEPP will be extended to at least the end of June 2021. In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over [update].
|European Central Bank||02B||02B - Support policies for long-term lending||EUR||3,000,000,000,000||3,318,584,070,796||EC. https://www.ecb.europa.eu/mopo/implement/omt/html/cspp-qa.en.html (accessed 15 April 2020); EC. https://www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200409~3aa2815720.en.html (accessed 18 April 2020); EC. https://www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200430_1~477f400e39.en.html [accessed 3 May 2020]; EC. https://www.ecb.europa.eu/mopo/implement/omo/html/index.en.html (accessed 30 April 20202); OECD. http://www.oecd.org/coronavirus/en/#country-tracker (accessed 18 April 2020); IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 9 May 2020).||
(i) March 12, Lowering the interest rate applied in targeted longer-term refinancing operations (TLTRO III) during the period from June 2020 to June 2021 (25 basis points below the average rate applied in the Eurosystem's main refinancing operations). The targeted longer-term refinancing operations (TLTROs) are Eurosystem operations that provide financing to credit institutions. By offering banks long-term funding at attractive conditions they preserve favourable borrowing conditions for banks and stimulate bank lending to the real economy. It is estimated that the facility could provide up to around EUR3 trillion in at a negative rate, which can be as low as -0.75%, the lowest rate ECB ever offered. On April 30, ECB lowered the rate on the third round of targeted longer-term refinancing operations (TLTRO III) to -1% from -0.75%. On the same day, ECB decided to conduct a series of seven pandemic emergency longer-term refinancing operations (PELTROs) to provide liquidity support to the euro area financial system and ensure smooth money market conditions during the pandemic period. No amount/estimate: (ii) relaxation of countercyclical capital buffer (CCyB); (iii) March 20, Flexibility in treatment of non-performing loans (NPLs) to allow banks to fully benefit from public guarantees and moratoriums and of banks' implementation of NPL reduction strategies; (iv) March 27, requirement for banks not to pay dividends until at least 1 October 2020.; (v) see (ii) on CCB in Measure 1; (vi) April 28, the European Commission proposed a number of changes to the Capital Requirements Regulation (Regulation (EU) 575/2013) to provide temporary capital relief to banks. These changes include inter alia extending by 2 years the current transitional arrangements for mitigating the impact of IFRS 9 provisions on regulatory capital, a later date of application of the leverage ratio buffer for global systemically important institutions, a more favourable treatment of publicly guaranteed loans under the NPL prudential backstop (the minimum loss coverage requirement for non-performing loans), and advancing the date of application of capital reduction factors in respect of certain loans to SMEs or in support of infrastructure investments; (vii) No amount/estimate: April 30, New series of non-targeted pandemic emergency longer-term refinancing operations, conducted as fixed rate tender procedures with full allotment, rate fixed at 25bp below refi rate. Operations mature in staggered sequence between July-September 2021.
|European Central Bank||02C||02C - Loan guarantees||EUR|
|European Central Bank||03||03 - Direct long-term lending||EUR|
|European Central Bank||03A||03A - Long-term lending||EUR|
|European Central Bank||03B||03B - Forbearance||EUR|
|European Central Bank||04||04 - Equity support||EUR|