Table 3.
Policy announcements.
| Type | Total | Examples | ||
|---|---|---|---|---|
| Liquidity Support | 183 | Reserve requirements rate for deposits down to 25 from 31% | Brazil | 21-Mar |
| Establishment of buy/sell USD/INR Swap line with US Fed (Australia, Brazil, Denmark, Norway, Mexico, South Korea, Singapore, Sweden, New Zealand) | Several countries | 20-Mar | ||
| The Ministry of Finance to sell dollars during 2020 for up to US $ 9.4 billion. Corporate bonds will be included as eligible collateral for all the effective liquidity operations in pesos | Chile | 20-Mar | ||
| Prudential | 333 | loan deferment programs for 6 months for the financially vulnerable individuals | South Korea | 11-Mar |
| 6 months forbearance (considering extending to 10 months) on all insured mortgages | Canada | 20-Mar | ||
| Banks countercyclical capital buffer cut to 0% starting April 1 | Germany | 21-Mar | ||
| Italy: Moratorium on credits, for both companies and consumers. (March 21) | Italy | 21-Mar | ||
| Grant temporary regulatory flexibility so that banks can use their capital buffers | Mexico | 8-Apr | ||
| Reserve Bank lowered Pillar 2A capital buffer to zero | South Africa | 6-Apr | ||
| Borrower Support | 151 | Package of $15 billion for small business loans | Japan | 11-Mar |
| Ministry of Finance will guarantee up to 80% of the value of financing provided to SMEs. Until March 31, 2021 the MoF will subsidize 100% of interest on loans for micro and SMEs | Romania | 20-Mar | ||
| Instrument aimed at limiting interest rates on loans to borrowers, a new instrument is introduced with a refinancing limit of UB 500 billion in order to maintain lending to SMEs | Russia | 31-Mar | ||
| Asset Purchases | 22 | Large scale purchase of government bonds from the secondary market | Poland | 31-Mar |
| Authorized the purchase of government bonds in the secondary market for up to $ 2 billion | Colombia | 14-Apr | ||
| The Fed announced QE purchases of USD500bn of Treasuries and USD200bn of agency MBS | United States | 20-Mar | ||
| Policy Rates | 95 | Cut its benchmark interest rate by 25 basis point, taking it to a record low 1% | Thailand | 5-Feb |
| On 2/20, BI cut its seven-day reverse repo rate by 25 basis points to 4.75%, marking the first cut in the BI policy rate since October | Indonesia | 20-Feb | ||
| Benchmark rate cut to 9.75% from 10.75% | Turkey | 21-Mar | ||