Easier or Tighter?

     South Korea's central bank lowered its policy rate for the second time this year and slashed its 2020 growth forecast to around zero percent as the true extent of the damage to the global economy from the Covid-19 pandemic gradually becomes clearer.
      South Korea's move comes the day after China's central bank cut its reserve requirement for large financial institutions for the second time this year as global monetary easing continues at a rapid pace.
      Nineteen central banks have now cut their rates in May and policy rates have been cut 168 times so far this year.
     The rate cuts in May total 1,115 basis points so far, with the cumulative cuts this year amounting to 13,678 basis points. 
      In addition to the rate cuts, central banks have also injected trillions of dollars into domestic financial systems to ensure there is no repeat of the 2008-2009 global financial crises.
     The European Central Bank and the central banks of Japan, Switzerland, Jamaica and Sweden are among the banks that have not cut rates but still eased their policy through other measures as their policy rates are already negative, zero or at the lower bound.
     Governments worldwide are also injecting trillions of dollars into their economies, boosting global debt loads even further, to prevent an outright global depression.
     Since the end of January, when COVID-19 began to infect financial markets, central banks from tiny Vanuatu to the U.S. Federal Reserve have cut key interest rates 160 times.
      Illustrating the speed with which the measures to contain the virus has affected economic activity worldwide, central banks cut their rates at 72 unscheduled policy meetings and took other easing steps at a further four emergency meetings.

      While the number of rate cuts counted by Central Bank News includes those by Zimbabwe, Vanuatu and Tanzania, the amount of the cuts are not included in the global average interest rate for comparison purposes. 
     Taking into account the four rate hikes this year from Kazakhstan, the Czech Republic, the Kyrgyz Republic and Denmark, policy rates have been cut by a net 13,238 points.
      Illustrating the threat to economic activity from the spread of COVID-19 and the measures to contain it, Kazakhstan, the Czech Republic and Tajikistan have reversed course and started easing.

     Including other measures to ease monetary policy - such as cutting reserve requirements and countercyclical capital buffers, injecting large-scale liquidity, launching new low-cost loan programs or restarting asset purchases - central banks have taken at least 292 steps to ease monetary policy, including the 168 rate cuts.
     Twenty-five central banks are now involved in some form of asset purchases, whether this involves government or private securities. 
     Reserve requirements on domestic deposits have also been cut 33 times, in some cases multiple times by the same central banks (such as China), and 12 central banks have cut or scrapped countercyclical capital buffers or capital adequacy ratios.

      The global monetary policy rate (GMPR), the average interest rate by 99 central banks worldwide, has plunged 127 basis points this year to 4.42 percent from 5.69 percent at the end of 2019, 6.42 percent at end-2018 and 5.99 percent at end-2017. 

      The drop in the average rate is somewhat skewed by Argentina's aggressive easing since the new government, and central bank governor, took over in December last year. Argentina's central bank has cut the rate on its benchmark Leliq notes, by 17 percentage points this year and by 25 percentage points since Dec. 19, 2019.
     So far this year 97.7 percent of all changes by central banks to their monetary policy stance have resulted in easier monetary conditions, up from last week's 97.5 percent, and another high for the year, showing that monetary easing is continuing at a rapid pace.
     
     The damaging effect on the global economy from the virus began to slowly emerge and then accelerate after Jan. 23, when China's government imposed the "Wuhan Lockdown" on the industrial hub and city of 11 million people to contain the spread.
      Illustrating just how interwoven the global economy has become, Sri Lanka's central bank was the first central bank to refer to the coronavirus when it lowered its rate on Jan. 29, days before China's central bank on Feb. 3 began to pump in liquidity to the banking system at lower interest rates.
     Thailand's central bank then followed suit by cutting its rate on Feb. 5 and since then rate cuts have come at a fast and furious pace, spanning the globe from Mongolia to Mauritius.
 
      2020 MONTH BY MONTH

      MAY
      In May the following 19 central banks have cut rates: Malaysia, Brazil, Sri Lanka, Norway, Czech Republic, Tanzania, North Macedonia, Belarus, Vietnam, Mexico, Pakistan, Thailand, Iceland, Zambia, Turkey, South Africa, Lesotho, India and South Korea.
      Key rates were cut by a cumulative 1,115 basis points.

      APRIL
      The following 32 central banks cut rates 32 times in April: Sri Lanka, Kazakhstan, Eastern Caribbean, Uganda, Israel, Poland, Serbia, Mongolia, South Africa, Lesotho, Uzbekistan, Namibia, Philippines, Pakistan, Peru, Mauritius, Mozambique, China, Mexico, Turkey, Paraguay, Ukraine, Russia, Tajikistan, Myanmar, Armenia, Georgia, Kenya, Zimbabwe, Rwanda, Botswana and Colombia.
       Key rates were cut by a cumulative and net 2,985 basis points.

      MARCH
      In March the following 65 central banks cut rates 89 times: Australia (twice), Malaysia, USA (twice), Saudi Arabia (twice), Bahrain (twice), UAE (twice), Qatar (twice), Kuwait (twice), Jordan (twice), Hong Kong (twice), Macau (twice), Moldova (twice), Canada (three times), Paraguay (twice), North Macedonia, Argentina, Mauritius, United Kingdom (twice), Iceland (twice), Serbia, Mongolia, Ukraine, Norway (twice), New Zealand, South Korea, Sri Lanka, Czech Republic (twice), Egypt, Chile (twice), Costa Rica, Armenia, Turkey, Pakistan (twice), Vietnam, Tunisia, Morocco, Poland, Fiji, Trinidad & Tobago, Ghana, Sierra Leone, Brazil, Dominican Republic, Honduras, Peru, Myanmar (twice),Taiwan, Philippines, Indonesia, South Africa, Honduras, Thailand, Namibia, Romania, Mexico, Eswatini, Seychelles, Lesotho, Kenya, Bangladesh, Democratic Republic of Congo, Albania, Zimbabwe, Cape Verde, India, Colombia, Barbados and Vanuatu.
      Kazakhstan and Denmark stand out as the only central banks to have raised rates in March.
      Key rates were lowered by a cumulative 7,143 basis points and by a net 6,853 points, excluding the cuts by Zimbabwe and Vanuatu.
 
      FEBRUARY
      Fourteen central banks cut rates 15 times in February: Iceland, Thailand, Brazil, Honduras, Philippines, Russia, Belarus, Mexico, Argentina (twice), Namibia, Turkey, China, Indonesia and The Gambia.
       Key interest rates were lowered by a cumulative 1,160 basis points.
      Two central banks, the Czech National Bank and the National Bank of the Kyrgyz Republic, raised their rates for a net cut in rates of 1,060 basis points.

      JANUARY
      Eleven central banks cut rates 13 times in January: Argentina (3 times), North Macedonia, Turkey, South Africa, Malaysia, Kenya, Lesotho, Sri Lanka, Ukraine, Costa Rica and Azerbaijan. Key rates were lowered by a cumulative 1,175 basis points while Tajikistan raised its rate for a net cut in rates of 1,225 points.

      DECISIONS IN 2020 BY MARKETS
      Central banks worldwide have taken 291 policy decisions so far this year, with policy rates cut 168 times and only raised five times.

      Central banks in developed markets have decided on monetary policy 41 times this year, with nine banks cutting their rates 16 times: Australia (twice), the United States (twice), Hong Kong (twice), Canada (three times), the UK (twice), Norway (three), New Zealand and Israel.
      Denmark raised its rate but this is the context of a policy framework in which the Nationalbank pegs the krone to the euro. The rate hike should support the krone which has come under downward pressure as capital flows to more liquid currencies.

     Emerging market central banks have decided on monetary policy 85 times, with 22 banks cutting rates 57 times: Turkey (five times), South Africa (four times), Peru (two times), Malaysia (three times), Thailand (three times), Brazil (three times), Philippines (three times), Russia (twice), Mexico (four times), China (twice), Indonesia (twice), the UAE (twice), Qatar (twice), South Korea (twice), Chile (twice), Czech Republic (three), Egypt, Pakistan (four times), Poland (twice), Taiwan, India (twice) and Colombia (twice) cutting policy rates.
      After raising its rate in February, the Czech Republic reversed course in March and cut its rate.

     Central banks in frontier markets have decided on monetary policy 53 times, with 16 banks cutting rates 33 times: Sri Lanka (four times), Kenya (three times), Ukraine (three), Bahrain (twice), Kuwait (twice), Jordan (twice), Mauritius (twice), Serbia (twice), Morocco, Tunisia, Vietnam (twice), Ghana, Romania, Bangladesh and Kazakhstan. Argentina has cut six times.
     Kazakhstan has raised its rate once while Nigeria raised its reserve requirement.

     Central banks in other markets have decided on monetary policy 100 times, with 38 banks cutting rates 62 times: North Macedonia (three times), Lesotho (four times), Azerbaijan, Honduras (twice), Iceland (four times), Belarus (twice), Costa Rica (twice), Namibia (three times), The Gambia, Saudi Arabia (twice), Macao (twice), Moldova (twice), Mongolia (twice), Trinidad & Tobago, Dominican Republic, Paraguay (four), Armenia (twice), Sierra Leone, Fiji, Eswatini, Seychelles, Democratic Republic of Congo, Albania, Myanmar (three) Zimbabwe (twice), Cape Verde, Barbados, Vanuatu, Eastern Caribbean, Uganda, Uzbekistan, Mozambique, Tajikistan, Georgia, Rwanda, Botswana, Tanzania and Zambia.
     Kyrgyzstan and Tajikistan have raised their rates while Curacao has raised its reserve requirement to curb liquidity.

      2019
      Until now, last year had been characterized by the most synchronized monetary easing since the global financial crises in 2008-2009 as 67 different central banks worldwide eased their monetary policy stance, adding an estimated 0.5 percentage points to global growth, according to the International Monetary Fund (IMF).
       There were 182 policy decisions that resulted in looser monetary conditions, including 159 cuts to key interest rates.
      In contrast, 17 central banks tightened their monetary policy stance in 2019, with 31 policy decisions resulting in tighter conditions, including 24 rate hikes.

     EARLIER YEARS
     2019: 17 central banks tightened monetary policy and 67 eased, global net easing by 50 banks
     2018: 43 central banks tightened monetary policy and 32 eased, global net tightening by 11 banks
     2017: 28 central banks tightened monetary policy and 34 eased, global net easing by 6 banks
     2016: 29 central banks tightened monetary policy and 46 eased, global net easing by 17 banks
     2015: 48 central banks tightened monetary policy and 34 eased, global net tightening by 14 banks

    Central Bank News, which tracks the policy rates of 97 central banks, publishes the following Global Monetary Policy Changes (GMPC), a country-by-country overview of changes to monetary policy. 
    GMPC aims to capture changes to a wide range of monetary policy instruments, such as reserve requirements, bond purchases or exchange rates, in addition to changes to key interest rates.
    GMPC complements Central Bank News’ other products, such as the Global Interest Rate Monitor (GIRM), which tracks official policy rates, and Global Monetary Policy Highlights (GMPH), which summarizes rate changes each month.
     Following is an alphabetical list of countries that changed their monetary policy in 2019. The list is updated and can be accessed on the Central Bank News website under the heading of "Easier or Tighter" as soon as central banks announce changes to their monetary policy.



2020 GMPC



ALBANIA 
Mar 25: key interest rate cut 50 bps to 0.50% to lower cost of new borrowing and the cost of servicing
existing debt, and to ease the flow of liquidity to businesses and households, complementing earlier
measures to mitigate the impact of the coronavirus on the country's ecconomic and financial health.

ARGENTINA 
Jan 9: minimum interest rate on Leliq notes cut 300 bps to 52.0% due to progress made in reaching
 a national agreement on prices 

Jan 16: minimum interest rate on Leliq notes cut 200 bps to 50.0% as continued gradual decline is
appropriate in light of progress in reaching a national agreement on prices, the imminent extension of
Leliq terms and the macroeconomic situation. BCRA assesses monetary aggregates are at historical lows
as percentage of GDP and high interest rates have been ineffective in generating sustainable deflation
with inflation in 2019 reaching 53.8 percent, highest since 1991.

Jan 30: minimum interest rate on Leliq notes cut 200 bps to 48.0% in light of the recessionary
conditions of the county, and with a view to defining an interest rate path that is compatible with
economic recovery. The policy interest rate is considered appropriate level considering a decleration of
 inflation that is becoming evident.

Feb 13: minimum interest rate on Leliq notes cut 400 bps to 44% to consolidate inflationary slowdown.
 Effective interest rate is annual 54 percent

Feb 19: minimum interest rate on Leliq notes cut 400 bps to 40.0% based on the slowdown in inflation
and the prospects of this trend continuing. Central bank board considers excessively high interest rates
may delay the recovery of economic activity

Mar 5: minimum interest rate on Leliq notes cut 200 bps to 38.0% based on signs of a consolidation
of the disinflationary process and to help the economy recover 



ARMENIA
Mar 17: refinancing rate cut 25 bps to 5.25% as economic growth will slow in the short run and inflation
will remain relatively low in coming months.

Apr 28: refinancing rate cut 25 bps to 5.0% to boost monetary stimulus as coronavirus will have negative
 impact on economy.


AUSTRALIA 
Mar 3: cash rate cut 25 bps to 0.50% to support the economy as it responds to the global coronavirus
outbreak. Growth in the first quarter is likely to be noticably weaker than expected.

Mar 19: cash rate cut 25 bps to 0.25%, target for yield on 3-year government bonds of around 0.25%
by purchases in secondary market, 3-year, minimum A$90 billion term funding facility at fixed 0.25%
for banks with particular support for SMEs, banks' exchange settlement balances at Reserve Bank
renumerated at 10 bps rather than 0% as would have been the case under previour arrangements,
mitigating cost to banking system associated with large increase in settlement balances. 


AZERBAIJAN
Jan 31: discount rate cut 25 bps to 7.25% as inflation, which slowed in December, is forecast to remain
within the target range in 2020



BAHRAIN
Mar 3: key policy rate, the one-week deposit rate, cut to 1.75% from 2.25%
Mar 16: benchmark one-week deposit rate cut 75 bps to 1.0%, overnight deposit rate cut 75 bps to
0.75%, one-month deposit rate cut 75 bps to 1.45%, CBB lending rate cut 75 bps to 1.70%



BANGLADESH
Mar 23: repo rate cut 25 bps to 5.75% and cash reserve requirement cut 50 bps to 5.0%


BARBADOS
Mar 30: rate on overnight lending to banks and deposit-taking non-banks licensed cut to 2.0%
from 7.0%, securities ratio for banks cut to 5.0% from 17.5%, 1.5% securities ratio for non-bank deposit
 taking licenses eliminated, collateralised loans for up to 6 months can be offered if necessary to make it
easer for financial institutions to assist clients during the pandemic. Moratorium on loan payments for
 firms and indviduals directly impacted by pandemic for up to 6 months.


BELARUS
Feb 12: refinancing rate cut 25 bps to 8.75% to maintain neutral monetary policy stance and keep inflation
 near target in 2020


May 13: refinancing rate cut 75 bps to 8.0%.


BOTSWANA
Apr 30: base rate cut 50 bps to 4.25%, primary reserve requirements (PRR) for commercial banks cut in
half to 2.50%, and prudential capital adequacy ratio cut to 12.50% from 15.0% to provide supportive
conditions for economic activity.


BRAZIL
Feb 5: Selic rate cut 25 bps to 4.25% but caution still recommended in monetary policy stance and it is
now appropriate to interrupt the monetary easing process in light of the lagged effects of the rate cuts
since July 2019

Mar 18: Selic rate cut 50 bps to 3.75% as economic conditions still require a stimulative monetary policy,
with the decision reflecting a higher-than-usual variance in the balance of risks but a convergence of
inflation to its target over the relevant horizon in 2020 and mainly 2021.
 

May 6: Selic rate cut 75 bps to 3.0% as recent data show the economic contraction will be significantly
deeper than previously forecast and underlying inflation is below the level compatible with the inflation
 target. But uncertainty is elevated, with the remaining scope for monetary policy unknown and possibly
small.  For the next meeting, conditional on data, a monetary adjustment may be not larger than this one
to complete the changes to the policy rate that is adequate to counteract the consequences of the
COVID-19 pandemic.


CANADA
Mar 4: benchmark target for overnight rate cut 50 bps to 1.24% as economic growth in the first quarter
will be weaker than expected and it is ready to adjust monetary policy further if required to support
economic growth and keep inflation on target

Mar 13: benchmark target for overnight rate cut 50 bps to 0.75% as a proactive measure in light of the
 negative shocks to Canada's economy from Covid-19 and the recent sharp drop in oil prices.

Mar 27: benchmark target for overnight rate cut 50 bps to 0.25%, the effective lower bound, and program
 to purchase commercial paper launched to ease strains in the short-term funding market, and to begin
buying government securities in the secondary market, beginning with a minimum of $5 billion a week,
 across yield curve. Program to be adjusted as conditions warrant and to continue until economic
 recovery is well under way.

Apr 15: BOC ready to adjust scale and duration of prograAms aimed at bridging current period of
containment if necessary, as global economic recovery could be protracted and uneven. BOC to
continue buying at least $5 billion in government securities per week in secondary market, temporarily
increasing amount of Treasury bills it buys at auctions up to 40%, developing a new Provincial Bond
Purchase Program of up to $50 bilion to supplement provincial money market purchase program,
Corporate Bond Purchase Program announced, with up to $10 billion in investment grade corporate
bonds to be bought in secondary market and term repo facility enhanced to permit funding up to
4 months.


CAPE VERDE
Mar 26: Package of monetary stimulus and easing measures to mitigate impact of Covid-19, including
cutting rediscount rate, which is used to resolve serious liquidity difficulties, by 450 bps to 1.0%,
cutting the steering rate by 125 bps to 0.25%, cutting the standing liquidity facility rate by 250 bps to
 0.5%, cutting the standing liquidity absorbtion facility 5 bps to 0.05% to discourage investment in
overnight facility and instead channel liquidity into the economy. To encourage banks to channel
liquidity into the economy, the minimum cash available ratio cut 300 bps to 10.0%. A new
 long-term liquidity instrument called Long Term Monetary Operation created to finance banks for
up to 3 years and a line of credit provided at an interest rate of 0.75% of up to 45 milllion escudos.
 


CHILE 
Mar 16: monetary policy rate cut 75 bps to 1.0% to ease negative impact on economy from global
spread of coronavirus, set of measures launched to ensure normal functioning of credit markets, including
 a 6-month, conditional funding facility with 4-loans at the policy rate, a banking bond purchase program
to up to US$4 billion, an extension of foreign currency sales until Jan. 9, 2021, and the inclusion of
corporate bonds as collateral for all liquidity operations.

Mar 31: monetary policy rate cut 50 bps to 0.50%, a "technical minimum" after economic entered process
of severe contraction in second half of March that will extend throughout the second quarter. Bank bond
purchase program extended, raising outstanding balance to $5.5 billion.

CHINA
Jan 2: reserve requirement for large financial institutions cut 50 bps as of Jan.6 to 12.50%, freeing up
800 billion yuan in funds to support the real economy. PBOC says cut would lower banks' cost of funds
 by around 15 billion yuan annually.
 

Feb 3: To offset maturing reverse repos, a maturing of financial market products, and to maintain
adequate liquidity in the banking system "during the period of epidemic prevention and control," PBOC
injects 1.2 trillion yuan through reverse repo operations. The rate on the 7-day reverse repurchase facility,
 worth 900 billion yuan, is cut 10 bps to 2.40%, the first cut since Nov. 18, 2019, and the rate on 14-day
operations worth 300 billion, is cut to 10 bps to 2.55%, the first cut since Dec. 18, 2019. Liquidiy in
banking system now 900 billion yuan more than at same period of last year.
 

Feb 4: PBOC injects 380 billion yuan via 7-day reverse repos at 2.4%, same as on Feb. 3, and 120 billion
yuan via 14-day repos at 2.55%, same as on Feb. 3 to ensure adequate liquidity in banking system during
 period of epidemic prevention and control.

Feb 7: PBOC deploys special 300 billion central bank lending program to support the epidemic prevention
 and control by providing low-cost funds to key enterprises engaged in the production, transport and sales of
 crucial medial supplies for epidemic prevention and control and daily necessities. Financial institutions
should grant loans with interest rates no higher than the latest 1-year loan prime rate minus 100 bps and
PBOC encourages instutions to offer loans at rates lower than the ceiling. Central government will subsidize
 50% of firms' interest payments to ensure actual financing cost is below 1.6%
Feb 10: PBOC injects 700 billion yuan via 7-day reverse repos at 2.40%, same as on Feb. 4, and 200 billion
 yuan via 14-day reverse repos at 2.55%, same as on Feb. 4 "to maintain reasonable and adequate
liquidity in the banking system." The injection offsets 900 billion of reverse repos that matured on
Feb. 10, resulting in zero liquidity injection into market, according to Xinhua
Feb 11: PBOC injects 100 billion yuan via 7-day reverse repos at unchanged 2.40% to "offset the impact of
 maturing reverse repos, and to maintain reasonable and adequate liquifity in the banking system."
380 billion yuan of reverse repos matured, resulting in net withdrawal of 280 billlion from market,
according to Xinhua

Feb 17: PBOC offers 200 billion yuan in 1-year medium-term lending (MLF) facility at 3.15%, down 10 bps
 from Nov. 5, 2019, the second cut in the rate since early 2016, to counter the expiry of earlier reverse
repos and maintain reasonable and sufficient liquidity in the banking system. Under the new monetary
framework from August 2019, the loan prime rate (LPR), is expressed as a spread to MLF . PBOC also
offers 100 billion in a 7-day reverse repo at an unchanged 2.40%
.

Feb 20: PBOC cuts 1-year loan prime rate (LPR) 10 bps to 4.05% and 5-year LPR to 4.75%
Mar 13: PBOC releases a total of 550 billion yuan in long-term funds by cutting the reserve requirements
 of some banks. Of the total, 400 billion yuan will be released to banks that meet the criteria of inclusive
finance, which means services to micro-businesses, farmers, those on low incomes, disabled and senior
citizens. Their reserve requirement will be cut by 0.5 to 1.0 percentage point. The other 150 billion yuan
 will be released by cutting the reserve requirement for qualified joint-stock companies by a further
1 percentage point to support the issuance of loans to the inclusive financial sector.

Mar 30: PBOC injects 50 billion yuan in 7-day repo operation at 2.20%, down from 2.40% at previous
repo.

Apr 3: required reserve ratio for rural credit cooperatives and rural commercial banks cut 100 bps in 2
stages, first on April 15 and then on May 15, with 50 bps each time. This releases 400 billion yuan.
 Interest rate on excess reserves (IOER) fo financial institutions cut to 0.35% from 0.72% from April 7.
Apr 15: PBOC offers 100 billion yuan in medium-term lending at 2.95%, down 20 bps from 3.15% on
Feb. 17.

Apr 20: 1-year loan prime rate (LPR) cut 20 bps to 3.85% and 5-year LPR cut 10 bps to 4.65%.

May 25: required reserve ratio for large financial institutions cut 150 bps to 11.0%

COLOMBIA
Mar 27: benchmark interest rate cut 50 bps to 3.75% a new measure to boost liquidity in both pesos and
U.S. dollars by auctioning up to $1 billlion in U.S. dollars and carrying out currency swaps of up to
 $400 million. These measure come after the central bank on March 23 injected around $10 billion in
permanent liquidity into the financial system by purchasing private securities issued by credit
 institutions and through the purchase of up to $2 billion of treasury bonds during March.

April 15: Some 9 billion pesos of permanent liquidity injected into economy by cutting reserve
requirement on checking and savings accounts by 300 bps to 8.0% and requirement on fixed term
savings of less than 18 months cut 100 bps to 3.5%. CBC also authorized to purchase up to 2 trilion
pesos of TES government bonds for the rest of April and to intervene in the forward market to cover
against the risk of any "strong" impairment of TES market participants.

Apr 30: benchmark interest rate cut 50 bps to 3.25% to continue countercyclical drive of monetary
policy while currency hedging by new sales of U.S. dollars through forward operations raised to $US1
billion.

CONGO, THE DEMOCRATIC REPUBLIC OF 
Mar 24: policy rate cut 150 bps to 7.50% to lower the cost of credit, the compulsory reserve on sight
deposits in national currency cut to 0.0% to free up liquidity,  special refinancing window established
 with maturities from 3 to 24 months on flexible terms. Measures taken to mitigate the impact of the
 health crises on economic activity and guarantee the continuity of financial services 


COSTA RICA
Jan 30: monetary policy rate cut 50 bps to 2.25% as there is space and justification to continue with the
cycle of monetary policy easing as inflation is projected to be below the midpoint target of 3.0 percent
on average in 2020-2021

Mar 16: monetary policy rate cut 100 bps to 1.25% to mitigate the economic impact from the coronavirus 


CURACAO & ST. MAARTEN
Feb 4: reserve requirement ratio raised 100 bps to 19.0% due to continuing excess liquidity in the banking
 system and the declining trend in official reserves


CZECH REPUBLIC 
Feb 6: 2-week repo rate raised 25 bps to 2.25% as inflation is seen increasing appreciably above the upper
 boundary of the tolerance band in the months ahead

Mar 16: 2-week repo rate cut 50 bps to 1.75% and national bank is ready to cut rates further. Decision from
May 2019 to raise countercyclical capital buffer to 2.0% as of July 1 is revised so banks will maintain
current rate of 1.75%.

Mar 26: 2-week repo rate cut 75 bps to 1.0%, countercyclical capital buffer cut 75bps to 1.0% and CNB
ready to release buffer if losses in banking sector rise unexpectedly. CNB also ready to lower interest
rates further and ready to adopt other measures to address any liquidity problems. Ready to react to any
excessive exchange rate fluctuations and any measures may be adopted at any time needed
.
May 7: 2-week repo rate cut 75 bps to 0.25% as economic outlook has deteriorated substantially, requiring
even greater easing of monetary conditions.


DENMARK
Mar 19: interest rate on certificates of deposit raised 15 bps to -0.60%, narrowing the spread to the euro area
 to -0.10 percentage points from -0.25 percentage points, remaining lower that the rate in the euro area.
This follows sale of foreign exchange in the market in the context of Denmark's fixed exchange rate
policy.



DOMINICAN REPUBLIC 
Mar 18: monetary policy rate cut 100 bps to 3.50%, cutting the rate on 1-day repos to 4.50% from 6.0% and
rate on overnight deposits to 2.50% from 3.0%, providing liquidity of more than RD$52 billion to f
inancial firms , relaxing requirements for reserve requirements, providing liquidity through the repo
windows for up to 90 days, 30 days and between 31 and 90 days,  adding liquidity in foreign currency
through repos and a temporary relaxation of legal reserve requirements
.

Mar 26: Liquidity for financial institutions raised to 50 billion pesos from 30 billion reserve through repos
for up to 90 days,  legal reserve ratio in national currency cut 50 bps for savings and credit banks,
representing a release of resources up to 136.4 million pesos, with the ratio now the same as for savings
and loans. Liquidity facilities in foreign currency for financial institutions increased by US$100 million to
US$400 million through repos, in addition to US$22.4 million released from legal reserves.



EASTERN CARIBBEAN
Apr 3: discount rate cut 450 bps to 2.0% in temporary move to provide low cost, short-term credit due to
 the far-reaching health, economic, fiscal and financial implications of COVID-19.


EGYPT
Mar 16: benchmark overnight deposit rate cut 300 bps to 9.25% to support economic activity given the
challenging external environment



ESWATINI
Mar 20: discount rate cut 100 bps to 5.50% to support economic, and reserve requirement cut 100 bps to
5.0%, liquidity requirement for commercial banks cut to 20% from 25% and to 18% from 22% to improve
liquidity in the financial sector. 


EUROPEAN CENTRAL BANK
Mar 12: Targeted Longer-Term Refinancing Operations (TLTLO-III) launched to support bank lending to
those most affected by the spread of the coronavirus. Program to begin in June and run until June 2021.
Asset purchase program raised to 120 billion euros in "temporary envelope" until the end of the year.

Mar 18: A 750 billion euro Pandemic Emergency Purchase Programme (PEPP) created, with purchases
until the end of 2020 to include all asset classes eligible under existing asset purchase program (APP).
Range of eligible assets under corporate sector purchase program expanded to non-financial commercial
 paper, and collateral standards eased.

Mar 25: Under PEPP self-imposed limit of buying maximum 33% of any euro zone country's debt will
 no longer apply and debt with maturity as short as 70 days, in comparison with 1-year in earlier
 purchases, will be allowed.

Apr 30: interest rate on TLTRO III cut to 50 bps below refinancing rate during June 2020 to June 2021,
and non-targeted pandemic emergency longer-term refinancing operation (PELTRO) launched with 7
refinancing operations from May that mature in staggered sequence between July and September 2021,
with full allotment and interest rate 25 bps below refinancing rate.


FIJI
Mar 18: OPR cut 25 bps to 0.25% to provide stimulus to the economy in light of the negative impact of
COVID-19 on travel and trade, and deteriorating consumer and business confidence 

Apr 28: Central bank offers "financial lifeline" to businesses, offers 3 facilities targeted to small and
medium enterprises: SME Credit Guarantee Scheme, Import Substitution and Export Finance Facility,
and Disaster, Rehabilitatin and Containment Facility.


GAMBIA 
Feb 28: policy rate cut 50 bps to 12.0% as inflation is expected to trend lower, premised on a continued
stable exchange rate and well anchored inflation expectations, despite risks from the domestic food
supply in light of a poor harvest, the outbreak of the coronavirus on food supply chains and the
uncertainty surrounding global food prices.



GEORGIA 
Apr 29: refinancing rate cut 50 bps to 8.50% as gradual exit from tight monetary policy begun as there is
no need to maintain tightened policy due to expected reduction in demand. Monetary policy remains
tight but NBG will exit tight monetary policy stance gradually, with further steps depending on how
quickly inflation expectations recede.


GHANA
Mar 18: monetary policy rate cut 150 bps to 14.5% and primary reserve requirement cut 200 bps to 8.0%,
capital conservation buffer cut 150 bps to 1.5%, effectively reducing capital adequacy requirement to
11.5% wile loan provisioning in the OLEM category lowered to 5% from 10% as a policy response to
loans that may experience difficulty in repayments due to a slowdown in economic activity, and loan
 repayments that are past due for mircofinance institutions for up to 30 days shall be considered current,
and agreement wtih banks and mobile network operators on more eficient payments for the next
3 months. The negative impact of COVID-19 on exports, imports, taxes and foreign exchange receipts
will culmuninate in slower economic activity, with GDP forecast to slow to 5% and in worst case
scenario could be halved to about 2.5% in 2020.

May 15: primary reserve ratio for savings and loan companies, and rural and community banks, lowered
200 bps to 6.0%, and reserve ratio for micro finance companies lowered 200 bps to 8.0%. BOG
purchases governmen'ts  COVID-19, 10-year relief bond with face value of 5.5 billion cedi, and is
ready to continue with asset purchases of up to 10 billion.
 


HONDURAS
Feb 5: monetary policy rate cut 25 bps to 5.25% amid an absence of inflationary pressures from demand
and lower risks of future international inflation while economic growth continues to show moderate
growth
 

Mar 19: monetary policy rate cut 75 bps to 4.50% make financial conditions more flexible and ensure
liquidity to meet the demands of the population at this point of high demand, and to assure there is
access to credit to the economic sectors to help mitigate the impact of Covid-19.

Apr 7: Additional policy measures to add 11.5 billion lempira in liquidity by reducing the requirement
 for mandatory investments in national currency to 0.0% along with early redemption of 2-year BCH
bonds that form part of the caluclaiton of mandatory investments, suspend during Q2 structural securities
 auction, and margin applied to interest rate on permanent facilities of credit (FPC) cut to 0.50
percentage points over TPM from 1.0%, bringing cut since start of February to 125 bps to 5.0%, and
lower rate on direct reports from FPC to 50 bps from 75 bps, with cumulative reduction of repurchase
rate by 150 bps to 5.50% since early February.
 


HONG KONG
Mar 4: base rate adjusted downward by 50 bps to 1.50% according to pre-set formula following Federal
 Reserve's 50 point cut in the federal funds rate. Fed actions shows it will use monetary policy to
mitigate possible economic risks posed by the coronavirus but further developments of the virus are
still very uncertain and financial markets will continue to see considerable volatiliy. Investors should
manage their risks prudently.

Mar 16: base rate adjusted downward 64 bps to 0.86% according to pre-set formula, countercyclical capital
 buffer cut 100 bps to 1.0%



HUNGARY
Mar 24: domestic credit institutions released from reserve requirements until further notice with immediate
effect, facilitating liquidity management for the banking system and releasing over 250 billion forint
 that banks can use to fund for lending in the interbank market, helping the distribution of liquidity, or
 to fund the required amount of liquidity.

Apr 7: program to purchase government securities in secondary market to restore liquidity, with size to be
announced later, along with mortgage bond purchase program. Funding for Growth Scheme re-launched,
with 1 trillion forints added so total of 1.5 trillion available. Corporate bond purchase program, Bond
Funding for Growth Scheme, remains in place, with 200 billion still available.
 
Apr 28: purchases of government securities and mortgage bonds in secondary markets to begin May 4 and
continue as long as economic and financial developments from coronavirus pandemic corroborate it.
MNB to do technical revision of purchases when stock increases reach 1 trillion forint in government
securities and 300 billion in mortgage bonds.


ICELAND
Feb 5: 7-day deposit rate cut 25 bps to 2.75% the outlook for 2020 and 2021 has deteriorated as exports
are set to contract in 2020 due to slower recovery of tourism, production difficulties in the aluminium
industry and second consecutive failure of capelin catch. Higher corporate credit spreads are also leading
 to lower-than-expected investments

Mar 11: 7-day deposit rate cut 50 bps to 2.25% at unscheduled meeting in view of the worsening economic
outlook following the spread of the Covid-19 virus

Mar 18: 7-day deposit rate cut 50 bps to 1.75% at unscheduled meeting and countercyclical buffer cut 200
bps to 0% as economic outlook has deteriorated sharply, at least in the short term

Mar 23: to begin purchases of Treasury bonds in the secondary market to help ease financial conditions as
 the expected issuance of new bonds to finance increased spending in response to the repercussions from
 the coronavirus will reduce liquidity and push up yields.

Apr 22: CBI to buy up to a total of 150 billion krona of Treasury bonds in secondary markets beginning in
 May, with amount to be bought announced each quarter in advance. Total amount to be purchased in
second quarter may range up to 20 billion krona, with purchases focused on benchmark Icelandic krona
 bonds maturing in 2021, 2022, 2025 and 2031
.
May 20: 7-day deposit rate cut 75 bps to 1.0% as 2020 gdp seen shrinking 8%, with tourist visits to fall 80%.


INDIA
Mar 27: policy rate cut 75 bps to 4.40%, fixed rate reverse repo rate, which sets floor of liquidity adjustment
corridor (LAF), cut 90 bps to 4.0% to make it unattractive for banks to deposit funds with RBI and
instead use for lending, targeted long term repo operations of up to 3 years for total amount of 1 trillion
rupees at floating rate linked to repo rate, cash reserve ratio cut 100 bps to 3.0% for 1 year, releasing
1.37 trillion rupees, reducing minimum daily CRR balance maintenance requirement 10 bps to 80%
until June 26, raising accommodation under marginal standing facility to 3% from 2%, all commercial
banks permitted to allow 3 month moratorium on payments of installments on outstanding loans as of
March 1, deferment of  implementation of net stable funding ratio (NSFR) that was planned for April 1
until Oct. 1 and deferment of implementation of last tranche of 0.625% capital conservation buffer from
March 31 to Sept. 30. Since last MPC meeting in Feb. RBI has injected 2.8 trillion rupees, or 1.4% of
GDP, including today's measures liquidity injection amounts to around 3.2% of GDP.

Apr 1: Activation of countercyclical capital buffer (CCCB) delayed for one year or less, as may be
necessary. In February RBI unveiled its plans for CCCB, which would range from 0.0% to 2.5% of risk
weighted assets, and be maintained in the form of CET1 capital or other fully loss absorbing capital.
The main trigger for CCCB is the credit-to-GDP gap.

Apr 17: reverse repo cut 25 bps to 3.75% to encourage banks to deploy a surplus of liquidity to
businesses, TLTRO 2.0 launched with 500 billion rupees, liquidity coverage ratio cut to 80% from
100% and then raised back to 90% by Oct. 1 and 100% April 1, 2021, 500 billion rupees made
available through special financing facility to rural banks, national housing banks and small industries
development bank. Inflation likely to fall further to well below target in second half of 2020-21,
providing policy space to address risks to growth.

May 22: policy rate cut 40 bps to 4.0% and accommodative stance to continue as long as necessary to
revive growth and mitigate impact of COVID-19. High frequency data reveals damage to economy
from virus and shows impact of pandemic is more severe than initially anticipated, with various sectors
of economy experiencing acute stress.


INDONESIA 
Feb 20: BI 7-day reverse repo rate cut 25 bps to 4.75% to maintain domestic economic growth mometum
 in the face of a global economic recovery potentially restrained by the outbreak of the Covid-19 virus.
Mar 2: reserve requirement for foreign exchange cut 400 bps to 4.0% as of March 16, boosting liquidity
 in the banking system by around US$3.2 billion, and reserve requirement for banks financing exports
and imports cut 50 bps for 9 months as of April 1 to maintain monetary and financial market stability,
and mitigate risks from COVID-19

Mar 19: BI 7- reverse repo rate cut 25 bps to 4.50% as policy rate remains accommodative and consistent
 with inflation in target corridor while serving as pre-emptive measure to maintain economic growth
momentum. Other measures include strengthening the triple intervention policy to maintain rupiah
stability, extending the SNB repo tenor to 12 months and providing daily auctions to loosen liquidity in
 baning industry, increasing frequency of FX swaps and encouraging banks to use lowered FX reserve
requirements for domestic purposes.

Apr 14: Intensity of triple intervention strengthened, banks and corporates provided with 1-year term
repos, reserve requirement for conventional banks cut 200 bps and by 50 bps for Islamic banks,
additional demand deposit obligations relaxed. Macroprudential liquidity buffer raised by 200 bps for
conventional banks and by 50 bps to Islamic banks, with banks required to meet this additional buffer
through the purchase of government bonds in the primary market. Uptake of non-cash payments
encouraged by relaxing some of the rules for credit card payments.

Apr 22: BI makes first direct purchases of government bond auction on April 21 and April 22.


ISRAEL 
Mar 15: to operate the additional monetary policy tools of open market operations and the purchase of
government bonds in the secondary market of "various types and maturities in the necessary quantities
need to ensure the smooth functioning of the government bond market." 
Mar 23: launches 50 billion shekel government bond purchase program in secondary market, as a
complementary tool to the short-term interest rate policy, to ease credit conditions  and influence bond
yields to lower cost of longer-term credit for firms and households. To continue giving financial firms
access to repo transactions with government bonds as collateral and continue swap tenders in the
shekel-dollar market
.
Apr 6: key interest rate cut 15 bps to 0.10%, new monetary tool with size of 5 billion shekels to provide
 loans to banks for 3 years at 0.1% launched, and repo operations expanded to include AA-rated or
higher rated corporate bonds as collateral. Economy seen contracting 5.3% in 2020.


JAMAICA 
Mar 26: temporary increase in limits on foreign currency net open positions, either long or short, by 5
percentage points to 25% of regulatory capital to allow dealers to provide more foreign currency to
clients, commencing bond buying programme of GOJ securities on secondary market and prepared to
redeem BOJ securities early, limit on amount banks can borrow overnight without penalty removed so
liquidity available at 2.5%, longer-term lending facility re-introduced where by liquidity  is available for
 up to 6 months.

May 15: domestic currency cash reserve requirement cut 200 bps to 5.0%, releasing some J$14 billion,
and foreign currency cash reserve requirement cut 200 bps to 13.0%, releasing some US$65 milliion.


JAPAN
Mar 16: monetary easing enhanced through new loan operation against corporate debt (about 8 trillion
 yen as of end-February) as collateral at an interest rate of 0% with maturity up to 1 year, increase the
upper limit of purchases of commercial paper and corporate bonds by 2 trilllion yen until the end of
September 2020, to an upper limit of outstanding amounts of 3.2 trillion yen and 4.2 trillion yen,
respectively, and purchase exchange traded funds (ETFs) and J-Reits so amounts outstanding will
increase at annual paces with the upper limit of 12 trillion yen and 180 billion yen, respectively
.

Apr 27: monetary easing enhanced by buying necessary amount of JGBs without upper limit so
10-year yields remain around zero% vs earlier aim of buying 80 trillion yen annually, raising target for
buying commercial paper and corporate bonds to 7.5 trillion for each asset from 1 triillion, with upper
limit on outstanding holdings raised to 20 trillion, raising amount of ETFs and J-REITs to 12 trillion
and 180 billion yen from 6 trillion and 90 billion yen. Coronavirus fund set up in March will now pay
 0.1% to outstanding balance of current accounts of those financial institutions that partcipate in fund
and range of collateral expanded to 23 trillion from 8 trillion yen.



JORDAN
Mar 4: benchmark one-week repo rate cut 50 bps to 3.50% to support economic growth 
Mar 15: Package of measures to contain negative repurcussions of Covid-19 on local economy,
including pumping additional liquidity of 550 million dinars by lowering the compulsory reserve ratio
on banks' deposits to 5.0% from 7.0%, the first cut since 2009, allowing banks to restructure individual
and corporate loans, especialy medium and small ones affected by the virus, lowering the interest rate
on economic development sector financing to 1.0% from 1.75% inside the capital and to 0.5% from
1.0% for other areas.
 

Mar 16: main rate cut 100 bps to 2.50%, same size cut on discount and overnight rates cut to 3.50%
and 3.25%, respectively while overnight deposit rate cut 75 bps to 2.0%




KAZAKHSTAN
Mar 10: base rate raised 275 bps to 12.0% in response to a weakening of the tenge following the spread
 of the coronavirus and the failure by OPEC to reach an agreement on reducing oil production.
Interventions in foreign exchange market carried out to stabilize market.

Apr 3: base rate cut 250 bps to 9.50% and spread between lending and borrowing rate cut 400 bps to
11.5%- 7.5% for withdrawl of liquidity. Rate hike in March against backdrop of lower oil prices  but
keeping rate at this level could limit economic activity. Bank ready to make adequate decisions in case
of a significant deterioration of global economy.


KENYA
Jan 27: CBK cut 25 bps to 8.25% as November cut is still being transmitted to economy so there is
room for further accommodation as inflation expectations remain anchored in target range, economy is
still operating below its potential and fiscal policy is being tightened
.

Mar 23: CBK cut 100 bps to 7.25% to minimize economic and financial impact of the spread of the
coronavirus, and cash reserve ratio cut 100 bps to 4.25% to release 35.3 billion shillings as additional
liquidity for banks to directly support borrowers under distress from COVID-19.

Apr 29: CBK cut 25 bps to 7.0% due to the continuing adverse economic outlook and ready to take
additional measures as necessary.


KUWAIT
Mar 4: discount rate cut 25 bps to 2.50% due to the uncertainty of global economic growth prospects,
and the negative impact of the coronavirus outbreak on global economic activity, international trade,
and decrease in demand and output
 

Mar 16: discount rate cut 100 bps to 1.5%, rate on repos and all other monetary instruments also cut
 by 100 bps to increase liquidity and ensure the attractiveness of the dinar as a reliable store for domestic
 savings

April 3: banks allowed to release capital conservation buffers, thus reducing capital requirements, and
credit risk weight lowered to 25 percent from 75 percent in calculating capital adequacy ratio to
empower banks to provide more financing. Loan-to-value ratio of value of property or development
raised.  


KYRGYZ REPUBLIC
Feb 24: discount rate raised 75 bps to 5.0% as higher food prices are continuing to exert upward pressure
on inflation in the medium term 


LESOTHO
Jan 28: CBL rate cut 25 bps to 6.25% as domestic growth remains subdued, with risks to the oulook
including exposure to international developments and domestic structural rigidities and policy
uncertainty. Down side risks to global economic outlook continue to be prominent, including
geopolitical and trade tensions

Mar 23: CBL rate cut 100 bps to 5.25% as domestic economic outlook expected to remain fragile and
growth lower than the forecast of 2.2% in 2020 and 4.1% in 2021, while fiscal position is expected to
remain under pressure as government responds to pandemic.

Apr 14: CBL rate cut 100 bps to 4.25%, NIR target maintained at US$660 million.
May 22: CBL rate cut 50 bps to 3.75%, floor of NIR target lowered to US$530 million from $660 
million, economy seen contracting 5.7 percent this year.


MACAO
Mar 4: base rate of the discount window lowered by 50 bps to 1.50% 
Mar 16: base rate of the discount window cut 64 bps to 0.86% in response to HKMA's rate cut
following the Federal Reserve's rate cut
 



MALAWI
Apr 3: Liquidity Reserve Requirement (LRR) on domestic deposits cut 125 bps to 3.75%, releasing
some 12 billion kwacha, Lombard Rate cut 50 bps to 20bps above policy rate to lower cost of funds.


MALAYSIA 
Jan 22: OPR cut 25 bps to 2.75% in "pre-emptive measure to secure growth trajectory and price stability."
Monetary policy stance now considered appropriate.

Mar 3: OPR cut 25 bps to 2.50% to support economic growth that will be weakened, particularly in the
 first quarter, by the COVID-19 outbreak, primarily in the manufacturing and tourism-related sectors.

Mar 19: Statutory Reserve Requirement (SRR) ratio cut 100 bps to 2.0% and dealers able to recognize
MGS and MGII of up to RM1 billion as part of SRR compliance. Combined measures release around
RM30 billion of liquidity into banking system.

May 5: OPR cut 50 bps to 2.0% as economic conditions will be challenging in the first half of the year
but growth prospects should improve in 2021 due to fiscal and monetary stimulus. Malaysian
government securities and issues can be used by banks until May 31, 2021 to comply with SRR,
releasing some 16 billion renminbi into banking system. Average inflation this year likely negative.
 


MAURITIUS 
Mar 10: key repo rate cut 50 bps to 2.85%, with an accommodative monetary policy seen as appropriate
to support economic activity because COVID-19 outbreak is expected to have significant impact on
 domestic economy

Mar 13: Support program with 5 key measures to further support businesses across all economic sectors,
including a special relief amount of 5.0 bilion RS to meet cash flow and working capital requirements of
businesses directly impacted by Covid-19, with interest at fixed rate of 2.50%, a moratorium of 6 months
 on capital and interest repayments, cash reserve ratio for commercial banks cut 100 bps to 8.0%, the
issuance of a 2.5% 2-year savings bond for 5 billion RS.

Apr 17: key repo rate cut 100 bps to 1.85% and rate on special relief amount also cut 100 bps due to
disruptive effects of COVID-19 on the economy.


MEXICO
Feb 13: target for overnight interbank interest rate cut 25 bps to 7.0% as balance of risks to global
economy remain to the downside due to several uncertainties, including the coronavirus outbreak.

Mar 20: target for overnight interbank interest rate cut 50 bps to 6.50%, and other measures to provide
 liquidity adopted.

Apr 21: target for overnight interbank interest rate cut 50 bps to 6.0% and additional measures adopted
to foster orderly functioning of financial markets, strengthen credit channels and provide liquidity.
Measures valued of up to 750 billion pesos, which along with earlier measures will amount to 3.3% of
2019 GDP. The measures include opening a facility to repuchase government securities at longer terms
than those at regular open market operations, worth up to 100 billion pesos, implementing a temporary
debt securities swap facility so institutions can exchange debt securities for government securities worth
up to 100 billion pesos, implementing a corporate securities repurchase facility through credit institutions
 to provide liquidity to short-term corporate securities and long-term corporate debt worth up to 100
 billion pesos, opening a financing facility worth up to 250 billion pesos for commercial and development
 banks to channel resources to enterprises and individuals, opening a temporary financial facility worth up
 to 100 billion peso for banks that will be guaranteed by credits to corportes that issue public debt so
 funds can be channels to micro, small and medium-sized enterprises, and implementing swaps of
government securities worth up to 100 billion pesos in which Banco de Mexico will receive long-term
securities and deliver others with maturities of up to 3 years to ensure proper functioning of government
 debt market.

May 14: target for overnight interbank interest rate cut 50 bps to 5.50% in light of falling inflation and a
considerable contraction of economic activity.


MOLDOVA 
Mar 4: base rate cut 100 bps to 4.5% in light of disinflationary trend from the spread of the coronavirus.
Mar 20: base rate cut 125 bps to 3.25%, required reserve ratio on lei and non-convertible currencies cut
250 bps and required reserve ratio on freely convertible currencies raised 100 bps to strengthen liquidity
in banking sector to support the economy.

Apr 3: required reserve ratio on lei on non-convertible currencies cut to 34.0% from 40.0% after
extraordinary meeting, amending the March 20 decision on the cut in the required reserve ratio. The
decision aims to increase liquidity available to banks to prevent liquidity risk and strengthen the
banking sector. The cut will increase liquidity by about 3.0 billion leu.


MONGOLIA 
Mar 11: policy rate cut 100 bps to 10.0% as increased uncertainties from the spread of the coronavirus
 has increased the risk that the economic slowdown will worsen due to weaker external demand, lower
commodity prices and sluggish domestic and external activities 

Apr 13: policy rate cut 100 bps to 9.0% and maturity of consumer loans extended by up to 12 months for
 borrowers experiencing difficulties to lessen the consequences of financial difficulties from the
coronavirus and support economic activity.



MONTENEGRO
May 12: Reserve requirement for banks' deposits cut 200 bps to mitigate the consequences of the new
coronavirus, increase liquidity and banks' lending potential. For demand deposits and term deposits for
 up to one year the ratio is cut to 5.5% from 7.5% while the ratio on deposits with a maturity of over one
 year is cut to 4.5% from 6.5%.


MOROCCO 
Mar 17: key interest rate cut 25 bps to 2.0% to support economic activity, with growth in 2020 seen
stagnating at 2.3 percent, same as in 2019 due to the combined effect of an unfavourable climate and
the Covid-19 virus. Growth in 2021 seen rebounding to 3.8%, with forecasts  surrounded by great
uncertainties and subject to downward revision if the spread of the virus is not contained in the short term.
 


MOZAMBIQUE
Apr 16: monetary policy rate cut 150 bps to 11.25% as inflation outlook is revised downward in the
context of a greater decline in aggregate demand while international reserves remain at comfortable level.

MYANMAR
Apr 27: banking rate cut 100 bps to 7.50% as of May 1 to provide relief for borrowers and help support
 the economy.
Mar 23: banking rate cut 100 bps to 8.50% as of April 1.
Mar 12: banking rate cut 50 bps to 9.50% as of Mar.16 to support economic development.

NAMIBIA 
Feb 19: repo rate cut 25 bps to 6.25% to support economic activity and maintain one-to-one link to
South African rand

Mar 20: repo rate cut 100 bps to 5.25% to help cushion the anticipated impact of COVID-10 and
support domestic economic activity while maintaining the one-to-one link to the South African rand.

Apr 15: repo rate cut 100 bps to 4.25% to support weak domestic activity and provide short-term
relief amid the extraordinary circumstances arising from the Covid-19 pandemic.


NEW ZEALAND 
Mar 16: OCR cut 75 bps to 0.25% due to negative economic impact from the outbreak of the
coronavirus, and rate will remain at this level for at least the next 12 months. Start of higher capital
requirements to be delayed by one year to July 2021, allowing banks to supply around $47 billion more
in lending 

Mar 23: to purchase up to $30 billion of New Zealand government bonds, across a range of maturities,
over next 12 months to support the economy, build confidence and keep interest rates on bonds low.

Apr 7: RBNZ expands large scale asset purchase programme (LSAP) to include 3$ of local government
funding agency bonds (LGFA), around 30% of LGFA debt on issue, boosting LSAP to $33 billion over
12 months.
Apr 30: mortgage loan-to-value ratio (LVR) restrictions removed for 12 months from May 1 to ensure
 they didn't have an undue impact on borrower or lenders as part of mortgage deferral scheme
 implemented in response to COVID-19 pandemic.

May 13: LSAP increased to $60 billion from $33 billion as further stimulus needed, prepared to use
additional monetary tools if and when needed, including reducing OCR further and adding other assets
 to LSAP. A negative interest rate is an option in the future but financial institutions not operationally
 ready as any cut now would not achieve objective of lower borrowing rates. Talks with financial
institutions are ongoing.
 


NIGERIA
Jan 24: cash reserve requirement (CRR) raised 500 bps to 27.5% to tame the rising trend in inflation, which
remains above the 6-9 percent threshold. Rising inflation is attributable to a combination of structual and
supply side factors, expansionary fiscal policy and growth in money supply arising from rising liquidity
surfeit. Bank is confident raising CRR will help address monetary-induced inflation whilst retaining the
benefits from the bank's loan-to-deposit policy, which has significantly increased credit to the private
sector and pushed market interest rates downward
.
NORTH MACEDONIA 
Jan 15: policy rate cut 25 bps to 2.00% based on continued favorable movements on the foreign exchange
 market which indicates the absence of pressure in the external sector, showing a stable perception of
domestic entities, while there is an absence of price pressures

Mar 16: policy rate cut 25 bps to 1.75% at extraordinary meeting due to the deepening risks to the domestic
 economy

Mar 18: non-standard reserve requirement measure re-introduced that allows for banks' denar reserve
requirement for newly approved and restructured loans to companies affected by the spread of COVID-19.

May 13: policy rate cut 25 bps to 1.50% to support the economy and additional liquidity provided by reducing
 the amount of Treasury bills that will be auctioned to provide additional liquidity to the banking system
 that can be used to increase lending activity.
  

NORWAY 
Mar 13: policy rate cut 50 bps to 1.0% to dampen the downturn from the coronavirus outbreak and mitigate
the effects on output and employment. Countercyclical buffer cut to 1.0% from 2.5% to counteract any
tightening of banks' lending standards, which can amplify an economic downturn. Liquidity also
pumped into banking system through extraordinary 3-month F-loans at current policy rate for as long
as necessary and fully allotted.

Mar 19: policy rate cut 75 bps to 0.25% as economic situation has continued to worsen with a number of
businesses having to close or reduce activity, unemployment shown a marked increase, higher credit and
market premiums make funding more expensive for companies. Lower rates can support a faster
rebound in activity when virus containment measures are scaled back and situation returns to normal.

May 7: policy rate cut 25 bps to 0.0% as economic activity has fallen abruptly due to the pandemic, with
mainland economy seen contracting 5.2% in 2020. Inflation to average 1.2% in 2020, and policy rate to
average 0.4% in 2020, and then remain at 0.0% through 2023.


PAKISTAN
Mar 17: policy rate cut 75 bps to 12.50% and 2 other measures launched. A Temporary Economic
Refinance Facility (TERF), refinancing banks to provide financing at maximum end-user interest rate
of 7% for 10 years for setting up new industrial units. It can be accessed by all manufacturing industries
with exception of the power sector. Total size of scheme is 100 bilion rupees. Also, a Refinance Facility
for Combatting COVID-19 (RFCC) aimed at supporting hospitals and medical centers in combatting the
 spread of the virus. Facility will efinance banks to provide financing at maximum end-user interest rate
of 3% for 5 years for the purchase of equipment to detect, contain and treat the virus. Facility provided
to banks at 0.0%. Total size of scheme is 5 billion rupees and is available until end-September 2020.

Mar 24: policy rate cut 150 bps to 11.0% as the coronavirus is expected to lead to a "noticable" slowdown
in domestic demand. SBP ready to take whatever further actions become necessary in response to the
economic impact of the virus.

Apr 16: policy rate cut 200 bps to 9.0% to cushion impact of coronavirus on growth and employment, and
 ease borrowing costs and the cost of servicing debt by households and firms.

May 15: policy rate cut 100 bps to 8.0% due to improved outlook for inflation following government's
cut in fuel prices.


PARAGUAY
Mar 13: monetary policy rate cut 25 bps to 3.75% to mitigate the possible adverse effects of the coronavirus
 while ensuring the convergence of inflation to the target
Mar 16: monetary policy rate cut 50 bps to 3.25% as there is room for further monetary policy easing to
 help mitigate the negative economic impact of the coronavirus on the local economy without
jeopardizing the fulfillment of the inflation target.

Mar 30: monetary policy rate cut 100 bps to 2.25% as there is room for an even more accommodative
monetary policy stance in light of inflation is in the lower zone of the target range and the slowdown in
 aggregate demand will keep inflationary pressures limited. 


Apr 22: monetary policy rate cut 100 bps to 1.25% as inflation continues to trend downward and there are
no signs of inflationary pressure in coming months.



PERU 
Mar 19: reference rate cut 100 bps to 1.25% as economic activity temporarily affected by a supply shock
 and slowdown in domestic demand from the coronavirus pandemic. Liquidity injected via one-day, 6-
month and 1-year repos. 
Apr 16: reference rate cut 100 bps to 0.25% as inflation is expected to approach the lower bound of the
target range, economic activity is being severely affected by supply and demand shocks, and the risks to
global economic activity have increased. 


PHILIPPINES
Feb 6: overnight reverse repo rate cut 25 bps to 3.75% as manageable inflation environment
allows room for preemptive rate cut to support market confidence 

Mar 19: overnight reverse repo rate cut 50 bps to 3.25% along with a temporary relaxation of BSP
regulations on complicance reporting by banks, calculation of penalties on required reserves, and single
borrower limits as inflation seen at 2.2% in 2020 and 2.4% in 2021, down from February projections of
3.0% and 2.9%, respectively, due to lower inflation in recent months, sharp decline in crude oil prices
and adverse effects of coronavirus on global and domestic economic activity.

Mar 23: BSP authorized to buy government securities under repurchase agreement worth 300 billion pesos
 with maximum repayment period of 6 months. Funds to be used to support government program to
 support those most affected by COVID-19
.
Mar 24: reserve requirement for universal and commercial banks cut 200 bps to 12.0%
Apr 16: policy rate cut 50 bps to 2.75% in unscheduled move announced on social media and texts to
 "strongly encourage lending to various sectors, especially to the most vulnerable, amid the COVID-19
pandemic."


POLAND
Mar 17: reference rate cut 50 bps to 1.0%, required reserve ratio cut 300 bps to 0.5% and renumeration
of reserves raised to 1.0% from 0.5%. To limit risk of tensions in domestic financial markets, NBP will
provide liquidity using repo transactions, purchase government bonds on the secondary market to
maintain liquidity, and offer bill discount credit to refinance new loans granted to businesses by banks.

Apr 8: reference rate cut 50 bps to 0.50%, to begin buying government securities and government-guaranteed
 debt in secondary markets, continued liquidity in addition to normal operations. Economic activity could
 see sizable drop in short run.


QATAR
Mar 4: benchmark lending rate QCBLR cut 75 bps to 3.50% "taking into account evolving
 domestic and international macroeconomic developments. Deposit rate and repo rates cut 50 bps to
1.50% and 1.50%, respectively.

Mar 16: benchmark lending rate QCBLR cut 100 bps to 2.50%, deposit rate cut 50 bps to 1.0% and
repo rate cut 50 bps to 1.0%
 



ROMANIA 
Mar 20: monetary policy rate cut 50 bps to 2.0% and symmetrical corridor interest rates on standing
facilities narrowed to plus/minus 0.5 percentage points from plus/minus 1.0 percentage points to mitigate
 the impact of the situation from the coronavirus outbreak on households and companies. Central bank
also ready to cut the minimum reserve requirements on leu and foreign-currency liabilities.


RUSSIA 
Feb 7: key interest rate cut 25 bps to 6.0% as inflation is falling faster than expected and the central bank
 is open to the propsect of further easing in upcoming meetings if the situation develops as it expects.

Apr 24: key interest rate cut 50 bps to 5.50% and switch to accommodative monetary policy stance and
 ready to cut rate further as economy now forecast to contract by 4.0% to 6.0% in 2020 and inflation to
average 3.1% to 3.9% this year.

RWANDA
Mar 18: Extended lending facilty of 50 billion francs introduced for banks with liquidity challenges, for
next 6 months NBR offers to buy back treasury bonds at prevailing market rate, reserve requirement
ratio cut 100 bps to 4.0% as of April 1.
Apr 30: CBR cut 50 bps to 4.50% to mitigate economic shock and ease liquidity conditions. 

SAUDI ARABIA 
Mar 3: repo rate cut to 1.75% from 2.25% and reverse repo cut 50 bps to 1.25% from 1.75% "in light of
global developments."

Mar 16: repo rate cut 75 bps to 1.0% and reverse repo rate cut 75 bps to 0.50% "to preserve monetary
stability given evolving global developments."


SERBIA
Mar 11: reference rate cut 50 bps to 1.75% in a "timely and adequate" response to increased uncertainty
 in the international environment caused by the spread of the coronavirus. Executive board met at an 

extraordinary meeting, the day before its scheduled meeting.
Apr 9: reference rate cut 25 bps to 1.50% to alleviate negative effects of the coronavirus on economic
activity, with stimulus measures feasible due to low and stable inflation.


SEYCHELLES
Mar 23: monetary policy rate cut 100 bps to 4.0% in a first phase of a response to the challenge from the
spread of the coronavirus, which is expected to lower earnings from tourism this year by 70 percent and
 lead to a double-digit drop in economic growth.



SINGAPORE
Mar 30: Zero percent annual rate of appreciation of policy band for Singapore dollar (S$NEER) starting
at current level, with no change to width of band. MAS ready t curb excessive volatiliy in S$NEER.
Economy seen contracting between minus 1.0 to minus 4.0% percent in 2020, core inflation and CPI
all-item inflation seen averaging minus 1.0% and 0.0% in 2020 even wtih some import prices likely to
 rise from production and transport disruptions.
 

SIERRA LEONE
Mar 18: monetary policy rate cut 150 bps to 15.0% to soften the potential impact of COVID-19 on economy,
and create a special 500 billion leone to support production, procurement and distribution of essential
goods and services
.

SOUTH AFRICA 
Jan 16: repurchase rate cut 25 bps to 6.25% as a lower inflation forecast and improved risk profile
"opens some space to provide further policy accommodation." Future policy decisions will continue to
be "highly data-dependent" and sensitive to the balance of risks to outlook

Mar 19: repurchase rate cut 100 bps to 5.25% as the significantly lower forecast for headline inflation has
created space for monetary policy to respond to the rapid deterioration in economic conditions from the
coronavirus. Economy forecast to contract by 0.2% in 2020, then expand 1.0% in 2021 and 1.6% in 2022.

Mar 25: SARB enters short-term funding markets to provide liquidity in exchange for repurchase agreements
for maturities of up to 12 months to assist with continuous flow of funding to institutions, and begin
buying government bonds in the secondary market to help reduce excessive volatility in bond prices.
Bonds to be held in bank's monetary policy portfolio, a liquidity management tool used to inject and
drain liquidity.

April 1: SARB allows banks to comply with of 80% of liquidiy coverage ratio (LCR) to provide temporary
liquidity relief to banks until financial markets have normalised. Once this has been determined,
 minimum LCR of 100% to be restored.

April 14: repurchase rate cut 100 bps to 4.25% as economy seen shrinking 6.1% this year, up from April
 9 forecast of 2% to 4% contraction and 0.8% growth in 2019.

May 21: repurchase rate cut 50 bps to 3.75% as economic contraction will keep inflation well below
midpoint of target range this year and remain well contained in the medium term, remaining close to the
 midpoint in 2021 and 2022. GDP forecast to contract 7.0% in 2020, up from a forecast of 6.1 percent
contraction in April.


SOUTH KOREA 
Feb 26: Ceiling for special loan programs raised by 5 trillion won to 30 trillion to help businesses, especially
 small and medium-sized, affected by the coronavirus, such as tourism, restaurants, distribution and
importers of raw materials and exporters to China. The interest rate on the loans is 0.75%
.

Mar 16: base rate cut 50 bps to 0.75% and rate on bank intermediated lending support facility cut to 0.25%
from 0.50-0.75%, and to manage liquidity the collateral for open market operations will be broadened to
 include debentures issued by banks. Action taken to ease volatility in financial market and reduce the
effects on future economic growth and inflation
.

Mar 19: BOK buys 1.5 trillion won of 3-, 5-, and 10-year treasury bonds to stabilise market
Mar 26: BOK to supply "unlimited" liquidity at set interest rates by buying 91-day bonds at repo
auctions once a week to ensure market stability and ensure timely implementation of
government's support package. The rate is not to exceed base rate plus 10 bps. Auctions will
take place from April to June. Eligible securities are bonds by KEPCO, Korea Expressway,
Korea Gas, Korea Land & Housing, Korail, Korea Rail Network Authority, K-wate, and Korea
SMEs and Startups Agency.

May 28: base rate cut 25 bps to 0.50% and accommodative monetary policy stance maintained as economic
 growth is expected to be sluggish and inflationary pressures on the demand side to remain weak due to
COVID-19. BOK forecast GDP growth of around 0% this year, down from February forecast of 2.1%.



SRI LANKA 
Jan 29: SDRF and SLFR cut 50 bps to 6.50% and 7.50%, respectively, to support continued reduction in
 market lending rates, ensuring a broad based and sustained recovery in economic activity

Mar 16: SDRF and SLFR cut 25 bps to 6.25% and 7.25%, respectively, and statutory reserve ratio (SRR)
on rupee liabilities cut 100 bps to 4.0%  "in consideration of the urgent need to support economic 
activity."

Apr 3: SDRF and SLFR cut 25 bps to 6.0% and 7.0%, respectively, to ease market conditions and
 provide further relief to businesses and households affected by the outbreak of COVID-19.

May 6: SDFR and SLFR cut 50 bps to 5.50% and 6.50%, respectively, considering the necessity
 for further support the economy. Financial institutions urged to lower lending rates without
further delay, failing this CBSL compelled to take regulatory action to bring down market rates.

SWEDEN
Mar 13: Lending up to 500 billion krona to companies via banks to limit effects of coronavirus and
maintain supply of credit. Riksbank prepared to take further measures to supply necessary liquidity.

Mar 16: to facilitate supply of credit, purchases of securities increaed by up to 300 billion krona and
if necessary include government, municipal and mortgage bonds. Lending rate for overnight loans to
banks cut to 20 bps above repo rate from 75 bps. Repo rate remains at 0%. Offering banks to borrow
unlimited amount of money on a weekly basis against collateral at 3-months maturity at interest of 20
bps above repo rate and increased flexibility with regard to collateral banks can use when borrowing
money, giving banks more scope to use mortgage bonds as collateral. 



SWITZERLAND
Mar 25: Sets up COVID-19 refinancing facility (CRF) to provide additional liquidity.No upper limits
on amounts available and drawdowns can be made at any time. CRF operates in conjunction with the
government's guarantee for corporate loans and enables banks to expand their lending "rapidly and on a
large scale." Interest rate corresponds to policy rate of minus 0.75%
.


TAIWAN
Mar 19: key rates cut 25 bps, with key discount rate now at 1.125%, the rate on accommodations with
collateral at 1.50% and the rate on accommodations without collateral at 3.375%, respectively. Also,
under a special accommodation facility, additional funds of total NT$200 billion at a rate of one
percentage point lower than rate on accommodations with collateral  to support credit expansions to
SMEs. To ensure liquidity, banks may use holdings of CDs and negotiable CDs to request early
withdrawal or take out secured loans. In case of emergency, expanded repo facility, introduced in 2008,
could be utilized to provide sufficient market access to liquidity.



TAJIKISTAN
Jan 28: Refinancing rate raised 50 bps to 12.75% as of Feb. 3, 2020
Mar 20: one-time correction in official U.S. dollar rate of 5% to reduce exchange rate pressures, the
 impact of currency risks and ensure compliance with 2% difference between official exchange rate and
 selling rate of cash USD. This will increase inflow and transfer of funds through banking system and
protect interests of remitters from abroad, ensure transparency of customer transactions and limit
speculative activity in the cash non-banking market. 
Apr 8: required reserve ratio for credit financial institutions lowered 200 bps to 1.0% from April 1 to
Dec. 31, 2020 to maintain the liquidity. Required reserves in foreign currency lowered 400 bps to 9%.
This step will add additional liquidity to the banking system of 241.7 million somoni.
Apr 28: refinancing rate cut 100 bps to 11.75% to support economy from damages of coronavirus 
pandemic, ensure liquidity in the banking system and achieve stable inflation.

TANZANIA
May 12: discount rate cut 200 bps to 5.0% and statutory minimum reserve requirement (SMR) cut
100 bps to 6.0% to cushion economy from adverse effects of COVID-19 and provide additional liquidiy
 to banks, safeguard the stability of the financial system and facilitate the financial intermediation process.

THAILAND 
Feb 5: policy rate cut 25 bps to 1.0% as economy is seen expanding much slower than expected in 2020
due to the outbreak of the coronavirus, a delay in the government's budget and the impact of drought.

Mar 20: policy rate cut 25 bps to 0.75% to reduce interest burden of borrowers affected by the coronavirus
 outbreak and to alleviate strains in financial markets. Covid-19 outbreak t be more severe than previously
 expected and situation will take some time before returning to normal, severely affecting Thai economy.

May 20: policy rate cut 25 bps to 0.50% as economy to shrink more in 2020 than expected due to
 contraction in global economy and inflation to be more negative than expected.


TRINIDAD AND TOBAGO
Mar 17: repo rate cut 150 bps to 3.50% and primary reserve requirement cut 300 bps to 14.0% to amplify
system liquidity in the short run, around $2.6 billion in the case of the reserve requirement cut.


TUNISIA
Mar 17: key interest rate lowered 100 bps to 6.75%, with council saying if the spread of the coronavirus
 is not controlled, the tourism, air and transport, and industrial sector could deteriorate


TURKEY 
Jan 16: policy rate cut 75 bps to 11.25% as monetary policy stance is consistent with projected path of
slowing inflation but cautious policy stance to be maintained to ensure lower inflation 

Feb 19: policy rate cut 50 bps to 10.75% as the path of inflation is broadly in line with the forecast and
the monetary policy stance is consistent with this path
 

Mar 17: policy rate cut 100 bps to 9.75% to contain negative effects of coronavirus on Turkish economy.
To support financial stability, CBRT has taken several measuress, including providing banks with as
much liquidity as they need through intraday and overnight standing facilities; raising the liquidity limits
on primary dealers in open market operations; cutting the reserve requirements on FX liabilities by 500
bps for all maturities, thus increasing liquidity around US$1.5 billion; offering banks additional liquidity
facilities to secure uninterupted flow to corporate sector via repo acutions with maturities up to 91 days
with an interest rate 150 bps lower than policy rate; conducting lira currency swap auctions with
maturity of 1 year, providing banks with lira against U.S. dollars, euros, and gold with an interest rate
100 bps lower than policy rate.
 

Mar 31: CBRT temporarily to purchase from market makers state domestic borrowing bonds they have
purchased from unemployment insurance fund. Conditions and amounts determined by CBRT to increase
 liquidity and limit the possible effects of the fund's liquidity needs.Within the framework of lira and
foreign currency transactions, asset backed securities and mortage securitied securities includes in the
 pool of collateral to increase liquidity and increase flexibility of banks. To provide access to finance and
 support employment of exporters of goods and services, rediscount loans will be offered. 

Apr 22: policy rate cut 100 bps to 8.75% as the outlook for inflation is to the downside from weak
domestic demand, inflationary expectations and producer prices.

May 21: policy rate cut 50 bps to 8.25% as economy shows signs of bottoming in first half of May while
 inflation is in line with projections.


UGANDA
Apr 6: CBR cut 100 bps to 8.0% and government bonds to be bought from institutions providing micro
finance to ease liquidity stress, additional liquidity to be provided to banks facing liquidity stress for up
to 1 year, and reserve repos for up to 60 days, with an opportunity to rolls these over, offered to banks.


UKRAINE
Jan 30: policy rate cut 150 bps to 11.0% and rate to be cut further to 7.0% by end-2020, with the fastest
 pace of cuts in the first half of 2020

Mar 12: policy rate cut 100 bps to 10.0% to boost economy further as inflationary pressures are declining
faster than expected.

Apr 23: policy rate cut 200 bps to 8.0% as inflationary pressures remain moderate and economy requires
substantial support due to adverse impact of quarantine measures on business activity, consumption and
employment.


UNITED ARAB EMIRATES 
Mar 3: repo and deposit rates cut 50 basis points, with the deposit rate now 2.0%

Mar 16: rate on 1-week deposit rate cut 75 bps, in line with the upper bound of the Federal Funds Target
Rate, maintain the repo rate at 50 bps above the 1-week CD rate, lower rate on interim margin lending
facility by 50 bps to 50 bps above the repo rate against CDs.

Apr 5: reserve requirement for demand deposits cut 700 bps to 7.0%, injecting about AED 61 billion,
targeted economic support scheme for affected retail and croporate customers extended and banks
participating in scheme can extend customers' deferrals of principal and interest until Dec. 31, 2020. For
banks participating in TESS, capital buffer relief extended to Dec. 31, 2021. Value of capitalbuffer is
AED 50 billion.


UNITED KINGDOM
Mar 11: Bank Rate cut 50 bps to 0.25%, a new funding scheme (Term Funding Scheme with additional
incentives for SMEs, or TFSME) launched and the countercyclical buffer cut to 0.0% from 1.0 percent
to help businesses and households manage through the economic shock from the outbreak of the
coronavirus which could prove sharp and large but temporary. Funding scheme will offer 4-year funds
over the next 12 months at lending rates that are at, or very close, to the bank rate, and additional
 funding will be available to banks that raise lending to small and medium-sized businesses. This could
provide in excess of 100 billion pounds in funds while the cut in the countercyclical buffer should
support up to 190 billion pounds of bank lending.

Mar 19: bank rate cut 15 bps to 0.10%, holdings of UK government bonds and non-financial investment
 grade corporate bonds under Corporate Bond Purchase Scheme (CBPS), which was originally started in
 Aug. 2016 raised  200 billion pounds to 645 billion, financed by the issuance of central bank reserves.
Majority of additional asset purchases to comprise government bonds and to be completed as soon as
operationally possible. TFSME scheme to be enlarged, also financed by central bank reserves.

Apr 9: BOE and Treasury agree on temporary extension to Ways and Means (W&M) facility, providing
a short-term source of additional liquidity to the government if needed to smooth cashflows and support
 orderly functioning of markets.  W&M functions as the government's overdraft with BOE and
ordinarily there is a standing balance of 0.4 billion pounds to support Exchequer cash management.
W&M has been used on a number of occaiosn since 2000, with the previous high of 19.9 billion pounds
in 2008. Goverment uses markets as primary source of financing and any use of V&M is short term and
any drawings to be repaid before end of year. 

May 1: BOE began CBPS operations on April 7 via 3 operations a week, buying bonds by companies
that make material contribution to economic activity in UK while bonds issued by banks, building
societies, insurance companies not eligible. Sterling corporate bonds with following characteristics to
minimum issue of 100 million pounds and minimum residual maturity of 12 months. 


UNITED STATES OF AMERICA 
Jan 14: New York Federal Reserve to continue to conduct term and overnight repo operations until Feb. 13.
 On Oct. 11, 2019 NY Fed said it would conduct repo operations at least through Jan. 2020 to ensure the
supply of reserves remains adequate to mitigate the risk of money market pressure that could adversely
affect policy implementation. The amount of two-week repos will be at least $35 billion to Jan. 30,
unchanged since Dec. 19, 2019,  and then drop to $30 billion in the next 4 operations from Feb. 4 to Feb.
 13.Overnight operations from Jan. 15 to Feb. 13 will total at least $120 billion, the same amount as from
 Jan. 3 to Jan. 14. Federal Reserve has described these operations as "technical measures" that do not
represent a change in the stance of monetary policy.
Jan 29: term and overnight repurchase operations to continue "at least through April" to ensure the supply
of reserves remains ample and mitigages the risk that any pressure in the money markets would affect
policy implentation. Interest rate on excess reserves raised 5 bps to 1.60% to foster trading in the federal
 funds market at rates well within the target range.
Feb 14: New York Fed says maximum size of 14-day repo operations to be lowered to at least $25 billion 
from $30 billion from Feb. 18 and then drop further to at least $20 billion through March 12. Aggregate 
amount of overnight operations drops to at least $100 billion from Feb. 14 through March 12, down 
from $120 billion from Jan. 15 through Feb. 13.
Mar 3: fed funds rate cut 50 bps to a range of 1.0% to 1.25% at unscheduled FOMC meeting to support 
employment and price stability as the coronavirus poses evolving risks to economic activity. The Fed is 
closely monitoring developments and their implications for the economic outlook and will use its tools 
and act as appropriate to support the economy 
Mar 9: New York Fed raises maximum size of daily overnight repos to $150 billion from $100 billion 
through Mar 12, 2-week repos on Mar 10 and Mar 12 raised to minimum $45 billion from $20 billion 
to "support smooth functioning of funding markets as market participants implement business resiliency 
plans in response to the coronavirus."
Mar 11: New York Fed raises maximum size of overnight repos to $175 billion from $150 billion from 
Mar. 12 through Apr. 13, and offers three, one-month repos of at least $50 billion from Mar. 12. 
Two-week repos to be conducted twice a week from Mar. 12 through Apr 13 of $45 billion, unchanged 
from previous offering, to ensure smooth functioning of funding markets
Mar 15: fed funds rate cut 100 bps to 0.0% to 0.25% to support economy activity and expects to maintain
 rate until it is confident the economy has weathered recent events. Treasury securities of at least $500 
billion and agency mortgage-backed securities of at least $200 billion to be added to holdings over 
coming months. In coordination with ECB, BOC, BOE, BOJ and SNB, price of standing U.S. dollar 
liquidity swaps cut 25 bps. Primary credit rate in discount window cut 150 bps to 0.25%. Reserve 
requirement ratio cut to 0.0% as reserve requirements no longer play a significant role in the operating 
framework adopted in January 2019 of ample reserves.
Mar 16: New York Fed conducts an additional overnight repo operation for up to $500 billion, with all 
previously planned repos conducted as scheduled
Mar 17: Federal Reserve establishes commercial paper funding facility (CPFF) to support flow of credit 
to households. CPFF provides liquidity backstop to US issuers of commercial paper through a special 
purpose vehicle as CP market has been under considerable strain in recent days as businesses and 
households face greater uncertainty in light of the coronavirus outbreak. The U.S. Treasury provides 
$10 billion of credit protection to the Fed.
Mar 17: Federal Reserve establishes a Primary Dealer Credit Facility (PDCF) to allow primary dealers 
to support smooth market functioning and facilitate the availability of credit to businesses and 
households. PDCF will offer overnight and term funding with maturities up to 90 days and be in place 
for 6 months and may be extended. Dealers may use a broad range of collateral, such as equities, 
municipal bonds, investment grade debt and commerical paper. Interest charged at primary credit rate 
or disount rate.
Mar 17: New York Fed to conduct additional overnight repos each afternoon for the remainder of this 
week for aggreagate amount of $500 billion. In addition, the aggregate amount offered for overnight 
repos conducted each morning for the remainder of this week will increase to $500 billion, and all other 
scheduled repo operations will be conducted as scheduled. Action to ensure supply of reserves remains 
ample and to support smooth functioning of short-term US dollar funding markets.
Mar 18: Federal Reserve of Boston establishes money market mutual fund liquidity facility (MMLF) to
make loans to financial institutions secured by high-quality assets that are bought from money market
mutual funds. MMLF will assist money market funds in meeting demands for redemptions by
households and other investors, enhancing overall market functioning and credit provision to economy.
Mar 19: New York Fed to conduct overnight repo operations each morning for 3 weeks from March 23 to 
April 13 of at least $175 billion
Mar 19: Federal Reserve establishes temporary US dolllar swap lines with central banks of Australia, 
Brazil, Denmark, South Korea, Mexico, Norway, New Zealand, Singapore and Sweden to help lessen 
strains in dollar funding markets. Fed will provide up to $60 billion each for Australia, Brazil, South 
Korea, Mexico, Singapore and Sweden; $30 billion each for Denmark, Norway and New Zealand. 
Swap lines in place for at least 6 months. Fed already has standing liquidity swap lines with Canada, 
UK, Japan, ECB and Switzerland
Mar 23: Federal Reserve announces "extensive new measures" to support flow of credit to households
 and businesses by addressing strains in the markets for Treasuries and agency mortgage-backed
securities. This includes purchases of Treasury securities and agency mortgage-backed securities "in the
 amounts needed to support smooth market functioning and effective transmission of monetary policy,"
purchases of agency commercial mortgage-backed securities will be include in purchases of agency
mortgage-backed securities. Three new facilities also established, providing up to $300 billion in new
financing: A Primary Market Corporate Credit Faciilty (PMCCF) to support new bond and loan issuance
 by large employers; a Secondary Market Corporate Credit Faciilty (SMCCF) to provide liquidity for
outstanding corporate bonds; and the Term Asset-Backed Securities Loan Facility (TALF) to support
flow of credit to consumers and businesses by enabling the issuance of asset-backed securities backed by
 student loans,  auto loans, credit card loans, loans guaranteed by SBA and certain other assets. To
facilitate flow of credit to municipalities, the Money Market Mutual Fund Liquidity Facility (MMLF) to
be expanded to include wider range of securities and Commercial Paper Funding Facility (CPFF) also
expanded, A Main Street Business Lending Program will soon be announced.

Mar 31: Federal Reserve sets up temporary repurchase agreement facility for foreign and international
monetary authorities (FIMA Repo Facility) from April 6 for at least 6 months so foreign central banks
can exchange U.S. Treasury securities for U.S. dollars.

Apr 6: Federal Reserve to set up facility to facilitate lending to small businesses via Small Business
Administration's Paycheck Protection Program (PPP) by providing term financing backed by PPP loans.
Apr 9: Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to assist households
 and employers, and bolster ability of state and local governments to deliver critical services during
coronavirus pandemic. This includes supplying liquidity to financial institutions participating in Small
Business Administration's Paycheck Protection Program (PPP), ensuring credit flows to SMEs with the
purchase of up to $600 billion in loans through Main Street Lending Program, of which the Treasury
will provide $75 billion in equity to the facility, and establishing a municipal liquidity facility that offers
 up to $500 billion.

Apr 17: New York Fed to conduct overnight repo operations each business day and a series of term repos
from April 14 to May 13, with aggregate amounts of $500 billion in the mornings and another $500
 bilion in the afternoons from April 14 to May 1. Term repos will be held on April 20, April 24, April
27, May 4, May 8 and May 11, with maturities ranging from 28 to 84 days and aggregate amounts of
 $500 billion.
 
Apr 27: Federal Reserve expands scope and duration of Municipal Liquidity Facility (MLF). MLF, which
was announced on Apr. 9 as part of initiative to provide up to $2.3 trillion in loans to households,
businesses and communities, will offer up to $500 billion in lending to states and municipalities. 

Apr  30: Federal Reserve expands scope and duration of Main Street Lending Program by creating a third
 loan option and expanding the pool of businesses eligible to borrow.

May 11: New York Fed to begin purchases of exchange-traded funds (ETFs) on May 12 under SMCCF,
decided by FOMC on Mar 23. Purchases to focus on U.S.-listed ETFs that provide broad exposure to
U.S. corporate bonds, mainly investment-grade and some that provides exposure to high-yield. Treasury
 has made $37.5 billion of the $75 billion equitiy investment it will make in the special purpose vehicle
 that has been established for SMCCF and PMCFF, which is expected to become operational. 
 


UZBEKISTAN
Apr 15: refinancing rate cut 100 bps to 15.0% as inflation is falling faster than expecte due to lower oil
prices and a fall in demand from measures to contain the spread of the coronavirus.



VANUATU
Mar 31: policy interest rate cut 65 bps to 2.25% as preliminary assessments show COVID-19 will have
a significant impact on output and employment, with growth falling to around 1 percent in 2020 from
pre-COVID-19 forecast of 3.8%.

VIETNAM 
Feb 24: credit institutions directed to reschedule debt repayments, exempt and reduce interest rates, 
make new loans to stabilize production and support businesses "due to the impact of the epidemic," 
which has affected production and business activity. 
Mar 17: benchmark refinancing rate cut 100 bps to 5.0%, rediscount rate cut to 3.5% from 4.0%, 
overnight lending rate cut to 6.0% from 7.0% in accordance with macroeconomic developments, 
international financial markets and to solve difficulties for industry and business.
May 13: benchmark refinancing rate cut 50 bps to 4.50%, the overnight lending rate to 5.50% from
6.0%, and the rediscount rate to 3.0% from 3.50%.



ZAMBIA 
May 20: policy rate cut 225 bps to 9.25% to prevent further deterioration in economy that is forecast
to contract 2.6% in 2020 after growth in 2019, the first contration in more than 20 years. Inflation is
seen trending towards upper bound of 6-8% target range.

ZIMBABWE
Mar 26: policy rate cut 1,000 bps to 25.0%, statutory reserve ratio cut 50 bps to 4.5%, medium term
 bank accommodation facilitie to support productive sector raised ZW$1 billion to ZW$2.5 billion to
 finance winter wheat planting, and managed floating exchange rate regime replaced with a fixed
exchange rate regime at current level of ZW$25 to US$, with measure reviewed when markets stabilise
from effects of COVID-19.

Apr 29: policy rate cut 1,000 bps to 15.0% to ensure economy remains on growth path.

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