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Easier or Tighter in Central Banks ?

Aug 11, 2020
world banks
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Easier or Tighter ?

Another four central banks cut their key interest rates during the first week of August – Georgia, Romania, Brazil and Moldova – boosting the number of rate cuts this year to 222.

But Brazil’s central bank became the latest bank on Aug. 5 to take its foot off the gas pedal due to what it said was “prudential and financial stability reasons,” as concern slowly rises the combination of massive monetary and fiscal stimulus could ignited long-dormant inflation.

Echoing Brazil, the People’s Bank of China on Aug. 6 warned the effects of low interest rates in developed economies had not changed structural issues nor lead to higher inflation, but was leading to higher debt, which made the financial system more vulnerable. It was also creating potential risks for cross border capital flows and larger foreign exchange risks.

The number of monetary easing steps taken by central banks this year now amounts to 367 as 92 different central banks have cut their key interest rates multiple times while 30 banks are also engaged in asset purchases, both of government and private securities.

Last month Hungary’s central bank became the 19th central bank to effectively reach what it considers the lower bound of interest rates, leaving no other options for additional stimulus than quantitative easing and low-cost lending.

Illustrating how active central banks are in the market for sovereign securities, Hungary also said it would be shifting its bond purchases toward the longer end to ensure yields remain low, a move that followed the decision by Indonesia’s central bank to purchase government bonds directly from the issuer rather than in the secondary market.

The moves by Hungary and Indonesia shows how widespread and generally accepted the monetary tool of quantitative easing (QE) has become.

Prior to the outbreak of the pandemic and the near-shutdown of all global economic activity in March and April, QE was mainly used by central banks in advanced economies as an extraordinary tool when interest rates had been cut to the lower bound or in extreme circumstances such as wars.

But in light of the overwhelming hit to the global economy from the pandemic, central banks in both developed and developing economies have marshaled a wide range of stimulus tools to avoid another global depression.

Policy rates in 18 central banks have been slashed to essentially zero (0.25 percent or lower), leaving QE as the only way forward to loosen monetary conditions further. Recently, both Israel and Sweden’s central banks have boosted asset purchases.

Central bank’s easing measures also extend to reserve requirements, which have been cut 40 times, in some cases multiple times by the same central bank, while macro prudential measures have been loosened in synch with massive injection of liquidity to ensure banks and financial systems remain healthy so they can help engineer an economic recovery.

Counter cyclical capital buffers or capital adequacy ratios, for example, have been cut by 12 central banks.

Illustrating the speed with which central banks moved at the start of this year to counter the negative impact on economic activity from measures to contain the Covid-19 virus, interest rates were cut at 76 unscheduled policy meetings and other easing measures were taken at a further four policy meetings.

Governments worldwide are also injecting trillions of dollars into their economies, boosting global debt loads even further to prevent the recession from becoming a depression.

The cumulative cut to policy rates in August amounts to 100 basis points, the lowest monthly total since the global rate cutting spree in March when rates were slashed by a total of 7,243 points by 69 different central banks.
In January and February this year rates were cut by 1,275 points and 1,160 points, respectively.
The cumulative cut to policy rates worldwide so far this year amounts to 16,423 basis points while the global monetary policy rate (GMPR), the average interest rate by 99 central banks worldwide, has plunged 156 basis points this year to 4.13 percent from 5.69 percent at the end of 2019, 6.42 percent at end-2018 and 5.99 percent at end-2017.
While the number of rate cuts counted by Central Bank News includes those by Zimbabwe, Vanuatu, Papua New Guinea,Tanzania and Liberia, the amount of the cuts are not included in the global average interest rate for comparison purposes.
On June 30 Zimbabwe reversed its two rate cuts this year, becoming the sixth central bank to raise its rate this year.
Taking into account the five rate hikes this year from Kazakhstan, the Czech Republic, the Kyrgyz Republic, Tajikistan and Denmark, policy rates have been cut by a net 15,983 points.

But 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.

But central banks are slowly starting to take their foot off the monetary accelerator after the frenetic pace of easing in the first half of the year.

The cumulative percentage of all changes by central banks to their policy stance that favored an easing of monetary policy was steady last week at 97.8 percent from the previous week but down from 97.9 percent in weeks 25 and 26 (June 15 to June 27).

The percentage of rate cuts to unchanged rates rose slightly to 36.4 percent last week from 35.7 the previous week but still down from 41.7 percent in week 30, and Ghana’s central bank on July 27 said it “monetary restraint” was now needed in light of rising inflation and the budget deficit from all the stimulus measures taken to boost economic activity from measures to contain the Covid-19 pandemic.

This message was then reinforced on Aug. 2 when Israel’s central bank governor warned against a further increase in the state’s budget deficit to maintain the trust the country receives from global financial markets.

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 214 times.

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

AUGUST

So far this month the following 4 banks have cut policy rates: Georgia, Romania, Brazil and Moldova.

The rate cuts add up to 100 basis points.

JULY

In July the following 14 central banks cut their policy rates: Sri Lanka, Malaysia, Indonesia, Kazakhstan, Hungary, South Africa, Russia, Eswatini, Tajikistan, Lesotho, Bangladesh, Azerbaijan, Colombia and Honduras.

The rate cuts add up to a total of 590 basis points.

JUNE

In June the following 23 central banks cut rates: Uganda, Serbia, Ukraine, Armenia, Morocco, Namibia, Mozambique, Brazil, Costa Rica, Indonesia, Russia, Azerbaijan, Seychelles, Belarus, Paraguay, West African States, Hungary, Georgia, Philippines, Pakistan, Guatemala, Mexico and Colombia.

Policy rates were cut by a cumulative 1,340 basis points.

To protect its currency, Zimbabwe raised its rate, the first rate hike since Denmark’s rate hike in mid-March, essentially for the same reason.

MAY

In May the following 26 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, Eswatini, India, South Korea, Nigeria, Poland, Gambia, Romania, Liberia and Colombia.

Key rates were cut by a cumulative 2,080 basis points.

APRIL

The following 34 central banks cut rates 34 times in April: Sri Lanka, Kazakhstan, Eastern Caribbean, Uganda, Israel, Poland, Serbia, Mongolia, South Africa, Lesotho, Uzbekistan, Namibia, Eswatini, Philippines, Pakistan, Bangladesh, 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 3,135 basis points.

MARCH

In March the following 66 central banks cut rates 92 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, Guatemala (twice), 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, Central African States, Barbados, Papua New Guinea 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 7,243 basis points and by a net 6,953 points, excluding the cuts by Zimbabwe, Papua New Guinea 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 420 policy decisions so far this year, with policy rates cut 222 times and only raised six times.

Central banks in developed markets have decided on monetary policy 58 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 122 times, with 23 banks cutting rates 74 times: Turkey (five times), South Africa (five times), Peru (two times), Malaysia (four times), Thailand (three times), Brazil (five times), Philippines (four times), Russia (four), Mexico (five times), China (twice), Indonesia (four), the UAE (twice), Qatar (twice), South Korea (twice), Chile (twice), Czech Republic (three), Egypt, Pakistan (five times), Poland (three times), Taiwan, India (twice), Colombia (five) and Hungary (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 71 times, with 17 banks cutting rates 44 times: Argentina (six times), Sri Lanka (five times), Kenya (three times), Ukraine (four), Bahrain (twice), Kuwait (twice), Jordan (twice), Mauritius (twice), Serbia (three), Morocco (twice), Tunisia, Vietnam (twice), Ghana, Romania (three), Bangladesh (three), Kazakhstan (twice) and Nigeria.

Kazakhstan has raised its rate once while Nigeria raised its reserve requirement.

Central banks in other markets have decided on monetary policy 158 times, with 43 banks cutting rates 89 times: North Macedonia (three times), Lesotho (five times), Azerbaijan (three), Honduras (three), Iceland (four times), Belarus (three), Costa Rica (three), Namibia (four times), The Gambia (twice), Saudi Arabia (twice), Macao (twice), Moldova (three), Mongolia (twice), Trinidad & Tobago, Dominican Republic, Guatemala (three), Paraguay (five), Armenia (three), Sierra Leone, Fiji, Eswatini (three times), Seychelles (twice), Democratic Republic of Congo, Central African States, Albania, Myanmar (three) Zimbabwe (twice), Cape Verde, Barbados, Vanuatu, Eastern Caribbean, Uganda (twice) Uzbekistan, Mozambique (twice), Tajikistan (twice), Georgia (three), Rwanda, Botswana, Tanzania, Zambia, Liberia, Papua New Guinea and West African States.

Kyrgyzstan, Tajikistan and Zimbabwe 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.

Jun 16: refinancing rate cut 50 bps to 4.50% as inflation is expected to remain low due to a deflationary drag on the economy from abroad. It will be necessary to maintain stimulus in the medium term.

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.

Jun 19: discount rate cut 25 bps to 7.0% as negative impact from Covid-19 continues to affect economy in May and June, with future policy decisions aimed at keeping inflation within the target range, maintain
financial stability and support economic activity.

Jul 31: discount rate cut 25 bps to 6.75% as inflation is below the midpoint of the target, the continued improvement in the international situation, the stability in the foreign exchange market and the anti-inflationary effects of weaker demand.

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 (CRR) cut 50 bps to 5.0%

Apr 9: repo rate cut 50 bps to 5.25%, CRR cut 100 bps to 4.0%

Jul 29: repo rate cut 50 bps to 4.75%, reverse repo rate cut 75 bps to 4.0%, bank rate, unchanged since 2003, cut 100 bps to 4.0%

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%.

Jun 22: refinancing rate cut 25 bps to 7.75% at extraordinary board meeting in light of as inflation slowing faster than expected.

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.

Jun 17: Selic rate cut 75 bps to 2.25% as the current economic situation requires extraordinarily high monetary stimulus but the remaining space for monetary policy is uncertain and must be small. For coming meetings, Copom will assess the impact of the pandemic and measures to encourage credit and income restoration, anticipating that any future adjustments to the current degree of monetary stimulus will be residual.

Jun 23: Central bank sets out conditions for the purchase of private asssets in secondary markets following amendment of the constitution on May 7. Assets with credit risk of BB- or higher that is not convertible into shares and with a maturity of 12 months of more will be eligible. To control risk, there will be limits of the purchases per bond issue. Reuters reported the bank’s monetary policy director as saying up to 7.5% of all the bank’s purchases can be in one company, but it would not buy more than
25% of any one issue. The central bank will provide updates on its website regarding any purchases, that will focus on micro, small and medium-sized companies.

Aug 5: Selic rate cut 25 bps to 2.0% but remaining space for further monetary easing is now small and any further changes to the degree of stimulus would be gradual and depend on the outlook for fiscal policy
and inflation.

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.

CENTRAL AFRICAN STATES

Mar 27: interest rate on tenders (TIAOs) cut 25 bps to 3.25%, marginal loan facility rate cut 100 bps to 5.0%, liquidity injections raised to 500 billion Central African francs from 240 billion, and if necessary, this amount can be increased.

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.

Jun 16: phase 2 of Conditional Facility for Increased Lending (FCIC), which covers US$16 billion of incentives for 8 months for SMEs, opened while asset purchase program of US$16 billion over 6 months
to be implemented.

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.

May 29: benchmark interest rate cut 50 bps to 2.75% as countercyclical monetary policy stance
continues.

Jun 30: benchmark interest rate cut 25 bps to 2.50% as countercyclical momentum of monetary policy
continues to boost economy amid persistent uncertainty about the outlook for the global economy.

Jul 31: benchmark interest rate cut 25 bps to 2.25% as balance of risks suggest it is appropriate to
provide additonal boost to economy.

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.

Jun 17: monetary policy rate cut 50 bps to 0.75% as inflation forecast to be below lower limit of target
range for the next 18 months.

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.

Jun 18: countercyclical capital buffer cut to 0.5% from 1.0% as of July 1 to support banks’ ability to lend to non-financial corporations and households without interruption. CNB is ready to release the buffer
fully were banks’ credit losses to rise markedly.

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.

Apr 15: discount rate cut 100 bps to 4.50% as economy forecast to contract by 6.16% in 2020 compared with previous forecast of 2.8% growth. Current forecast indicate economy will grow 2.1% in 2021.

May 22: discount rate cut 50 bps to 4.00% as short-term growth outlook is expected to remain challenging with debt sustainability concerns projected to limit growth prospects. Under a pessimistic scenario, GDP in 2020 expected to contract by 6.16% in 2020 and then recover to growth of 2.1% in 2021.

Jul 24: discount rate cut 25 bps to 3.75% as the COVID-19 pandemic continues to threaten the global economy, with the slump in economic activity largely attributed to poor performance in the secondary
sector, wuch as manufacturing, electricity supply and construction. Forecast for inflation this year revised upwards to 3.77% from an earlier 3.54% forecast and to 4.34% for 2021 from 3.93%.

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.

Jun 4: pandemic emergency purchase program (PEPP) increased by 600 billion eurs to 1.35 billion euros and extended at least to the end of June 2021 or “until it judges that the coronavirus crises phase is over.”
Euro area economy forecast to contract 8.7% in 2020 and then expand 5.2% in 2021 and 3.3% in 2022.Inflation seen of 0.3% in 2020, then 0.8% in 2021 and 1.3% in 2022.

Jun 25: ECB sets up eurosystem repo facility for central banks (EUREP) outside the euro area, addressing possible euro liquidity needs in case of market dysfunction from COVID-19 shock that might affect
smooth transmission of ECB monetary policy. EUREP to be available until end of June 2021.

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.

May 28: policy rate cut 200 bps to 10.00% to support the economy and statutory required reserve ratio cut 200 bps to 13.0%, releasing about 700 million delasi in liquidity to banks as economy preliminarily
assessed to contract 1.2% in 2020, reflecting the disruptive effect of the pandemic, particularly on tourism and related activities, trade and private investment. The uncertainty around the forecast increases as the crises protracts.

GEORGIA

April 8: Provision of US$200 million through swaps to commercial banks and $200 million to micro-finance institutions, capital requirements eased, including a cancelation of the capital conservation buffer (2.5% of risk-weighted assets) and the pillar 2 buffer (2/3 or non-hedged risk buffer) releasing US$1.6 billion in capital that can be used to offset potential losses or lend $16 billion to the economy.

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.

Jun 24: refinancing rate cut 25 bps to 8.25% as inflation forecasts lowered due to a significant weakening of external and domestic demand. Pace of further policy normalization depends on how quickly inflation expectations recede.

Aug 5: refinancing rate cut 25 bps to 8.0% as it continues gradual exit from the tightned policy stance at a slower pace amid slowing inflation the rest of this year from economy seen shrinking 5% in 2020.

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.

GUATEMALA

Mar 19: leading monetary policy interest rate cut 50 bps to 2.25% to help contain, in the short term, the slowdown in economic activity, employment and lower the cost of credit.

Mar 25: leading monetary policy interest rate cut 25 bps to 2.0% to lower the cost of credit for companies and households to moderate the impact of the emergency on the economy as as growth this year could
be considerably lower than earlier expected given the less favorable international environment.

Jun 25: monetary policy rate cut 25 bps to 1.75% to lower cost of credit for companies and households and thus help promote a recovery of economic activity.

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.

Jul 31: monetary policy rate cut 75 bps to 3.75% to help ease negative impact of measures to curb spread of pandemic on employment and economic activity, which is now seen contracting more than expected in May.

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.

Jun 23: base rate cut 15 bps to 0.75% in “fine-tuning” move to counter the decline in inflation and support
economic growth. Growth this year is forecast of 0.3-2.0%, down from the March forecast of 2.0-3.0
percent.

Jul 21: base rate cut 15 bps to 0.60% to support price and financial stability, and recovery of economic
growth. But short-term yields must be maintained at safe distance from close to zero and in the event of
a persistent deterioration in the outlook for growth, additional economic stimulus through targeted
instruments, such as Funding for Growth Scheme Go! and Bond Funding for Growth Scheme.

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.

Jun 18: BI 7-day reverse repo rate cut 25 bps to 4.25% and says there is still space to lower rates in line
with mild inflationary pressures, maintained external stability and the need to stimulate economic
growth.

Jul 16: BI 7-day reverse repo rate cut 25 bps to 4.0% in line with low projected inflation and maintained
external stability.

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.

Jul 7: BOI to purchase up to 15 billion shekels of corporate bonds on the secondary market for the first
time to ensure the continued orderly functioning of the corporate bond market and to strengthen the
passthrough of monetary policy to the credit market, and making additional sources of credit available
to all industries. BOI also renews its plan to supply bank credit to small companies, without limitation
of the total amount and keep in operation until further notice. The first such plan was approved in April
and ran unitl the end of May, providing banks with loans aat 0.1% for 3 years. The new plan provides
loans at the same rate. BOI will also expand the range of assets hat banks can put up as collateral against
credit to include mortgage portfolios in addition to government bonds.

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.

Jun 16: One of BOJ’s three measures in response to Covid-19, the support for corporate financing,
raised to some 1 trillion yen from 700 billion. BOJ’s other two measures are Yen and Foreign Currency
Funds to stabilize Markets, which includes unlimited JGB purchases and USD operations, and ETF
purchases at annual pace of about 12 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.

Jul 20: base rate cut 50 bps to 9.0% as risks of inflation are now weakening amid a faster-than-expected decline in economic activity in the first half of the year.

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.

Jul 28: CBL rate cut 25 bps to 3.50%, floor of NIR target raised to $550 million from $530 million, economy still seen contracting 5.7% in 2020, with output down 1.2% in May after 1.3% rise in April.

LIBERIA

May 29: monetary policy rate cut 500 bps to 25.00%, a cut that is indicative of the success in reducing inflation to an average of less than 25% in Q1 vs slightly over 30% in October 2019. Inflation seen falling to 19% in Q2.

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.

Jul 7: OPR cut 25 bps to 1.75% to provide additional policy stimulus to accelerate the pace of economic recovery.

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.

Jun 25: target for overnight interbank interest rate cut 50 bps to 7.0% as risks to the economy remain to the downside and there is persistent uncertainty about the economic recovery.

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.

Aug 6: base rate cut 25 bps to 3.0%, interest rate corridor narrowed by 100 bps to 5.0% and 0.5%, required reserve on lei and non-convertible liabilities cut 100 bps to 32% through Oct. 15 and ratio on freely
convertible currencies raised 300 bps to 27%.

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.

Jun 16: key interest rate cut 50 bps to 1.50% as inflation is expected to remain moderate in 2020 and 2021 while economy is set to shrink 5.2% in 2020.

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.

Jun 17: monetary policy rate cut 100 bps to 10.25% as risks and uncertainties in the economy have worsened significantly due to military instability in the northern part of the country and the Covid-19 pandemic.

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.

Jun 17: repo rate cut 25 bps to 4.0%, balancing the need for further monetary stimulus in the face of
pandemic-induced weakness in the economy against the importance of not undermining savings and
investment decisions.

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.

May 28: Monetary Policy Rate (MPR) cut 100 bps to 12.50% as a sharp decline in output growth is expected in Q2 and maybe Q3 and if current stimulus measures are properly implemented, economy will
reverse to growth in Q4. Monetary Policy Committee notes with concern the persistent uptick in inflation for the 8th consecutive month but this is mainly due to disruptions in the supply chain from restrictions
to travel, reduced supply of foreign exchange, continued impact of deteriorating infrastructure and spillover effects of the pandemic on global supplies.

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.

Jun 25: policy rate cut 100 bps to 7.0% in surprise decision, with easing reflecting a further improvement in the outlook for inflation while the slowdown of the economy continues and downside risks to growth
rise.

PAPUA NEW GUINEA

Mar 30: Kina Facility Rate (KFR) cut 200 bps to 3.0% and cash reserve requirement (CRR) cut 300 bps to 7.0% as part of policy response to the effects of Covid-19 on the economy. Quantitative Easing (QE)
program implemented through buy-back of government securities before maturity from holders. QE and CRR cut intended to provide additional liquidity to banking system.

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.

Jun 22: monetary policy rate cut 50 bps to 0.75% as a more accommodative monetary policy is appropriate to support a gradual economic recovery of domestic demand and ensure inflation converges to the target of 4.0 percent.

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.”

Jun 25: policy rate cut 50 bps to 2.25% amidst benign inflation environment to help mitigate the downside risks to growth and boost market confidence.

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.

May 28: reference rate cut 40 bps to 0.10% as the risk of inflation falling below NBP’s target prevails due to weaker activity in the global economy together with lower commodity prices. NBP will also continue to
purchase government securities and government-guaranteed debt securities on the secondary market to ensure liquidity and enhance the impact of interest rate cuts on the economy. Timing and scale of
perations will depend on market conditions.

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.

May 29: monetary policy rate cut 25 bps to 1.75% amid extremely uncertain and highly difficult conditions about the evolution and implications of the coronavirus pandemic on the outlook for inflation
and economy.

Aug 5: monetary policy rate cut 25 bps to 1.50% to underpin recovery of economic activity and bring inflation in line with target.

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.

Jun 19: key interest rate cut 100 bps to 4.50% as downward pressures on inflation are higher than expected and further rate cuts will be considered in upcoming meetings.

Jul 24: key interest rate cut 25 bps to 4.25% as disinflationary factors continue to exert considerable influence on inflation and there is a risk inflation might deviate from target in 2021. The necessity of further rate
cuts will be considered in upcoming meetings.

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.”

Jun 1: SAMA to provide 50 billion riyals to support liquidity to the banking sector.

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.

Jun 11: reference rate cut 25 bps to 1.25% to ease the negative effects on the economy from the spread of the coronavirus and boost growth against backdrop of low and stable inflation and the unprecedented global recession.

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.

Jun 21: monetary policy rate cut 100 bps to 3.0% to support a decline in interest rates to relieve future stress on borrowers, improve short-run liquidity and thus sustain economic activity.

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.

SOLOMON ISLANDS

Jun 15: Cash Reserves Requirement (CRR) cut 250 bps to 5.0% as part of response to Coronavirus-19 pandemic.

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.

Jul 23: repurchase rate cut 25 bps to 3.50%, with future policy decisions dependent on data and sensitive to the balance of risks to the outlook. MPC will seek to look through temporary price shocks and focus
on second round effects.

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: SDFR 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: SDFR 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: SDFR 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.

Jun 16: Statutory Reserve Ratio (SRR) cut 200 bps to 2.0% beginning with maintenance period that begins Jun 16, injecting some 115 billion rupees of additional liquidity to domestic money markets.

Jul 9: SDFR and SLFR cut 100 bps to 4.50% and 5.50%, respectively, to lower lending rates further and encourage financial system to lend to productive sectors of the economy at time of subdued inflation.

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.

Jul 1: asset purchases increased to 500 billion krona from 300 billion and purchasing period extended to June 2021 from September 2020, with 100 billion of government bonds, mortgage bonds and municipal bonds to be bought from Oct. 1 to Dec. 31, 2020, and 10 billion krona of corporate bonds tobe bought to June 30, 2021. Interest rates on various loans to banks lowered, including the rate on the standing loan facility cut to 10 bps over repo from 20 bps and the maturity of loans to banks for onward
lending extended to 4 years from 2 years. Riksbank says the repo rate, which was maintained at 0.0%, can be cut, if this is assessed to be an effective measure.

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%.

Jun 29: Lower limit on interest rate on liquidity-shortage financing facility (CRF) cut to at least 0.0% from 0.5% as of July 1 to bring overnight funding rate more in line with policy rate of -0.75%. Repo auctions stepped up to steer Swiss Overnight Interest Rate (SARON) close to target of -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.

Jul 27: refinancing rate cut 100 bps to 10.75% to support economic activity at a time of stabilizing global and domestic inflation expectations.

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.

Jun 8: CBR cut 100 bps to 7.0% while inflation is low and growth slowing. Growth forecast for 2020
lowered to 2.5-3.0% from April forecast of 3.0-4.0%.

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.

Jun 11: policy rate cut 200 bps to 6.0% as consumer and investment demand is likely to remain subdued for longer than expected, keeping inflation below target longer than projected in April. A decrease in the
policy rate below the neutral rate indicates the end of the cycle of rapid monetary easing.

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.

Jun 18: Target for purchasing assets, UK government bonds, raised 100 billion pounds to a stock of 745 billion pounds as further easing of monetary policy is warranted to meet the statutory objective of 2.0
percent inflation.

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.

Jun 8: Main Street Lending program expanded to allow more small and medium-sized businesses to receive support by lowering the minimum loan amount, raising the maximum loan limit, adjusting the
repayment schedule to begin after two years and exting the term to five years.

Jun 15: New York Fed to start buying investment grade, corporate bonds on the secondary market on June 16 under its Secondary Market Corporate Credit Facility (SMCCF). These purchases follow the start
of purchases of exchange-traded funds on May 12.

Jul 28: Federal Reserve Board extends through Dec. 31 lending facilities that were scheduled to expire around Sept. 30 to facilitate planning by potential participants and help the economy recover from
COVID-19 pandemic. The facilities include the primary dealer credit facility, the money market mutual fund liquidity facility, the primary market corporate credit facility, the secondary market corporate
credit facility, the term asset-backed securities loan facility, the paycheck protection program liquidity facility and the main street lending program. The municipal liquidity facility was already set to expire on Dec. 31 while the commercial paper funding facility is set to expire on Mar. 17, 2021.

Jul 29: Federal Reserve Board extends temporary US dollar liquidity swap lines and temporary repo agreement facility for foreign and international monetary authorities through Mar. 31, 2021. The facilities were set up in March this year to ease strains in global dollar funding markets. The extension of the swap lines applies to Australia, Brazil, South Korea, Mexico, Singapore, Sweden, Denmark, Norway and NewZealand. The repo faciity will allow account holders to continue to exchange U.S. Treasury securities held with the Federal Reserve for U.S. dollars.

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%.

Aug 6: interest rate on banks’ deposits with central bank lowered by 20-50 bps. Interest on dong-denominated compulsory deposits by commercial banks cut to 0.5% and for non-compulsory deposits to 0.0%, rate on some state-owned financial institutions’ compulsory deposits cut to 0.8%.

WEST AFRICAN STATES

JUN 22: key interest rates cut 50 bps, with minimum rate for liquidity injections falling to 2.0% and the rate on marginal loans to 4.0%, to support the stimulus aimed at restarting economic production.

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.

Jun 30: policy rate raised 2,000 bps to 35.0% to curb speculative borrowing.

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