| By Dara O’Sullivan, Derrick Leonard, and Ilan Solot
As the week commences, a few markets such as Sri Lanka and Philippines are extending their lockdown periods while others such as Nigeria and Kenya continue to experience USD liquidity issues. Please see comments below. Sri Lanka: The Colombo Stock Exchange (CSE) was expected to resume operations on April 27 but, due to an uptick in Covid-19 cases, the exchange remains closed until May 4. Foreign exchange trading is still permitted between the hours of 8:30am and 1.15pm.
|
 . |
| Philippines: The market extended the current period of reduced operating hours from 9:00 to 14:00 until May 15, 2020. The cut off for FX activity remains 2:00 pm.
|
 . |
| Nigeria: Liquidity issues continue in the Nigerian market. The CBN remains the single largest provider of USD to Foreign Portfolio Investors and as a result, investors are only seeing rare allocations of liquidity. As a result, only a few repatriation requests are being executed. We continue to monitor the liquidity situation and will provide updates as they are received. |
 . |
| Kenya: The market has been experiencing limited USD liquidity and delays in repatriations. The FX market reduced its trading hours on March 30 and now operates from 9:00 am until 2:00 pm until further notice. |
 . |
| Mauritius: Local banks continue to experience liquidity issues. The Stock Exchange of Mauritius (SEM) reopened on April 6 following a period of closure and the banks continue to support trading, settlement, cash clearing and FX activities.
|
 . |
| India: On April 16, 2020, The Reserve Bank of India (RBI) announced the market will extend the current lockdown scenario until April 30,2020. All markets will be open from 10:00am to 2:00pm. For any clients actively trading this market, please continue to observe the current reduced temporary trading hours.
|
 . |
| Indonesia: Bank Indonesia reduced FX and bond market trading hours from until further notice. Where previously the market was open for trading from 8:00am until 4:00pm the revised hours are now 9:00am until 3:00pm.
|
 . |
| Vietnam: On April 15, 2020 the government announced that social distancing measures are to remain in place until April 30, 2020. The FX market had been experiencing limited foreign currency liquidity. In recent days, however, local banks advised there has been a noticeable improvement in liquidity and they are no longer seeing delays in repatriations. |
 . |
| Pakistan: Effective April 16, the Pakistan Stock Exchange (PSE) announced the amended trading hours currently in operation are to remain in place. From Monday to Thursday trading hours have been reduced to 10:00am to 4:00pm. On Fridays, they continue to operate a single trading session only on Fridays from 10:00am to 1:00pm. During this time banks will facilitate support for trading, settlement and cash clearing for FX and government debt.
|
 . |
| Ghana: The FX market continues to experience limited foreign currency liquidity. Local banks warned about possible delays in repatriations.
|
 . |
| Morocco: The Casablanca Stock Exchange (CSE) and the Bank al Maghrib (BAM) shortened their FX and securities deadlines to 2:00 pm until further notice. |
 . |
| Bangladesh: On April 23, the government announced market lockdown will continue until May 7. While there is no trading and settlement allowed, banks will operate on reduced hours from 10:00am to 2:00pm to facilitate cash clearing and FX activity. |
 . |
| Chile: The Chilean interbank FX market reduced its operating hours. The FX market will close at 1:00 pm until further notice.
|
 . |
| Egypt: On April 8, 2020, the government extended the nationwide curfew until further notice. While cash and securities deadlines have been reduced so far there has been no impact to our FX executions.
|
 . |
| Serbia: Effective March 24, the Republic of Serbia has been in a State of Emergency. Banks are working on reduced operating hours and now close at 3:00pm.
|
 . |
| GULF COUNTRIES
Saudi Arabia: A nationwide curfew rema ins in place in Saudi Arabia daily from 3:00 pm until 6:00 am. Trading hours had been reduced, and with the holy month of Ramadan the market is now closing at 1:00 pm. Kuwait: Effective April 7, the Council of Ministers extended their previously declared market holiday further to May 28. This has resulted in local FX markets closing at 12.30pm instead of 1.30pm. Oman: Effective March 29, the Muskat Securities Market (MSM) reduced trading hours in response to Covid-19. The market will now close at 1:00pm. |
 . |
Full story here Are you the author?
Tags: newsletter,Uncategorized
