Stone X: Global Payments Update on Markets Operations Affected by Covid-19

The information provided here is accurate at the time of publication but as circumstances in some countries are changing regularly please contact Stone X at stuart.ponder@intlfcstone.com for latest information.

Week commencing 3rd August 2020, updated 3rd August 2020

Updated: COP, LBP, INR

COVID-19 Update:

Due to this unprecedented situation, many institutions in our correspondent network are facing staffing issues, reduced working hours and consequently may be slow to respond. We are working to get responses as quickly as possible, and we appreciate your understanding. The following are countries with specific current limitation due to the fluidity of the situation, this list may not be exhaustive. IFL remains in constant contact with local correspondents across a vast network and strives to update clients on any market changes as quickly as possible.

India (INR): Due to the current COVID-19 outbreak, the Indian government implemented an onshore curfew commencing 26th March and to initially be in place for 3 weeks; this was initially extended to May 3rd and has since been extended to 31st May 2020. The lockdown has been extended further in specific regions until August 31st and in parallel, there will be a phased easing in remaining regions. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Colombia (COP): Due to the current COVID-19 outbreak, the Colombian government has implemented an onshore curfew which has come into effect immediately and will be in place up to and including a newly extended 30th August. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Egypt (EGP): Due to the current Covid-19 outbreak, the Government of Egypt has imposed a curfew to last for an undetermined period of time. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Angola (AOA): Due to the current Covid-19 outbreak, the Government of Angola imposed a curfew from Friday 27th March for 14 days initially; this was then extended to 10th May, and then to 25th May. An easing of restrictions has now been implemented, commencing with the upcoming reopening of schools. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

XOF region (Benin, Ivory Coast, Togo, Senegal, Burkina Faso, Niger, Mali, Guinea Bissau): The BCEAO (the overseeing Central Bank for the region) has reduced the settlement window, meaning there is no issue in settlement, purely that the system is working on a reduced hours basis.

Costa Rica (CRC): Due to the current Covid-19 outbreak, the Government of Costa Rica imposed a curfew to last until April 30th; this was then extended to 15th May with a gradual easing of restrictions being enforced thereafter. However, due to a rise in cases, the government has re-implemented lockdown to last until 1st August. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Kenya (KES): Due to the current COVID-19 outbreak, the Kenyan government imposed a lockdown primarily in Nairobi and Mombasa to last until 6th June 2020; the President then extended this for a further 30 days. Kenya has now commenced a phased easing of the lockdown. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Eritrea (ERN): Due to the current COVID-19 outbreak, the Eritrean government has imposed a lockdown for an indefinite period of time (previously specified to end 24th April 2020). Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis and there may be delays in settlement.

South Sudan (SSP): Due to the current Covid-19 outbreak, the South Sudanese government has imposed a curfew effective immediately. This has now entered a restriction lifting phase. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Democratic Republic of Congo (CDF): Due to the current Covid-19 outbreak, the Government of DRC has imposed a curfew effective immediately. Our correspondent network has advised that for now, the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

Madagascar (MGA): The Government of Madagascar has imposed a lockdown in the Analamanga region (contains the capital Antananarivo and its surrounding metropolitan area) from July 6th – beginning of August due to a rise in coronavirus cases. The banking network is open for execution and settlement but will be operating on a reduced hours basis.

Lebanon (LBP): The Government of Lebanon has imposed a lockdown from Thursday 6th August to Monday 10th August 2020 inclusive. The banking network will be closed during this time.

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