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INTL FCStone: 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 INTL FCStone at stuart.ponder@intlfcstone.com for latest information.

Week commencing 25th May 2020, updated 26th May 2020

Update to COP

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 limitations; due to the fluidity of the situation, this list may not be exhaustive.  Some of the markets below may also see additional impact in working days/hours due to Ramadan.  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. 

Honduras (HNL): w/c 16th March, several onshore banks and branches closed their offices in response to the coronavirus outbreak and consequently IFL was temporarily unable to settle HNL.  The channels have now comprehensively reopened (as of 27th April), albeit on a reduced hours basis, but there is now no limitation to IFL’s ability to deliver HNL payments.

Nepal (NPR): On 25th March the Nepalese government imposed a complete local lock down onshore, impacting all financial markets and settlements.  This lockdown has been relaxed and Central bank clearing is now in action on a reduced hours basis, which has meant that IFL has been able to re-enable their NPR payments capability.

Bangladesh (BDT): Due to the current COVID-19 outbreak, the Bangladesh government has implemented an onshore curfew which has come into effect immediately and will be in place until a newly extended date of 30th May (previously 15th May).  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. 

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.  Our correspondent network has advised that for now, the banking network remains open for execution and settlement.

Maldives (MVR): Due to the current COVID-19 outbreak, Male’ City in the Maldives was placed under a 24hour lockdown on 15th April at 15:30 due to some positive cases on the main island.  This lockdown has been extended to the 26th May.  During this time, there will only be settlement available on a Monday and Wednesday.

Russia (RUB): Due to the current COVID-19 outbreak, the Russian government implemented an onshore curfew commencing 30th March.  It was announced on 11th May that a gradual easing of restrictions would now commence.  Our correspondent network has advised that the banking network remains open for execution and settlement. 

Mauritius (MUR):  IFL learnt on the morning of the 20th March that Prime Minister Pravind Jugnauth asked Mauritians to stay at home until 15th April 2020 to prevent the coronavirus from spreading, effective immediately.  This has now been extended to 1st June.  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 5th June.  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. 

Eswatini/Swaziland (SZL): Due to the current Covid-19 outbreak, the Swazi government imposed a curfew to commence on 27th March 2020 for 21 days; this was then extended to 7th May 2020.  The Government is now adopting 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.

Lesotho (LSL): Due to the current Covid-19 outbreak, the Government of Lesotho initially imposed a curfew to commence on 29th March 2020 for 22 days; this has now been extended to 5th May.  As of 6thMay, Lesotho has no reported cases of Covid-19 and will consequently begin a 2-week easing of restrictions.  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. 

Bolivia (BOB): Due to the current Covid-19 outbreak, the Bolivian government imposed a curfew effective immediately to last until May 17th; this has now been extended to last until May 31st.  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.   

Azerbaijan (AZN): Due to the current COVID-19 outbreak, the Government of Azerbaijan implemented an onshore curfew commencing 30th March and will be in place until a renewed date of May 4th(previously April 20th).  This has now been extended to last until May 31st on a partial lockdown basis, meaning that it will progressively begin lifting restrictions on commercial activity.  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.    

Botswana (BWP): Due to the current COVID-19 outbreak, the Government of Botswana implemented an onshore curfew commencing April 2nd 2020 and will be in place for 28 days; this was then extended to May 7th.  The Government has now commenced a phased relaxation of the lockdown measures.  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. 

Namibia (NAD): Due to the current Covid-19 outbreak, the Government of Namibia has imposed a curfew to last until the newly extended 5th May 2020 (previously 17th April 2020).  From 5th May 2020 it has been reported that the lockdown will gradually commence relaxation over a 4 phase basis.  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. 

Nigeria (NGN): Due to the current COVID-19 outbreak, the Nigerian government imposed a partial lockdown on March 31st for 2 weeks, extended for a further 2 weeks as per an announcement on 13thApril and extended yet again (as of 27th April) for a week.  It will now commence a phased and gradual easing of lockdown measures.  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. 

Uganda (UGX): Due to the current Covid-19 outbreak, the Government of Uganda imposed a curfew from 31st March 2020 7pm (local time) to last for 14 days.  This was initially extended to May 5th but has now been confirmed as being extended until June 1st.  It has been reported that Uganda plans to start easing strict lockdown measures from June 2nd.  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.

Morocco (MAD): Due to the current Covid-19 outbreak, the Government of Morocco has imposed a curfew from 20th March 2020 to last until the newly extended 10th June (previously 20th May 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.

Tunisia (TND): Due to the current Covid-19 outbreak, the Government of Tunisia imposed a curfew to last for an undetermined period of time.  The Government is now adopting a phased easing of the lockdown with all restrictions expected to be lifted by 24th June.

Georgia (GEL): Due to the current Covid-19 outbreak, the Government of Georgia has imposed a curfew to last for an undetermined period of time.  However, they will be progressively easing restrictions with a 6 step plan in the hopes that the curfew can be comprehensively lifted by July.  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. 

Rwanda (RWF): Due to the current Covid-19 outbreak, the Government of Rwanda has imposed a curfew to last until the newly extended 30th April 2020 (previously 17th April).  This curfew (from 4thMay) will be undergoing staged relaxation phases.  The banking network is 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. 

Ethiopia (ETB): Due to the current Covid-19 outbreak, the Government of Ethiopia 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 now to 25th May with some easting restrictions announced.  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.

Paraguay (PYG): Due to the current Covid-19 outbreak, the Government of Paraguay has imposed a curfew effective immediately with no end date advised.  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.

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.  From 15th May onwards, a gradual easing of restrictions is being enforced.   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. 

Pakistan (PKR): Due to the current Covid-19 outbreak, the Government of Pakistan imposed a curfew effective immediately to last until 9th May.  From 9th May onwards, a gradual easing of restrictions will be enforced.  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 has imposed a lockdown primarily in Nairobi and Mombasa to last until 6th June 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. 

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.

Sri Lanka (LKR): Due to the current Covid-19 outbreak, the Sri Lankan government imposed a curfew, effective immediately, to last until 11th May (previously 4th May).   This lockdown is now being lifted, commencing with workers in both the private and public sectors, with a decision on returning to schools due w/c 18th May.  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. 

North Sudan (SDG): Due to the current Covid-19 outbreak, the North Sudanese government has declared that effective Saturday 18th April 2020, the capital city of Sudan will be in total lockdown to help stop the outbreak of the virus.  This lockdown was due to last for three weeks but has now been extended to June 2nd.  The Central Bank of Sudan initially advised that the banking network would formally be closed until 8th May (inclusive) but this has now been revised; the banking network remains open for execution and settlement but will be operating on a reduced hours basis.

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. 

Madagascar (MGA): Due to the current COVID-19 outbreak, the Madagascan government has imposed a local lockdown that is scheduled to be in place until May 3rd.  These restrictions are now slowly being lifted.  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. 

Guyana (GYD): Due to the current Covid-19 outbreak, the Government of Guyana 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.   

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.   

Algeria (DZD): Due to the current Covid-19 outbreak, the Government of Algeria has imposed a half day curfew for all businesses to adhere to.  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.   

Guinea (GNF): Due to the current Covid-19 outbreak, the Guinean Government has imposed a curfew effective immediately to last until at least June 15th.  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.   

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