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Restricted Market Trading Comments

By Dara O’Sullivan and Ilan Solot

As the pandemic remains largely in focus around the globe, there have been minimal changes to the markets this week. Markets such as Sri Lanka and Indonesia continue to operate with reduced trading hours.  However, no change to status quo in Nigeria as we continue to experience liquidity issues. Please see below for trading commentary.


Indonesia: Effective July 15, the Central Bank of Indonesia announced they will extend the reduced FX and bond market trading hours until further notice. The revised hours of operations are now 9:00am until 3:00pm, compared previous trading hours from 8:00am until 4:00pm.


Nigeria: Liquidity issues continue in the Nigerian market. The CBN remains the single largest provider of USD to Foreign Investors. The CBN have however been using their USD reserves for national needs instead of providing liquidity to foreign investors. As a result, repatriation executions are rare. We continue to monitor the liquidity situation and will provide updates as they are received.


Pakistan: Effective July 13, the Pakistan Stock Exchange (PSX) have implemented revised trading hours until further notice. The exchange will operate from 9:15am to 3.30pm Monday to Thursday and 9:00am to 4:30pm on Fridays. The State Bank of Pakistan (SBP) has yet to make any announcements regarding amended FX hours and as a result there will be no change to the current operating hours.

Sri Lanka: On June 1, local banks extended their COVID-19 trading hours. Banks are now operating on an amended schedule of 8:30am to 3:00pm local time. Previously, banks were operating on a reduced schedule of 8:30am to 1:15pm to facilitate with trading, settlement, cash clearing and FX related activities.



Philippines: On May 14, the Philippine government extended the nationwide lockdown. The market continues to operate under reduced hours from 9:00 to 14:00. The cut off for FX activity is set at 2:00 pm.

India: The Reserve Bank of India (RBI) announced on April 30 an extension of the current lockdown scenario until further notice. 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.



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.



Ghana: The FX market continues to experience limited foreign currency liquidity. Local banks warned about possible delays in repatriations.

Chile: The Chilean interbank FX market reduced its operating hours. The FX market will close at 1:00 pm until further notice.


Kuwait: On May 31 the Council of Ministers announced they are beginning a relaxation of COVID-19 measures with a reduced curfew. The new curfew is from 6:00pm to 6:00am daily instead of the previous 24-hour lockdown. As a result, trading settlement and foreign exchange (FX) activities are expected to continue as normal.