India’s central bank on Friday shortened the business hours of financial markets, saying the national lockdown to stem the spread of the coronavirus has had an "adverse impact" on work.
Eight financial markets will function 10am to 2pm instead of 9am to 5pm from April 7to April 17 said a press release by the Reserve Bank of India.
"The unprecedented situation created by the COVID-19 outbreak has necessitated lockdowns...the resultant dislocations have adversely impacted the functioning of financial markets," said the press release.
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Call/notice/term money, market repo in government securities, tri-party repo in government securities, commercial paper and certificates of deposit, repo in corporate Bond, government Securities (Central Government Securities, State Development Loans and Treasury Bills), Foreign Currency (FCY)/Indian Rupee (INR) Trades including Forex Derivatives and Rupee Interest Rate Derivatives have head their trading hours changed.
“Staff and IT resources have been severely affected, posing operational and logistic risks. The thinning out of activity is impacting market liquidity and increasing volatility of financial prices," said the central bank about the impact of the lockdown and other restrictions.
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