Deutsche Bank’s FX platform capabilities are helping corporates facing exceptional challenges triggered by the global pandemic to ‘keep the lights on’ – from maintaining liquidity to enabling employees to work from home.
The speed and severity with which Covid-19 has moved from an illness centred in a Chinese province into a global pandemic has caught governments and businesses around the world off-guard. The massive macroeconomic shock is set to reverberate for many months.
In these strange and unprecedented times we are experiencing, Deutsche Bank stands ready to step into the breach to support its clients when the going gets tough.
To offer one of many examples; on the morning of Tuesday, March 17 the interbank FX market was suspended after the Central Bank of Philippines’ announcement earlier that day. This had an immediate impact on our customers and affected many important payment processes including salary and pension payments, repayment of loans, intercompany funding and merchant sales proceeds.
“We immediately looked at the payment orders that had been received overnight, reviewed with the local team our ability to settle them and then completed these payments,” reports Deutsche Bank’s David Cooper, head of transactional FX sales for Asia Pacific. “We took the decision to continue to accept payment orders, using a controlled process to review the flow on a daily basis with trading as DB’s own PHP liquidity would need to be used while the interbank market remained closed.”
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