Working Hours & Official Holidays
AFAQ Cross-Currency Service Working Hours (Business Day Timetable)
Current Time:
03/12/202420:55 KSA Time
FX Translation Rate Adjustment and Authorization
Exchange Period
Reporting, Reconciliation, and Confirmation
Net Settlement Window
FX Translation Rate Adjustment and Authorization
- At the beginning of the period, the operation team ensures that the start of the day balances for all accounts are zero.
- NCBs (National Central Bank) send messages with the official rate for their currency against the USD.
- The cross-rates are calculated and delivered to NCBs (National Central Bank) for approval.
- The system will prohibit cross-border payments for unconfirmed pair of currencies.
- On deactivation of the period, the system sends FX Translation rates notifications for all approved currency pairs and calendar notifications to the NCBs (National Central Bank).
Exchange Period (Including returns initiated by the participants).
On deactivation of the period:
• Cut-off for exchange payments period.
Reporting, Reconciliation, and Confirmation
• Generation of statements and Net Position reports.
• All NCBs (National Central Bank) must reconcile the reports received (statements and net position reports).
• All NCBs (National Central Bank) must send confirmation of Net positions.
Net Settlement Window
Settlement operations starts.
Holidays
Current Date:
03/12/2024|
Country |
Holiday Description |
Working Status in AFAQ |
|---|---|---|
|
|
- |
Working |
|
|
- |
Working |
|
|
- |
Working |
|
|
- |
Working |
|
|
- |
Working |
|
|
- AFAQ is closed during the weekend (Friday and Saturday).
- AFAQ is closed in the United Arab Emirates during the weekend (Saturday and Sunday).
- The working status will show as ‘Not Working’ if there is an official holiday in any of the countries participating in AFAQ.