Emerging Markets Rates and Currencies Handbook

FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Market    ✗ ✗ ✗ ✗ Offshore Market    ✗ ✗ ✗  Onshore Volume (MM USD Daily) 130 - 150 5 – 10 5 - 10 n/a n/a n/a N/A Offshore Volume (MM 20 - 30 10 – 15 20 - 30 n/a n/a n/a Marginal USD Daily) Onshore Max Tenor (Or Typical Tenor T+1 1 year 1 year N/A N/A N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T + 1 1 year 1 year n/a n/a n/a 1 year For Spot) Onshore Typical Deal Size (MM 0.5-1 3-5 3-5 n/a n/a n/a N/A USD) Offshore Typical Deal Size (MM USD) 3-5 3-5 3-5 n/a n/a n/a transactions are episodic Onshore CitiFX Pulse    ✗ ✗ ✗ ✗ Capabilities Offshore CitiFX Pulse Capabilities  ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Market is organized on Kazakhstan Stock Exchange with trading session from 10.15 till 17.00 local time. Local time is GMT+6. Fixing 5pm KASE for NDF fixing. Eikon ticker: USDKZTFIX=NBKZ. Regulation Resident Restrictions: Export proceeds must be credited to the bank accounts opened in the Republic of Kazakhstan. In the following cases, export proceeds can be credited to the accounts opened abroad, and requirement for repatriation will not apply: • funds credited in the bank accounts of the resident opened outside of Kazakhstan for repayment of borrowings; or to secure funding of representative offices/branches of the resident opened outside of Kazakhstan. • Use of foreign currency received by residents from holding the following events outside of Kazakhstan to cover expenses in the period of their conduct: exhibitions, sports, cultural and other similar events. • Funds credited as currency earnings of resident transport organizations in their bank accounts opened outside of Kazakhstan in order to pay the costs associated with the payment of ports and other fees outside of Kazakhstan in respect to vehicles and their passengers incurred outside of Kazakhstan, as well as to pay expenses to support activity of such transport organizations. • set off of non-resident liabilities under export import contracts, novation of nonresident liabilities. • Receipt of insurance compensation by resident due to default of non-resident liabilities. Residents shall notify the National Bank of the Republic of Kazakhstan prior to conducting transactions with foreign accounts. Sale and purchase of foreign currency in the Republic of Kazakhstan must be conducted by residents and non- residents only in authorized banks. Authorized bank is a bank established on the territory of the Republic of Kazakhstan. Non-residents may buy/sell currency without