Emerging Markets Rates and Currencies Handbook

182 days and 364 days Treasury Bill Rates. 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) 25-50 10-20 2-3 No data No data N/A No data Offshore Volume (MM USD Daily) 0-5 0 - 10 0-10 Negligible N/A N/A negligible settled on NDF basis Onshore Max Tenor (Or Typical Tenor T+2 1 year N/A N/A N/A N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 1 year 1 year 1 year N/A N/A 5 years For Spot) Onshore Typical Deal Size (MM 0.5 1 2-3 No data No data N/A No data USD) Offshore Typical Deal Size (MM – /3 –/3 –/3 –/3 N/A N/A episodic USD) CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing There is no benchmark in the country. Regulation Non-Resident Restrictions: Non-residents (e.g. non-resident corporates) are permitted to transact FX with an onshore entity (e.g. onshore bank). Offshore Restrictions: Onshore entities (e.g. resident corporates) are permitted to transact FX with offshore entities (e.g. offshore banks). There are no restrictions to price KES outside the country. License Requirements No license requirement to transact FX Spot. For securities, a Central Depository System (CDS) account is required. Requirements to open a foreign currency account Foreign currency accounts are permitted. Accounts are opened after completion of documentary requirements. Deal Management Rollover: All types are permitted. Gross settled. Unwinding: All types are permitted. Early Maturity: No restrictions but not common market practice. Documentation Requirements No documentation required for FX conversions although supporting documentation is required for outgoing foreign currency payments of $10,000 (equiv.) and above. For outgoing foreign currency payments done electronically, of amounts above USD 10,000, supporting documentation may be deferred (subject to undertaking) but must be provided upon request. Capital Flow and FDI No local law documentation requirements.