Emerging Markets Rates and Currencies Handbook

Morocco (MAD - Moroccan Dirham) Citi in Morocco Citi has been operating in Morocco since 1967 and is a member of GPBM (Groupement Professionnel des Banques au Maroc), with direct access to local regulatory bodies, notably the Foreign Exchange Control Office and market infrastructures for our securities funds business. Citi Morocco is primarily engaged in corporate and investment banking with four customer segments covering multinational clients, large Moroccan corporations, the public sector and financial institutions. Backed by an unparalleled international network, Citi Morocco has access to a large array of products, covering all clients’ requirements, ranging from cash management to foreign exchange and strategic advisory. Market Overview MAD is a basket of 60% EUR and 40% USD. Interbank rates are quoted by the Central Bank within a bid-offer band range of 10%. Main Currency Pairs: EURMAD; USDMAD; GBPMAD; JPYMAD; CHFMAD. FX trades must be done for business/hedging reasons. No speculative trading is allowed. Onshore hedges for local resident entities allowed (FX forwards/vanilla options). Max tenor 5 years. Good liquidity on the rates market for short term up to 2y, Medium liquidity from 5 to 10y, poor liquidity for longer tenors. Main benchmark rate is central bank rate. Convertibility The Moroccan dirham (MAD) is a restricted currency with regulated convertibility. 118