Emerging Markets Rates and Currencies Handbook

Poland (PLN - Polish Zloty) Citi in Poland Citi has been present in Poland since 1991. In 2001 a merger of Citibank (Poland) S.A. and Bank Handlowy w Warszawie S.A. took place to form Citi Handlowy, a Citi subsidiary. It is one of the strongest financial institutions in Poland as it builds on over 150 years of local experience and achievements of Bank Handlowy and on the history and successes of over 200 years of Citi. The bank has been listed on the Warsaw Stock Exchange since 1997 and is a member of WSE Respect Index constantly since its creation in 2009. The Index covers Polish companies listed on the WSE Main Market which follow the highest corporate governance, reporting and investor relations standards, and which also take into account environmental and social factors. The Bank provides the full range of banking services through Corporate and Institutional Clients Group, Commercial Banking and Consumer Group to international and local corporate and individual clients. Market Overview Liquid foreign exchange market with free floating currency. The National Bank of Poland (central bank) follows inflation targeting monetary policy. Main currency pairs: EURPLN, USDPLN, EURUSD. Convertibility Full convertibility. Interest Rate IR market consists of liquid Money Market. WIBOR Money Market Rates are fixed by GPW Benchmark — subsidiary of WSE (tenors from O/N to 12M) on daily basis ( gpwbenchmark.pl) . Poland also has liquid government bonds market with majority of bonds issued in PLN, with tenors up to 20 years (fixed coupons, floating coupons, linked to CPI Index coupons). 130