Emerging Markets Rates and Currencies Handbook

Saudi Arabia (SAR - Saudi Riyal) Citi in Saudi Arabia Citigroup Saudi Arabia is licensed by the Saudi Arabian Capital Market Authority to provide a full range of investment banking, debt and equity markets, markets and securities research capabilities to local and international institutional clients. This is in addition to the custodial and local brokerage services provided to the Qualified Foreign Investors which allows Citi to trade in Saudi equities. Citi’s Saudi office serves government/public sector, large multinational companies and top tier local corporates and was opened in April 2018. Citigroup Saudi Arabia does not have a banking license from the Saudi Central Bank. Market Overview The local currency is pegged to USD. There are no FX regulatory restrictions and the currency is fully convertible both onshore and offshore. The majority of the traded volume in Saudi Riyal against USD followed by GCC currencies. Commonly traded products are FX spot, forwards and cross currency swaps. The SAR IRS market goes up to 10yr with the 5yr part of the curve being most liquid. 3m SIBOR is the benchmark interest rate. Typical size is 10 — 25 Mio USD. Both locals and offshore accounts are active in this market. Convertibility Fully convertible. 139