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) 10 – 30 1 – 2 N/A N/A N/A N/A N/A Offshore Volume (MM USD Daily) 1 – 10 Marginal N/A N/A N/A N/A N/A Onshore Max Tenor (Or Typical T + 2 1 year N/A N/A N/A N/A N/A Tenor For Spot) Offshore Max Tenor (Or Typical T + 2 6 months N/A N/A N/A N/A N/A Tenor For Spot) Onshore Typical Deal Size (MM 0.25 – 4 1 – 3 N/A N/A N/A N/A N/A USD) Offshore Typical Deal Size (MM 1 – 3 N/A N/A N/A N/A N/A N/A USD) CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing No Fixing. Regulation Offshore Restrictions: An onshore entity (e.g. resident corporate) is not permitted to transact FX with an offshore entity (e.g. offshore bank). However, relationships between offshore and onshore banks are allowed (correspondent banking). Non-Resident Restrictions: Non-resident (e.g. non-resident corporate) are permitted to transact FX with an onshore entity (e.g. onshore bank). License Requirements No license required for corporate names to undertake FX transactions. Requirements to open a foreign currency account Foreign currency accounts are subject to Ministry of Finance and Central Bank approvals. The request is to be submitted by an onshore bank on behalf of its customer with justification of purpose, and an estimated account activity profile. Such accounts needs to go through a renewal process every two years. Foreign currency accounts are subject to Ministry of Finance and Central Bank approvals. The request is to be submitted by an onshore bank on behalf of its customer with justification of purpose, and an estimated account activity profile. Such accounts need to go through a renewal process every two years. Deal Management Rollover: Yes, with supporting documents and valid reason. Unwinding: Yes, with supporting documents and valid reason. Early Maturity: Yes, with supporting documents and valid reason. Documentation Requirements Spot: Exchange control regulated, convertibility subject to appropriate underlying documentation for equivalent XOF amount >= 500,000. For amounts below this limit, no documentation is required. Please note that each type of payment (import payment, service payment, loan reimbursement, etc.) will require a specific set of documentation.