Emerging Markets Rates and Currencies Handbook

Forward and Options: FX Hedging is allowed by exchange regulation, subject to supporting documentation (invoices or contracts to justify an underlying commercial transaction). Trade Flows Underlying documents are required depending on the nature of the payment. These include: 1. Invoice or contract. 2. Customs documentation. Capital Flow and FDI No restriction. However, investments as well as foreign currency loans should be declared to Ministry of Finance and Central Bank. Repatriation of foreign currency loans to the Central Bank is optional, although local banks choose to repatriate. Additional Comments Resident corporates are allowed to hedge risk only based on commercial transactions, no speculative hedging allowed. As of May 2023, Regulation is being under revision, hence, the content of this handbook will be subject to change whenever the new regulation will be published. Citibank Senegal S.A. 2 place de l’independance immeuble SDIH Dakar Senegal FX Sales Contact: +22133849 1109 / +2213-3849 1195