Emerging Markets Rates and Currencies Handbook

supply of liquidity among banks and general stability of short-term interest rates. Convertibility Currency is fully convertible subject to availability of liquidity in the market. 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) Offshore Volume (MM USD Daily) Onshore Max Tenor (Or Typical Tenor For Spot) Offshore Max Tenor (Or Typical Tenor For Spot) Onshore Typical Deal Size (MM USD) Offshore Typical Deal Size (MM USD) 2 - 10 N/A T + 2 N/A 0.1 – 1.0 N/A Marginal N/A 1 year N/A 1.0-2.0 N/A N/A Bespoke hedge dependent N/A Bespoke hedge dependent N/A Bespoke hedge dependent N/A N/A N/A N/A N/A N/A N/A Bespoke Hedge Driven N/A Bespoke Hedge Driven N/A Bespoke Hedge Driven N/A N/A N/A N/A N/A N/A Bespoke hedge dependent Bespoke hedge dependent Bespoke hedge dependent Bespoke hedge dependent Bespoke hedge dependent Bespoke hedge dependent CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing N/A. Regulation Resident Restrictions: • A resident, other than a bank or financial institution, shall not open or maintain an account outside the United Republic of Tanzania except for settlement of securities in the East African Community or Southern Africa Development Community; or unless expressly permitted by the Governor. Onshore Restrictions: • An exporter shall make sale of foreign currency through a bank or financial institution where he maintains account relationship. • A bank or financial institution shall not buy foreign currency from an exporter with whom it has no account relationship. • A bank or financial institution shall not trade foreign currency with international foreign currency brokers who are not licensed in the United Republic of Tanzania. • It shall be an offence for any resident in the United Republic to place any sum In Tanzania shillings to the credit of any person resident outside the United Republic of Tanzania. License Requirements N/A. Requirements to open a foreign currency account Standard KYC documentation is required for a resident or non-resident in the United Republic to open and maintain a foreign currency account. Operation of offshore foreign currency accounts by