Emerging Markets Rates and Currencies Handbook

differentials. The Central Bank of Tunisia controls the local FX market and can intervene in the market to stabilize the Tunisian Dinar. IR Market is not active in Tunisia and liquidity is very thin. Money market average (TMM) is used as the benchmark by the local market participants. Convertibility Domestic Tunisian Dinar is not a convertible CCY. 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) 5 - 15 2 - 10 N/A Marginal N/A N/A Bespoke hedge dependent Offshore Volume (MM USD Daily) 5 - 15 2 - 10 Marginal Marginal N/A N/A Bespoke hedge dependent Onshore Max Tenor (Or Typical Tenor T + 2 1 year N/A 1 year N/A N/A Bespoke hedge dependent For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 2 years 2 years 2 years N/A N/A Bespoke hedge dependent For Spot) Onshore Typical Deal Size (MM USD) 0.1 - 0.5 0.1 - 0.5 N/A transactions are episodic N/A N/A Bespoke hedge dependent Offshore Typical Deal Size (MM USD) 0.5 - 2 0.5 - 2 transactions are episodic transactions are episodic N/A N/A Bespoke hedge dependent CitiFX Pulse Capabilities     ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing No fix. Regulation Offshore Restrictions: No restrictions for offshore entities (non-resident entities/offshore corporates). Onshore entities (e.g. resident corporates) can deal with offshore banks. They are permitted to transact FX with them, for deals backed by commercial or financial transactions. Onshore Restrictions: Non-resident entities (e.g. offshore corporates) can deal with onshore banks and it is permitted to transact FX with them. Subject to non-existent of a ‘Professional’ account with available sufficient balance. License Requirements Products for import are free except those subject to authorization from the Ministry of Commerce. To be able to buy foreign currency a license is mandatory for a local business to import goods from abroad that are subject to authorization. Requirements to open a foreign currency account Onshore entities (e.g resident corporates) may open Foreign currency accounts (so called ‘professional' accounts). Non-resident entities may open Convertible Dinar Accounts (CTD) that can be credited by the equivalent of any Foreign Currency or CTD. Deal Management