Emerging Markets Rates and Currencies Handbook

United Arab Emirates (AED - United Arab Emirates Dirham) Citi in United Arab Emirates Citi has been in UAE since 1964, has four branches and two financial centers across the country. Our partnerships in Iraq, Saudi Arabia & Oman is supported through Citi Dubai as it is the Hub for MENA (Middle East North Africa region). Citi offers comprehensive banking products and services to corporate banking relationships for top tier local corporates, SME’s and subsidiaries of large multinationals. Market Overview The local currency is pegged to USD and there are no restrictions on FX dealing. Central Bank provides liquidity on both sides. Market is fairly liquid for tenors up to two years. Majority of the volume is in USDAED followed by other GCC currencies. UAE AED IRS market is up to 10yr with 5yr part of the curve being most liquid. 3m Eibor is the benchmark interest rate. Social size is 10 — 25 Mio USD. Both locals and offshore accounts are active in this market. Convertibility Fully Convertible. 171