Emerging Markets Rates and Currencies Handbook

Dominican Republic (DOP - Dominican Peso) Citi in Dominican Republic For more than 50 years, Citi Dominican Republic has been serving top local and multinational corporations, financial institutions, and public sector customers and has taken the lead in technological and service innovations. Citi Dominican Republic has been advising local importers and exporters and remains the preferred banking partner for global companies. Currently, Citi Dominican Republic has its offices located in Santo Domingo. It is supported by a local network extension with Todo Pago (more than 640+ branches) to deposit in Citi accounts. Market Overview Our FX sales desk service more than 170 top-tier corporate clients, as well as major financial institutions. Our product offering includes FX Spot and Forwards with no intervention of intermediary or correspondent banks, and with a variety of currencies traded locally. The local FX market is regulated by the Central Bank (CB) of the Dominican Republic and they implement a managed float regime. There is an active spot market that trades between USD100MM and USD150MM on a daily basis. A forward market also exists but flows are more episodic. The market exhibits seasonal constraints that can limit spot USD availability, particularly in the last few months of the year. Convertibility The Dominican peso is freely convertible even though occasionally the market exhibits low USD availability. Interest Rate The DR rates space has one of the most active secondary 207