Emerging Markets Rates and Currencies Handbook

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) N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A CitiFX Pulse Capabilities ✗ ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing N/A. Regulation Offshore Restrictions: No currency exchange controls. Panama has no restrictions on monetary remittances abroad, including dividends, interests, branch profits and royalties. No restrictions on funds flowing in or out of the country. Non-Resident Restrictions: N/A. License Requirements N/A. Requirements to open a foreign currency account Local and foreign individuals and entities are allowed to have onshore bank accounts denominated in USD or PAB. Deal Management Rollover: N/A. Unwinding: N/A. Early Maturity: N/A. Documentation Requirements Panama’s circulating currency is the US Dollar, and Panama has no currency exchange controls or currency restrictions so funds can flow in and out of the country freely. Trade Flows Panama is heavily dependent on foreign investment and has worked to make the investment process attractive and simple for investors. With few exceptions, the Government of Panama makes no distinction between domestic and foreign companies for investment purposes. Panama benefits from stable and consistent economic policies, a dollarized economy and a government that consistently supports trade and open markets. Capital Flow and FDI The Government of Panama imposes some limitations on foreign ownership in the retail and media sectors where, in most cases, ownership must be Panamanian. However, foreign investors can continue to use franchise