Emerging Markets Rates and Currencies Handbook

INTRODUCTION Citi Emerging Markets Rates & Currencies Handbook is a reference guide into financial markets in 64 emerging and frontier economies, providing integrated market intelligence on foreign exchange and its regulatory environment, alongside an overview of the basic tax framework impacting subsidiary funding. Citi is proud to present the fourth edition of the Citi Emerging Markets Rates & Currencies Handbook. The “Local Tax Considerations for Multinationals” segment, encapsulating the tax environment for financing a foreign subsidiary, aims to complement the “EM Rates and Currencies” handbook and guide you towards more comprehensive financial decision making for your cross-border activities. FOREWORD Since the publication of the first edition of the handbook in 2018, the global economy has been hit by a crisis of enormous and manifold ramifications. The notions of “systemic risk” and “Black Swans” echo again through financial markets and corporate boardrooms. Motivated by the desire to make their businesses more resilient to financial crises, we see our corporate clients fortifying their growth plans with robust risk management strategies, accompanied with accelerated timelines for increasing treasury digitization and automation. Flavio Figueiredo Global Head of Foreign Exchange Erratic and unpredictable markets have always been evident in emerging economies and we created this handbook in an effort to leverage our global expertise and unparalleled local knowledge to help you make more informed risk management, subsidiary funding and treasury automation decisions in your cross-border pursuits. If you have any questions or require more information, please reach out to your Citi Corporate Sales & Solutions contacts.