Emerging Markets Rates and Currencies Handbook

Convertible on Current Account transactions. Resident owned capital is not freely transferable abroad. Repatriation of profits or disinvestment proceeds on non- resident FDI inflows are permitted freely. 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) 30-40 N/A T+2 N/A 0.50-1.00 N/A 10-20 N/A 1 year N/A 0.50-1.00 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 20-30 Bespoke hedge dependent* 1 year Bespoke hedge dependent* 1.00-3.00 Bespoke hedge dependent* CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ *Can also be applied to long-term NDFs. Source: Citi indicative information Market opening hours and liquidity during the day Fixing No fixing available. Regulation Resident Restrictions: Resident corporates may hold business foreign currency accounts (BFCA). Borrowing from offshore is subject to specific approvals. Non-Resident Restrictions: Non-residents may hold foreign currency accounts onshore. Investment related – Inward Investment account. Current Transaction relation – FCBU account. Repatriation of profits or disinvestment proceeds on non-resident FDI inflows are permitted freely. License Requirements No specific license requirements. Requirements to open a foreign currency account KYC requirements must be met prior to account opening. Deal Management Rollover: Roll over/ extension for the new delivery period to be done at the prevailing market rate, provided the bank is satisfied with documentary evidences that customers are unable to perform the contracts due to changes in the actual requirements or other valid exigencies. Unwinding: Customers can cancel FX forward deals on or before maturity. Gains from cancellations cannot be passed onto client, however losses have to borne by the customer. Early Maturity: Early utilization of partial/full amount is allowed. Documentation Requirements Documents to show underlying commercial transaction