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) 100 - 400 5 N/A N/A N/A N/A Bespoke hedge dependent* Offshore Volume (MM USD Daily) 25 - 50 N/A Sporadic due to lack of liquidity N/A N/A N/A Bespoke hedge dependent* Onshore Max Tenor (Or Typical Tenor T + 2 1 Year N/A N/A N/A N/A Bespoke hedge dependent* For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 N/A 1 year N/A N/A N/A Bespoke hedge dependent* For Spot) Onshore Typical Deal Size (MM USD) 0.5 - 3 0.2 N/A N/A N/A N/A Bespoke hedge dependent* Offshore Typical Deal Size (MM USD) 1-5 N/A 1-5 N/A N/A N/A 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 First fixing is at market opening, and then approximately one every hour during the trading hours until 15:30. Fixing ticker is BA/FX01. The opening CBK fixing is used for the NDF settlement. Regulation Offshore Restrictions: No pricing restrictions. Offshore entity cannot trade RHS (Buy FCY/Sell DZD). It can only trade LHS (Sell FCY/ Buy DZD) onshore or offshore. Onshore entity cannot trade offshore. Offshore entity can do NDF with another offshore entity as DZD is a non deliverable currency. Non-Resident Restrictions: Can trade within the country with a special non-resident convertible account (CEDAC) that can only be credited from abroad. And non-resident companies can sell FCY but cannot buy FCY offshore. License Requirements Standard KYC process on banks side. Requirements to open a foreign currency account • Original Articles of association (Company Foundation documents) or a certified copy. If issued abroad, a notarized & certified copy by Algerian Embassy is needed. • Original board resolution nominating the legal representative of the company by the Board of Directors or a certified copy. If issued abroad, a notarized & certified copy by the Algerian Embassy is needed. • Certified copy of Commercial Register of the company or original seen by Citi officer. If Non-resident, a certified copy is needed. • Commercial Ministry Authorization for Rep office account opening — Certified copy or original seen by Citi officer. • Certified copy of NIF card/certificate issued by ONS or original seen by Citi officer. • NIS card/certificate issued by ONS — Copy certified or original seen by Citi officer. • Original Power of Attorney specifying main account opening with signatories and their powers. • Identification document of signatories and their legal representative. For Algerian, a copy of a valid ID with original seen by Citi officer. For non-Algerian, a copy of a