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   ✗  ✗ ✗   Allowed but limited as currency pegged to USD Limited liquidity, fix- fix quotes available on RFQ basis No demand 2 year No demand Limited liquidity, fix- fix quotes available on RFQ basis Offshore Market   ✗  ✗ ✗ Limited as currency Onshore Volume (MM USD Daily) 25 - 50 50 - 75 N/A is pegged to USD. Allowed from a regulation N/A N/A perspective Offshore Volume (MM 50 - 75 50 - 75 N/A No demand N/A N/A USD Daily) Onshore Max Tenor (Or Typical Tenor T + 2 2 years N/A No demand N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 2 year N/A No demand N/A N/A For Spot) Onshore Typical Deal Size (MM 10 - 25 10 - 10 N/A No demand N/A N/A USD) Offshore Typical Deal Size (MM 10 - 25 10 - 25 N/A No demand N/A N/A USD) CitiFX Pulse Capabilities   ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing No spot fixing. Regulation Offshore Restrictions: No specific restrictions. Onshore entity (e.g. resident corporate) can transact FX with an offshore entity (e.g. bank) on a reverse solicitation basis. Non-Resident Restrictions: None. Non-resident (e.g. non-resident corporate) is permitted to transact FX with an onshore entity (e.g. onshore bank). License Requirements None. Requirements to open a foreign currency account Valid residency, passport & a proof of address is required for local residents. Deal Management Rollover: Permitted. Unwinding: Permitted. Early Maturity: Permitted. Documentation Requirements No underlying docs required, only client settlement instructions. Trade Flows No local law documentation requirements. Capital Flow and FDI None. Citibank House Seef District Manama, Bahrain FX Sales Contact: +971 4 604 0111