Emerging Markets Rates and Currencies Handbook

Cameroon (XAF - Central African CFA Franc) Citi in Cameroon Citi was granted a commercial banking license in 1997 to operate as a branch. Citi commenced its operations in Cameroon in the business city of Douala in June 1998, serving corporate clients. In February 2002, a second branch opened in the capital city of Yaoundé to better serve our clients and particularly the public sector and international organizations. After nine years of maintaining a presence as a branch of the only U.S. bank operating in Cameroon, we converted in 2007 to a fully- owned subsidiary. We provide a wide range of banking services, including trade and cash management, treasury and electronic banking to international and top tier local corporations, financial institutions, the government and public sector entities. Market Overview XAF is pegged to the EUR at EURXAF 655.957. Exchange rates for other currencies are derived from EURXAF. Main currency pairs: EURXAF; USDXAF. No proprietary trading activity within the region. Small trading activity done on the back of customer flows. Government securities are tradable with low level of liquidity in the secondary market, though there is continuous push from the Central Bank to further improve liquidity. There is however no specific benchmark for the interest rate market. Convertibility Convertible with restrictions subject to local exchange control regulation, FCY to LCY is free while LCY to FCY is subject to supporting documentation in line with the local exchange regulation. 73