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) 0.5 - 2 Marginal N/A N/A N/A N/A N/A Offshore Volume (MM USD Daily) Marginal Marginal N/A N/A N/A N/A N/A Onshore Max Tenor (Or Typical Tenor T + 2 1 year N/A N/A N/A N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T + 2 1 year N/A N/A N/A N/A N/A For Spot) Onshore Typical Deal Size (MM 0.25 - 1 0.25 - 1 N/A N/A N/A N/A N/A USD) Offshore Typical Deal Size (MM 0.25 - 1 0.25 - 1 N/A N/A N/A N/A N/A USD) CitiFX Pulse Capabilities  ✗ ✗ ✗ ✗ ✗ ✗ Source: Citi indicative information Market opening hours and liquidity during the day Fixing No fixing available. Regulation Offshore Restrictions: There is no restriction for a local entity to trade/deal with an offshore entity. There is no restriction for an offshore entity to trade local currency with other offshore entities. Non-Resident Restrictions: Non-resident (e.g. non-resident corporate) is permitted to transact FX with an onshore entity (e.g. onshore bank). License Requirements License is not required for spot dealing. Requirements to open a foreign currency account There is no requirement to open foreign currency account. There is no requirement to open foreign currency account. All Currencies have legal tender. Deal Management Rollover: Yes. Settlement: Mark-to-mark at prevailing market rate or fixing of the day. Gross-settled/full-funds for FX spot. Unwinding: Yes. Settlement: Mark-to-mark at prevailing market rate or fixing of the day. Gross-settled/full-funds for FX spot. Early Maturity: Yes. Settlement: Mark-to-mark at prevailing market rate or fixing of the day. Gross-settled/full-funds for FX spot. Documentation Requirements No local law documentation requirements. Trade Flows A license may be required depending on the nature of the trade (importation/exportation of goods/services). Capital Flow and FDI A license may be required for capital flows, FDI and repatriation of funds.