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   ✗ ✗   Deal specific approval from Central Bank is required Deal specific approval from Central Bank is required Deal specific approval from Central Bank is required Deal specific approval from Central Bank is required Deal specific approval from Central Bank is required Deal specific approval from Central Bank is required ✗ ✗  Bespoke hedge dependent in the middle of the column* Bespoke hedge dependent in the middle of the column* Bespoke hedge dependent in the middle of the column* Bespoke hedge dependent in the middle of the column* Bespoke hedge dependent in the middle of the column* Bespoke hedge dependent in the middle of the column* Offshore Market   ✗ ✗ ✗ Onshore Volume (MM 10-15 0-2 N/A N/A N/A USD Daily) Offshore Volume (MM USD Daily) included in the onshore volume included in the onshore volume N/A N/A N/A Onshore Max Tenor (Or Typical Tenor T+2 1 year N/A N/A N/A For Spot) Offshore Max Tenor (Or Typical Tenor T+2 1 Year N/A N/A N/A For Spot) Onshore Typical Deal Size (MM 0.10-0.25 0.50-1.00 N/A N/A N/A USD) Offshore Typical Deal Size (MM 0.10-0.25 0.50-1.00 N/A N/A N/A USD) 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 Non-Resident Restrictions: Non-residents may hold foreign currency accounts onshore. Repatriation of profits or disinvestment proceeds on non-resident FDI and FPI inflows are permitted freely. Resident Restrictions: Residents may hold foreign currency accounts under specific conditions. FDI/FPI abroad is not allowed for residents. Borrowing from abroad is subject to specific approvals. 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: Customer 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 as cancellation charges. Early Maturity: Early utilization of partial/full amount is allowed (if early maturity period was defined during forward booking). Documentation Requirements Documents to show underlying commercial transaction is mandatory and is required before the FX trade settlement date.