Emerging Markets Rates and Currencies Handbook

Cote D'ivoire (XOF - West African CFA Franc) Citi in Cote D'ivoire Citibank Cote d’Ivoire has been operational since 1976 with the opening of the branch in Abidjan. The branch offers a broad suite of products and services including Cash Management, Trade Services and Treasury Products. Citi in Cote d’Ivoire has clients operating across the Corporate, Public and Development Sectors providing on-the-ground services. Market Overview The West African CFA franc is very regulated FX environment. All offshore payments are subject to heavy documentation requirement and approval from the MOF office. CFA franc (XOF) is pegged to EUR at 655.957. Main Currency Pairs: EURXOF (80%); USDXOF (18%). There is currently no existing Interest Rate Market for Cote D’Ivoire and for the WAEMU zone in general. The main interest rate product are sovereign bonds issued at fixed rate (no asset priced with floating rate). Hence no local market on IRS while Central Bank does not mention any prohibition regarding this potential activity. Central bank repo rate on one-week tenor is used as proxy for money market quote. 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. 79