Emerging Markets Rates and Currencies Handbook

License Requirements No. Client needs to be a Citi Client (due diligence performed). Requirements to open a foreign currency account FCY account is subject to Central Bank approval. Client submits a motivated request indicating purpose of the account with adequate supporting documentation which can evidence the need for FCY account onshore or offshore. If client is a Resident, account opening is subject to approval by BEAC for 2-year maximum renewable. If client is a non-Resident, account opening is free. However, banks need to inform BEAC not more than 30- day after the opening of a Foreign Currency. Specific dispositions are in place since Jan 1st 2022 for all FCY account opening for oil and mining companies. Commercials banks are required to open nostro FCY account with Central bank in order to ensure that all the funds received from oil and mining companies are kept in these nostro. Central bank provide the approval of these nostro also. Approval for residents and FCY account cannot be credited with local currency. Approval is granted for 2 years and need to be renewed 45 days before expiration. Allowed for non-residents and the balance of FCY account cannot be negative. FCY account is subject to Central Bank approval. Client submits a motivated request indicating purpose of the account with adequate supporting documentation which can evidence the need for FCY account onshore or offshore. If client is a Resident, account opening is subject to approval by BEAC for 2-year maximum renewable. If client is a non-Resident, account opening is free. However, banks need to inform BEAC not more than 30- day after the opening of a Foreign Currency. Specific dispositions are in place since Jan 1st 2022 for all FCY account opening for oil and mining companies. Commercials banks are required to open nostro FCY account with Central bank in order to ensure that all the funds received from oil and mining companies onshore account are kept in these nostro. Central bank provide the approval of these nostro also. Deal Management Rollover: N/A. Unwinding: N/A. Early Maturity: N/A. Settlement: T+2. Early Take Up (ETU): N/A. Documentation Requirements FX Spot: Exchange control regulated, convertibility subject to appropriate underlying documentation. Forwards and Derivatives market is limited and transactions are subject to exchange control regulation (e.g., transaction should always be supported by a commercial or financial transaction). Trade Flows Remittance of XAF out of the CEMAC is subject to required set of documentation in compliance with the local exchange control regulation. Capital Flow and FDI Client needs to open Capital injection account. An attestation is delivered in order to complete administrative process. Account can be opened in FCY or LCY. Citibank Gabon N.A. 810 Boulevard Quaben & Rue Kringer B.P 3940 Libreville (Gabon) FX Sales Contact: +241 0144 6649/06