Table of Contents 1 255

Emerging Markets Rates and Currencies Handbook

Contacts 4
APAC 6
Bangladesh (BDT - Bangladeshi Taka) 7
Citi in Bangladesh 7
Market Overview 7
Convertibility 7
Market opening hours and liquidity during the day 8
Regulation 8
Non-Resident Restrictions: 8
Resident Restrictions: 8
License Requirements 8
Deal Management 8
Rollover: 8
Unwinding: 8
Early Maturity: 8
Documentation Requirements 8
Trade Flows 9
Capital Flow and FDI 9
Additional Comments 9
China (CNY - Onshore Renminbi) 10
Citi in China 10
Market Overview 10
For FCY / CNH 11
Market opening hours and liquidity during the day 12
Regulation 12
Non-Resident Restrictions: 12
License Requirements 12
Deal Management 13
Rollover: 13
Unwinding: 13
Early Maturity: 13
Settlement: 13
Documentation Requirements 13
Trade Flows 13
Capital Flow and FDI 14
Additional Comments 14
Tax Summary – China 14
China 14
Tax Summary – China 15
China 15
Hong Kong (HKD - Hong Kong Dollar) 16
Citi in Hong Kong 16
Market Overview 16
Convertibility 16
Fixing 17
Regulation 17
Offshore Restrictions: 17
Non-Resident Restrictions: 17
License Requirements 17
Requirements to open a foreign currency account 17
Deal Management 17
Rollover: 17
Unwinding: 17
Early Maturity: 17
Documentation Requirements 18
Trade Flows 18
Capital Flow and FDI 18
Additional Comments 18
Tax Summary – Hong Kong 18
Hong Kong 18
India (INR - Indian Rupee) 19
Citi in India 19
Market Overview 19
Convertibility 20
Market opening hours and liquidity during the day 20
Regulation 20
Offshore Restrictions: 20
Onshore Restrictions: 20
License Requirements 21
Requirements to open a foreign currency account 21
Deal Management 21
Rollover: 21
Unwinding: 21
Early Maturity: 21
Documentation Requirements 21
Trade Flows 22
Additional Comments 22
Tax Summary – India 24
India 24
Indonesia (IDR - Indonesian Rupiah) 25
Citi in Indonesia 25
Market Overview 25
Convertibility 26
Market opening hours and liquidity during the day 26
Regulation 26
Offshore Restrictions: 26
Foreign party Restrictions: 26
License Requirements 26
Requirements to open a foreign currency account 26
Deal Management 27
Rollover: 27
Unwinding: 27
Early Maturity: 27
Settlement: 27
Documentation Requirements 27
Trade Flows 27
Capital Flow and FDI 28
Additional Comments 28
Tax Summary – Indonesia 29
Indonesia 29
South Korea (KRW - South Korean Won) 30
Citi in Korea 30
Market Overview 30
Convertibility 30
Fixing 31
Regulation 31
Offshore Restrictions: 31
Non-Resident Restrictions: 31
License Requirements 32
Requirements to open a foreign currency account 32
Deal Management 32
Rollover: 32
Unwinding: 32
Early Maturity: 32
Documentation Requirements 32
Trade Flows 32
Capital Flow and FDI 32
Tax Summary – Korea 33
Korea 33
Tax Summary – Korea 34
Korea 34
Malaysia (MYR - Malaysian Ringgit) 35
Citi in Malaysia 35
Market Overview 35
Convertibility 35
Interest Rate 36
Market opening hours and liquidity during the day 37
Regulation 37
Offshore Restrictions: 37
Deal Management 38
Rollover: 38
Unwinding: 38
Early Maturity: 38
Documentation Requirements 38
Capital Flow and FDI 38
Tax Summary – Malaysia 39
Malaysia 39
Philippines (PHP - Philippines Peso) 40
Citi in Philippines 40
Market Overview 40
Convertibility 41
Market opening hours and liquidity during the day 41
Fixing 41
Regulation 42
Offshore Restrictions: 42
Non-Resident Restrictions: 42
Deal Management 42
Rollover: 42
Unwinding: 42
Early Maturity: 42
Documentation Requirements 42
Trade Flows 43
Capital Flow and FDI 43
Additional Comments 44
Tax Summary – Philippines 44
Philippines 44
Tax Summary – Philippines 45
Philippines 45
Singapore (SGD - Singapore Dollar) 46
Citi in Singapore 46
Market Overview 46
Market opening hours and liquidity during the day 47
Fixing 47
Regulation 47
Non-Resident Restrictions: 47
Offshore Restrictions: 47
License Requirements 47
Deal Management 48
Rollover: 48
Unwinding: 48
Early Maturity: 48
Documentation Requirements 48
Trade Flows 48
Capital Flow and FDI 48
Additional Comments 48
Tax Summary – Singapore 48
Singapore 48
Sri Lanka (LKR - Sri Lankan Rupee) 49
Citi in Sri Lanka 49
Market Overview 49
Convertibility 49
Market opening hours and liquidity during the day 50
Regulation 50
Resident Restrictions: 50
Non-Resident Restrictions: 50
License Requirements 50
Deal Management 50
Rollover: 50
Unwinding: 50
Early Maturity: 50
Documentation Requirements 50
Trade Flows 51
Capital Flow and FDI 51
Additional Comments 51
Taiwan (TWD - New Taiwan Dollar) 52
Citi in Taiwan 52
Market Overview 52
Convertibility 52
Market opening hours and liquidity during the day 53
Fixing 53
Regulation 53
Non-Resident Restrictions: 53
License Requirements 53
Requirements to open a foreign currency account 53
Deal Management 53
Rollover: 53
Unwinding: 53
Early Take Up (ETU): 53
Documentation Requirements 54
Additional Comments 54
Thailand (THB - Thai Baht) 55
Citi in Thailand 55
Market Overview 55
Convertibility 55
Interest Rate 55
Fixing 56
Regulation 56
Non-Resident Restrictions: 56
Resident Restrictions: 57
License Requirements 57
Requirements to open a foreign currency account 57
Deal Management 57
Rollover: 57
Unwinding: 57
Early Maturity: 57
Settlement: 57
Early Take Up (ETU): 57
Trade Flows 57
Capital Flow and FDI 57
Additional Comments 58
Tax Summary – Thailand 58
Thailand 58
Tax Summary – Thailand 59
Thailand 59
Vietnam (VND - Vietnamese Dong) 60
Citi in Vietnam 60
Market Overview 60
Convertibility 60
Market opening hours and liquidity during the day 61
Regulation 61
License Requirements 61
Deal Management 62
Rollover: 62
Unwinding: 62
Early Maturity: 62
Trade Flows 62
Capital Flow and FDI 62
Tax Summary – Vietnam 63
Vietnam 63
EMEA 63
Algeria (DZD - Algerian Dinar) 65
Citi in Algeria 65
Market Overview 65
Convertibility 65
Market opening hours and liquidity during the day 66
Regulation 66
Offshore Restrictions: 66
Non-Resident Restrictions: 66
License Requirements 66
Requirements to open a foreign currency account 66
Deal Management 67
Rollover: 68
Unwinding: 68
Early Maturity: 68
Documentation Requirements 68
Trade Flows 68
Capital Flow and FDI 68
Bahrain (BHD - Bahraini Dinar) 69
Citi in Bahrain 69
Market Overview 69
Convertibility 69
Market opening hours and liquidity during the day 70
Regulation 70
Offshore Restrictions: 70
Non-Resident Restrictions: 70
License Requirements 70
Deal Management 70
Rollover: Permitted. 70
Unwinding: Permitted. 70
Early Maturity: Permitted. 70
Documentation Requirements 70
Trade Flows 70
Capital Flow and FDI 70
Bulgaria (BGN - Bulgarian Lev) 71
Citi in Bulgaria 71
Market Overview 71
Convertibility 71
Market opening hours and liquidity during the day 72
Regulation 72
Non-Resident Restrictions: 72
Offshore Restrictions: 72
License Requirements 72
Requirements to open a foreign currency account 72
Deal Management 72
Rollover: 72
Unwinding: 72
Early Maturity: 72
Documentation Requirements 72
Trade Flows 72
Capital Flow and FDI 72
Additional Comments 72
Cameroon (XAF - Central African CFA Franc) 74
Citi in Cameroon 74
Market Overview 74
Convertibility 74
Market opening hours and liquidity during the day 75
Regulation 75
Offshore Restrictions: 75
Non-Resident Restrictions: 75
License Requirements 75
Deal Management 75
Rollover: 75
Unwinding: 76
Early Maturity: 76
Documentation Requirements 76
Trade Flows 76
Capital Flow and FDI 76
Additional Comments 76
Congo (DRC) (CDF - Congolese Franc) 77
Citi in Congo (DRC) 77
Market Overview 77
Convertibility 77
Market opening hours and liquidity during the day 78
Regulation 78
Offshore Restrictions: 78
Non-Resident Restrictions: 78
License Requirements 78
Requirements to open a foreign currency account 78
Deal Management 78
Rollover: 78
Documentation Requirements 78
Trade Flows 78
Capital Flow and FDI 78
Cote D'ivoire (XOF - West African CFA Franc) 80
Citi in Cote D'ivoire 80
Market Overview 80
Convertibility 80
Market opening hours and liquidity during the day 81
Regulation 81
Offshore Restrictions: 81
Non-Resident Restrictions: 81
License Requirements 81
Deal Management 81
Rollover: 81
Unwinding: 81
Early Maturity: 81
Documentation Requirements 82
Trade Flows 82
Additional Comments 82
Czech Republic (CZK - Czech Koruna) 83
Citi in Czech Republic 83
Market Overview 83
Convertibility 83
Interest Rate 83
Market opening hours and liquidity during the day 84
Regulation 84
Offshore Restrictions: 84
Non-Resident Restrictions: 84
License Requirements 84
Requirements to open a foreign currency account 84
Deal Management 84
Rollover: 84
Unwinding: 84
Early Maturity: 84
Documentation Requirements 84
Trade Flows 84
Capital Flow and FDI 84
Additional Comments 84
Tax Summary – Czech Republic 85
Czech Republic 85
Tax Summary – Czech Republic 86
Czech Republic 86
Egypt (EGP - Egyptian Pound) 87
Citi in Egypt 87
Market Overview 87
Interest Rate 88
Market opening hours and liquidity during the day 88
Fixing 88
Regulation 89
Offshore Restrictions: 89
Non-Resident Restrictions: 89
License Requirements 89
Deal Management 89
Rollover: 89
Unwinding: 89
Early Maturity: 89
Documentation Requirements 89
Trade Flows 89
Capital Flow and FDI 89
Additional Comments 89
Tax Summary – Egypt 90
Egypt 90
Tax Summary – Egypt 91
Egypt 91
Gabon (XAF - Central African CFA Franc) 92
Citi in Gabon 92
Market Overview 92
Convertibility 92
Market opening hours and liquidity during the day 93
Regulation 93
Resident and Non-Resident Restrictions: 93
License Requirements 94
Deal Management 94
Rollover: 94
Unwinding: 94
Early Maturity: 94
Settlement: 94
Early Take Up (ETU): 94
Documentation Requirements 94
Trade Flows 94
Capital Flow and FDI 94
Hungary (HUF - Hungarian Forint) 95
Citi in Hungary 95
Market Overview 95
Convertibility 95
Market opening hours and liquidity during the day 96
Regulation 96
Non-Resident Restrictions: 96
Offshore Restrictions: 96
License Requirements 96
Requirements to open a foreign currency account 96
Deal Management 96
Rollover: 96
Unwinding: 96
Early Maturity: 96
Early Take Up (ETU): 96
Documentation Requirements 96
Trade Flows 96
Capital Flow and FDI 96
Tax Summary – Hungary 97
Hungary 97
Israel (ILS - Israeli New Shekel) 98
Citi in Israel 98
Convertibility 99
Market opening hours and liquidity during the day 99
Regulation 99
Non-Resident Restrictions: 99
Offshore Restrictions: 99
License Requirements 99
Deal Management 99
Rollover: 99
Unwinding: 99
Early Maturity: 99
Documentation Requirements 99
Trade Flows 99
Capital Flow and FDI 99
Jordan (JOD - Jordanian Dinar) 100
Citi in Jordan 100
Market Overview 100
Convertibility 100
Market opening hours and liquidity during the day 101
Regulation 101
Non-Resident Restrictions: 101
Offshore Restrictions: 101
License Requirements 101
Requirements to open a foreign currency account 101
Deal Management 101
Rollover: 101
Unwinding: 101
Early Maturity: 101
Documentation Requirements 101
Trade Flows 101
Capital Flow and FDI 101
Kazakhstan (KZT - Kazakh Tenge) 102
Citi in Kazakhstan 102
Market Overview 102
Convertibility 102
Fixing 103
Regulation 103
Resident Restrictions: 103
Onshore Restrictions: 104
Offshore Restrictions: 104
Requirements to open a foreign currency account 104
Deal Management 104
Rollover: 104
Unwinding: 104
Early Maturity: 104
Documentation Requirements 104
Trade Flows 104
Capital Flow and FDI 104
Additional Comments 104
Tax Summary – Kazakhstan 105
Kazakhstan 105
Tax Summary – Kazakhstan 106
Kazakhstan 106
Kenya (KES - Kenyan Shilling) 107
Citi in Kenya 107
Market Overview 107
Convertibility 107
Interest Rate 107
Market opening hours and liquidity during the day 108
Regulation 108
Non-Resident Restrictions: 108
Offshore Restrictions: 108
License Requirements 108
Deal Management 108
Rollover: 108
Unwinding: 108
Early Maturity: 108
Documentation Requirements 108
Capital Flow and FDI 108
Additional Comments 109
Tax Summary – Kenya 109
Kenya 109
Tax Summary – Kenya 110
Kenya 110
Kuwait (KWD - Kuwaiti Dinar) 112
Citi in Kuwait 112
Market Overview 112
Convertibility 112
Market opening hours and liquidity during the day 113
Regulation 113
Offshore Restrictions: 113
Non-Resident Restrictions: 113
License Requirements 113
Requirements to open a foreign currency account 113
Deal Management 113
Rollover: 113
Unwinding: 113
Early Maturity: 113
Trade Flows 113
Capital Flow and FDI 113
Tax Summary – Kuwait 114
Kuwait 114
Lebanon (LBP - Lebanese Pound) 115
Citi in Lebanon 115
Market Overview 115
Convertibility 115
Market opening hours and liquidity during the day 116
Fixing 116
Regulation 116
Offshore Restrictions: 116
Non-Resident Restrictions: 116
License Requirements 116
Requirements to open a foreign currency account 116
Deal Management 116
Rollover: 116
Unwinding: 116
Early Maturity: 116
Documentation Requirements 116
Trade Flows 117
Capital Flow and FDI 117
No local law documentation requirements. 117
Morocco (MAD - Moroccan Dirham) 118
Citi in Morocco 118
Market Overview 118
Convertibility 118
Market opening hours and liquidity during the day 119
Regulation 119
Offshore Restrictions: 119
Non-Resident Restrictions: 119
License Requirements 119
Requirements to open a foreign currency account 119
Deal Management 119
Rollover: 119
Unwinding: 120
Early Maturity: 120
Documentation Requirements 120
Trade Flows 120
Capital Flow and FDI 120
Tax Summary – Morocco 120
Morocco 120
Tax Summary – Morocco 121
Morocco 121
Nigeria (NGN - Nigerian Naira) 122
Citi in Nigeria 122
Market Overview 122
Convertibility 122
Market opening hours and liquidity during the day 123
Regulation 123
Offshore Restrictions: 123
Non-Resident Restrictions: 123
License Requirements 123
Deal Management 123
Rollover: 123
Unwinding: 123
Early Maturity: 123
Documentation Requirements 123
Trade Flows 123
Capital Flow and FDI 124
Tax Summary – Nigeria 124
Nigeria 124
Pakistan (PKR - Pakistan Rupee) 125
Citi in Pakistan 125
Market Overview 125
Convertibility 125
Market opening hours and liquidity during the day 126
Fixing 126
Regulation 126
Offshore Restrictions: 126
Non-Resident Restrictions: 126
Onshore Restrictions: 126
License Requirements 127
Deal Management 127
Rollover: 127
Unwinding: 127
Documentation Requirements 127
Trade Flows 127
Capital Flow and FDI 127
Additional Comments 127
Tax Summary – Pakistan 128
Pakistan 128
Pakistan (PKR - Pakistan Rupee) 129
Tax Summary – Pakistan 129
Pakistan 129
Poland (PLN - Polish Zloty) 130
Citi in Poland 130
Market Overview 130
Interest Rate 130
Market opening hours and liquidity during the day 131
Regulation 131
Offshore Restrictions: 131
Non-Resident Restrictions: 131
License Requirements 131
Deal Management 131
Rollover: 131
Unwinding: 131
Early Maturity: 131
Documentation Requirements 131
Trade Flows 131
Capital Flow and FDI 131
Additional Comments 131
Tax Summary – Poland 132
Poland 132
Tax Summary – Poland 133
Poland 133
Qatar (QAR - Qatari Rial) 134
Citi in Qatar 134
Convertibility 134
Market opening hours and liquidity during the day 135
Regulation 135
Offshore Restrictions: 135
Non-Resident Restrictions: 135
Requirements to open a foreign currency account 135
Deal Management 135
Rollover: 135
Unwinding: 135
Early Maturity: 135
Documentation Requirements 135
Trade Flows 135
Capital Flow and FDI 135
Romania (RON - Romanian Leu) 136
Citi in Romania 136
Market Overview 136
Market opening hours and liquidity during the day 137
Regulation 137
Non-Resident Restrictions: 137
Offshore Restrictions: 137
Requirements to open a foreign currency account 137
Deal Management 137
Rollover: 137
Unwinding: 137
Early Maturity: 137
Documentation Requirements 137
Trade Flows 137
Capital Flow and FDI 137
Tax Summary – Romania 138
Romania 138
Saudi Arabia (SAR - Saudi Riyal) 139
Citi in Saudi Arabia 139
Market Overview 139
Convertibility 139
Market opening hours and liquidity during the day 140
Regulation 140
Offshore Restrictions: 140
Non-Resident Restrictions: 140
License Requirements 140
Requirements to open a foreign currency account 140
Deal Management 140
Rollover: 140
Unwinding: 140
Early Maturity: 140
Documentation Requirements 140
Trade Flows 140
Capital Flow and FDI 140
Senegal (XOF - West African CFA Franc) 141
Citi in Senegal 141
Market Overview 141
Convertibility 141
Market opening hours and liquidity during the day 142
Regulation 142
Offshore Restrictions: 142
Non-Resident Restrictions: 142
License Requirements 142
Requirements to open a foreign currency account 142
Deal Management 142
Rollover: 142
Unwinding: 142
Early Maturity: 142
Documentation Requirements 142
Trade Flows 143
Capital Flow and FDI 143
Additional Comments 143
South Africa (ZAR - South African Rand) 144
Citi in South Africa 144
Market Overview 144
Convertibility 145
Fixing 145
Regulation 145
Offshore Restrictions: 145
Non-Resident Restrictions: 145
License Requirements 145
Deal Management 145
Rollover: 145
Unwinding: 145
Early Maturity: 145
Documentation Requirements 145
Trade Flows 146
Capital Flow and FDI 146
Additional Comments 146
Tax Summary – South Africa 146
South Africa 146
Tax Summary – South Africa 147
South Africa 147
Tax Summary – South Africa 148
South Africa 148
Tanzania (TZS - Tanzanian Shilling) 149
Citi in Tanzania 149
Market Overview 149
Convertibility 150
Market opening hours and liquidity during the day 150
Regulation 150
Resident Restrictions: 150
Onshore Restrictions: 150
License Requirements 150
Deal Management 151
Rollover: 151
Unwinding: 151
Early Maturity: 151
Documentation Requirements 151
Trade Flows 151
Capital Flow and FDI 151
Additional Comments 151
Tax Summary – Tanzania 152
Tanzania 152
Tunisia (TND - Tunisian Dinar) 153
Citi in Tunisia 153
Market Overview 153
Convertibility 154
Market opening hours and liquidity during the day 154
Regulation 154
Offshore Restrictions: 154
Onshore Restrictions: 154
License Requirements 154
Deal Management 154
Rollover: 155
Unwinding: 155
Early Maturity: 155
Documentation Requirements 155
Trade Flows 155
Capital Flow and FDI 155
Turkiye (TRY - Turkish Lira) 156
Citi in Turkiye 156
Market Overview 156
Convertibility 156
Regulation 157
Non-Resident Restrictions: 157
Offshore Restrictions: 157
Resident Restrictions: 158
Deal Management 158
Rollover: 158
Unwinding: 158
Documentation Requirements 158
Trade Flows 158
Capital Flow and FDI 158
Additional Comments 158
Early Maturity: 158
Tax Summary – Turkiye 159
Turkiye 159
Tax Summary – Turkiye 160
Turkiye 160
Tax Summary – Turkiye 161
Turkiye 161
Uganda (UGX - Ugandan Shilling) 162
Citi in Uganda 162
Market Overview 162
Convertibility 162
Fixing 163
Regulation 163
Offshore Restrictions: 163
Non-Resident Restrictions: 163
License Requirements 163
Requirements to open a foreign currency account 163
Deal Management 163
Rollover: 163
Unwinding: 163
Early Maturity: 163
Documentation Requirements 163
Trade Flows 163
Capital Flow and FDI 163
Additional Comments 163
Ukraine (UAH - Ukrainian Hryvnya) 164
Citi in Ukraine 164
Market Overview 164
Convertibility 164
Market opening hours and liquidity during the day 165
Regulation 165
Non-Resident Restrictions: 165
Onshore Restrictions: 166
License Requirements 166
Deal Management 166
Rollover: 166
Unwinding: 166
Early Maturity: 166
Documentation Requirements 166
Trade Flows 166
Capital Flow and FDI 166
Tax Summary – Ukraine 167
Ukraine 167
Tax Summary – Ukraine 168
Ukraine 168
United Arab Emirates (AED - United Arab Emirates Dirham) 169
Citi in United Arab Emirates 169
Market Overview 169
Convertibility 169
Market opening hours and liquidity during the day 170
Fixing 170
Regulation 170
Offshore Restrictions: 170
Non-Resident Restrictions: 170
License Requirements 170
Requirements to open a foreign currency account 170
Deal Management 170
Rollover: 170
Unwinding: 170
Early Maturity: 170
Documentation Requirements 170
Trade Flows 170
Capital Flow and FDI 170
Tax Summary – United Arab Emirates 171
United Arab Emirates 171
Zambia (ZMW - Zambian Kwacha) 172
Citi in Zambia 172
Market Overview 172
Convertibility 172
Market opening hours and liquidity during the day 173
Regulation 173
Offshore Restrictions: 173
Non-Resident Restrictions: 173
License Requirements 173
Deal Management 173
Rollover: 173
Unwinding: 173
Early Maturity: 173
Documentation Requirements 173
Trade Flows 174
Capital Flow and FDI 174
Additional Comments 174
Tax Summary – Zambia 174
Zambia 174
LATAM 177
Argentina (ARS - Argentine Peso) 176
Citi in Argentina 176
Market Overview 176
Convertibility 176
Interest Rate 177
Market opening hours and liquidity during the day 177
Regulation 177
Documentation Requirements 178
Additional Comments 180
Tax Summary – Argentina 180
Argentina 180
Tax Summary – Argentina 181
Argentina 181
Bahamas (BSD - Bahamian Dollar) 182
Citi in Bahamas 182
Market Overview 182
Convertibility 182
Market opening hours and liquidity during the day 183
Regulation 183
Offshore Restrictions: 183
Non-Resident Restrictions: 183
License Requirements 183
Deal Management 183
Rollover: 183
Unwinding: NA. 183
Early Maturity: NA. 183
Documentation Requirements 183
Trade Flows 183
Capital Flow and FDI 183
Brazil (BRL - Brazilian Real) 185
Citi in Brazil 185
Market Overview 185
Convertibility 185
Interest Rate 186
Market opening hours and liquidity during the day 187
Requirements to open a foreign currency account 187
Deal Management 188
Rollover: 188
Unwinding: 188
Early Maturity: 188
Documentation Requirements 188
Additional Comments 189
Tax Summary – Brazil 190
Brazil 190
Tax Summary – Brazil 191
Brazil 191
Chile (CLP - Chilean Peso) 192
Citi in Chile 192
Market Overview 192
Convertibility 192
Interest Rate 193
Market opening hours and liquidity during the day 194
Regulation 194
Offshore Restrictions: 194
Non-Resident Restrictions: 194
License Requirements 194
Deal Management 194
Rollover: 194
Unwinding: 194
Early Maturity: 194
Documentation Requirements 194
Trade Flows 194
Capital Flow and FDI 195
Additional Comments 195
Tax Summary – Chile 195
Chile 195
Tax Summary – Chile 196
Chile 196
Colombia (COP - Colombian Peso) 197
Citi in Colombia 197
Market Overview 197
Convertibility 197
Interest Rate 197
Market opening hours and liquidity during the day 198
Regulation 198
Non-Resident Restrictions: 198
Offshore Restrictions: 199
License Requirements 199
Requirements to open a foreign currency account 199
Deal Management 199
Rollover: 199
Unwinding: 199
Early Maturity: 199
Documentation Requirements 199
Trade Flows 199
Capital Flow and FDI 199
Tax Summary – Colombia 200
Colombia 200
Costa Rica (CRC - Costa Rican Colon) 201
Citi in Costa Rica 201
Market Overview 201
Convertibility 202
Market opening hours and liquidity during the day 202
Regulation 202
Non-Resident Restrictions: 202
Offshore Restrictions: 202
License Requirements 202
Requirements to open a foreign currency account 203
Deal Management 203
Rollover: 203
Unwinding: 203
Early Maturity: 203
Documentation Requirements 203
Trade Flows 203
Capital Flow and FDI 203
Tax Summary – Costa Rica 203
Costa Rica 203
Tax Summary – Costa Rica 204
Costa Rica 204
Dominican Republic (DOP - Dominican Peso) 205
Citi in Dominican Republic 205
Market Overview 205
Convertibility 205
Interest Rate 205
Market opening hours and liquidity during the day 206
Regulation 206
Non-Resident Restrictions: 206
Offshore Restrictions: 206
License Requirements 206
Deal Management 206
Rollover: 206
Unwinding: 206
Early Maturity: 206
Documentation Requirements 207
Trade Flows 207
Capital Flow and FDI 207
Tax Summary – Dominican Republic 207
Dominican Republic 207
El Salvador (USD - U.S. Dollar) 208
Citi in El Salvador 208
Market Overview 208
Convertibility 208
Interest Rate 208
Market opening hours and liquidity during the day 209
Regulation 209
Offshore Restrictions: 209
License Requirements 210
Documentation Requirements 210
Tax Summary – El Salvador 210
El Salvador 210
Tax Summary – El Salvador 211
El Salvador 211
Tax Summary – El Salvador 212
El Salvador 212
Guatemala (GTQ - Guatemalan Quetzal) 213
Citi in Guatemala 213
Market Overview 213
Convertibility 214
Interest Rate 214
Market opening hours and liquidity during the day 214
Regulation 214
Offshore Restrictions: 214
Non-Resident Restrictions: 215
License Requirements 215
Requirements to open a foreign currency account 215
Deal Management 215
Rollover: 215
Unwinding: 215
Early Maturity: 215
Documentation Requirements 215
Trade Flows 215
Capital Flow and FDI 215
Tax Summary – Guatemala 215
Guatemala 215
Tax Summary – Guatemala 216
Guatemala 216
Haiti (HTG - Haitian Gourde) 217
Citi in Haiti 217
Market Overview 217
Convertibility 217
Interest Rate 217
Market opening hours and liquidity during the day 218
Regulation 218
Non-Resident Restrictions: 218
Offshore Restrictions: 218
License Requirements 218
Deal Management 218
Rollover: 218
Unwinding: 218
Early Maturity: 218
Documentation Requirements 218
Trade Flows 218
Capital Flow and FDI 218
Honduras (HNL - Honduran Lempira) 219
Citi in Honduras 219
Market Overview 219
Convertibility 219
Interest Rate 220
Market opening hours and liquidity during the day 220
Fixing 220
Regulation 220
Offshore Restrictions: 220
License Requirements 221
Deal Management 221
Rollover: 221
Unwinding: 221
Early Maturity: 221
Documentation Requirements 221
Trade Flows 221
Capital Flow and FDI 221
Tax Summary – Honduras 221
Honduras 221
Jamaica (JMD - Jamaican Dollar) 222
Citi in Jamaica 222
Market Overview 222
Convertibility 222
Interest Rate 222
Market opening hours and liquidity during the day 223
Regulation 223
Offshore Restrictions: 223
Documentation Requirements 223
Trade Flows 223
Tax Summary – Jamaica 224
Jamaica 224
Mexico (MXN - Mexican Peso) 225
Citi in Mexico 225
Market Overview 225
Interest Rate 225
Market opening hours and liquidity during the day 226
Fixing 226
Regulation 227
Offshore Restrictions: 227
Non-Resident Restrictions: 227
License Requirements 227
Deal Management 227
Rollover: 227
Unwinding: 227
Early Maturity: 227
Trade Flows 227
Capital Flow and FDI 228
Additional Comments 228
Tax Summary – Mexico 228
Mexico 228
Tax Summary – Mexico 229
Mexico 229
Panama (PAB - Panamanian Balboa) 230
Citi in Panama 230
Market Overview 230
Convertibility 230
Market opening hours and liquidity during the day 231
Regulation 231
Offshore Restrictions: 231
Non-Resident Restrictions: 231
License Requirements 231
Deal Management 231
Rollover: 231
Unwinding: 231
Early Maturity: 231
Documentation Requirements 231
Trade Flows 231
Capital Flow and FDI 231
Tax Summary – Panama 232
Panama 232
Paraguay (PYG - Paraguayan Guarani) 233
Citi in Paraguay 233
Market Overview 233
Convertibility 233
Interest Rate 233
Fixing 234
Regulation 234
Offshore Restrictions: 234
Non-Resident Restrictions: 234
License Requirements 234
Deal Management 238
Rollover: 238
Early Maturity: 238
Settlement: 238
Documentation Requirements 238
Trade Flows 238
Capital Flow and FDI 238
Tax Summary – Paraguay 238
Paraguay 238
Peru (PEN - Peruvian Sol) 239
Citi in Peru 239
Market Overview 239
Market opening hours and liquidity during the day 240
Regulation 240
Offshore Restrictions: 240
Non-Resident Restrictions: 240
Resident Restrictions: 240
Resident Restrictions: 241
License Requirements 241
Requirements to open a foreign currency account 241
Deal Management 241
Rollover: 241
Unwinding: 241
Early Maturity: 241
Documentation Requirements 241
Trade Flows 241
Capital Flow and FDI 241
Tax Summary – Peru 241
Peru 241
Tax Summary – Peru 242
Peru 242
Trinidad and Tobago (TTD - Trinidad and Tobago Dollar) 243
Citi in Trinidad and Tobago 243
Market Overview 243
Convertibility 244
Interest Rate 244
Fixing 244
Regulation 244
Offshore Restrictions: 244
Non-Resident Restrictions: 244
License Requirements 245
Requirements to open a foreign currency account 245
Deal Management 245
Rollover: 245
Unwinding: 245
Early Maturity: 245
Documentation Requirements 245
Trade Flows 245
Capital Flow and FDI 245
Tax Summary – Trinidad and Tobago 245
Trinidad and Tobago 245
Uruguay (UYU - Uruguayan Peso) 246
Citi in Uruguay 246
Market Overview 246
Convertibility 246
Market opening hours and liquidity during the day 247
Regulation 247
Offshore Restrictions: 247
Non-Resident Restrictions: 248
License Requirements 248
Requirements to open a foreign currency account 248
Deal Management 248
Rollover: 248
Unwinding: 248
Early Maturity: 248
Documentation Requirements 248
Trade Flows 248
Capital Flow and FDI 248
Tax Summary – Uruguay 248
Uruguay 248

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