Emerging Markets Rates and Currencies Handbook

125 Citi | Emerging Markets Currencies Handbook 2021 *Can also be applied to long term NDFs Source: Citi indicative information FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Onshore Offshore Onshore volume (MM USD daily) 100 — 400 5 N/A N/A N/A N/A Bespoke hedge dependent* Offshore volume (MM USD daily) 25 — 50 N/A Sporadic due to lack of liquidity N/A N/A N/A Onshore max tenor (or typical tenor for spot) T + 2 1 year N/A N/A N/A N/A Offshore max tenor (or typical tenor for spot) T + 2 N/A 1 year N/A N/A N/A Onshore typical deal size (MM USD) 0.5 — 3 0.2 N/A N/A N/A N/A Offshore typical deal size (MM USD) 1 — 5 N/A 1 — 5 N/A N/A N/A CitiFX Pulse Capabilities Algeria Market opening hours and liquidity during the day 15.30 09.30 Good Liquidity No Liquidity Fixing (incl. ticker) First fixing is at market opening, and then approximately one every hour during the trading hours until 15:30. Fixing ticker is BA/FX01. The opening CBK fixing is used for the NDF settlement. Regulation Offshore restrictions No pricing restrictions. Offshore entity cannot trade RHS (Buy FCY/Sell DZD). It can only trade LHS (Sell FCY/ Buy DZD) onshore or offshore. Onshore entity cannot trade offshore. Offshore entity can do NDF with another offshore entity as DZD is a non deliverable currency. Non-resident restrictions Can trade within the country with a special non-resident convertible account (CEDAC) that can only be credited from abroad. And non-resident companies can sell FCY but cannot buy FCY offshore. License requirements Standard KYC process on banks side. Requirements to open a foreign currency account • Original Articles of association (Company Foundation documents) or a certified copy. If issued abroad, a notarized & certified copy by Algerian Embassy is needed. • Original board resolution nominating the legal representative of the company by the Board of Directors or a certified copy. If issued abroad, a notarized & certified copy by the Algerian Embassy is needed. • Certified copy of Commercial Register of the company or original seen by Citi officer. If Non-resident, a certified copy is needed. • Commercial Ministry Authorization for Rep office account opening — Certified copy or original seen by Citi officer. • Certified copy of NIF card/certificate issued by ONS or original seen by Citi officer. • NIS card/certificate issued by ONS — Copy certified or original seen by Citi officer. • Original Power of Attorney specifying main account opening with signatories and their powers. • Identification document of signatories and their legal representative. For Algerian, a copy of a valid ID with original seen by Citi officer. For non-Algerian, a copy of a valid passport and “Carte de Sejour” for residing foreigners. • Copy of INR account as applicable original seen by Citi officer. • Any specific authorisation issued by local authorities — original seen by Citi officer.