Emerging Markets Rates and Currencies Handbook

147 Citi | Emerging Markets Currencies Handbook 2021 Citi in Hungary Citi has been present in Hungary since 1985, being at the heart of innovation in the Hungarian banking industry. Citi’s Corporate and Institutional Clients Group and the Commercial Banking businesses together provide services to large and small and medium-sized corporations, local subsidiaries of multinational clients, financial institutions and public sector clients. Citi established a Service Center in Hungary in 2005, from where Citi provides Technology, Operations, Finance and Risk & Control services for Citi entities in 97 countries globally. Market Overview Fully liberalised, liquid FX market. FX rate is subject to market conditions. The National Bank of Hungary is following an inflation targeting monetary policy. Main currency pairs traded: EURHUF, USDHUF, PLNHUF. HUF IR derivative market is freely tradable with fair liquidity. Up to 12m the market is trading fx swaps or FRAs, while 1y-10y it is mainly IRS. Longest tenor available is 10y both in IRS and XCCy swaps. Convertibility Fully convertible. HUNGARY (HUF — Hungarian Forint)