Emerging Markets Rates and Currencies Handbook

153 Citi | Emerging Markets Currencies Handbook 2021 Ivory Coast *Can be applied to long term FX Forwards 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) 10 — 30 1 — 2 N/A N/A N/A N/A Bespoke hedge dependent* Offshore volume (MM USD daily) 1 — 5 Marginal N/A 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 6 months N/A N/A N/A N/A Onshore typical deal size (MM USD) 0.25 — 3 1 — 3 N/A N/A N/A N/A Offshore typical deal size (MM USD) 1 N/A N/A N/A N/A N/A CitiFX Pulse Capabilities Market opening hours and liquidity during the day 17.00 09.00 13.00 07.30 Good Liquidity No Liquidity Moderate Liquidity Fixing (incl. ticker) There is no local fixing. Regulation Offshore restrictions Onshore entity (e.g. resident corporate) not permitted to transact FX with an offshore entity (e.g. offshore bank). However, relationship between offshore and onshore banks are allowed. Non-resident restrictions Non-resident (e.g. non-resident corporate) permitted to transact FX with an onshore entity (e.g. onshore bank). License requirements The banking license provides rights to undertake all the listed products (Spot, Forwards, NDF, Swap, Options) as long as its done in accordance with Fx regulation. No specific license required for corporate names to undertake fx transaction as the incorporation suffice. Requirements to open a foreign currency account FCY account are subject to Ministry of Finance and Central bank approvals. The request is been submitted by an onshore bank on behalf of the corporate with justification of purpose, estimated size of flows, and type of operations. The approval is being renewed each year and given by the central bank. Deal Management Rollover: Yes. Unwinding: Yes. Early Maturity: Yes. Documentation Requirements Product specific FX spot: documentation is required above XOF 500 000 for all individual or corporates customers. Documentation type varies based on the type of payment. Outright forward: FX Documentation required before the settlement date. Trade flows Remittance of XOF out of the WAEMU region is subject to required set of documents in compliance with the local exchange control regulation. Capital flows/FDI Capital flows and FDI are not subject to any restriction, however would need to be declared to the Mof office at inception to facilitate the projected reimbursement. Additional Comments Resident corporate to hedge risk only based on commercial transaction, no speculative hedging allowed. Citibank Cote D’ivoire S.A. 28 Avenue Delafosse 01 BP 3698 ABIDJAN 01 FX Sales Contact: +225 2020 9081 Note: Citigroup Inc. and any of its affiliates do not provide accounting, tax, or legal advice. Please seek advice from a relevant licensed advisor. Source: Relevant legislation, publicly available sources.