Emerging Markets Rates and Currencies Handbook

156 Citi | Emerging Markets Currencies Handbook 2021 Citi in Kazakhstan Citigroup has maintained its presence in Kazakhstan since 1994 when it opened a representative office. In 1998 Citibank Kazakhstan JSC, a 100% subsidiary of Citigroup with a full banking license from the National Bank of Kazakhstan (1.2.247/81/30 issued on 16 October 2009), opened its doors to corporate customers. Today Citibank Kazakhstan JSC is a major lending, transactional and investment bank to Kazakhstan corporations, financial institutions, and state owned companies, as well as Kazakhstan subsidiaries and representative offices of leading international firms. Market Overview Free float with inflation targeting regime. Central bank has the right to intervene in the market when there is a threat to the financial stability. Main volumes come from corporate, government, quasi government and public sector clients. Main currency pairs: USD/KZT; RUB/KZT; EUR/KZT; EUR/USD. Kazakhstan has enjoyed decent inflows of offshore investors into sovereign debt market early this year. Foreign investors holdings have quickly passed previous $1.45bn all-time high which was recorded in Apr 2018. Convertibility Fully Convertible. KAZAKHSTAN (KZT — Kazakh Tenge)