Emerging Markets Rates and Currencies Handbook

160 Citi | Emerging Markets Currencies Handbook 2021 Citi in Kenya Citibank N.A Kenya began operations in 1974 and has 2 branches in Nairobi and Mombasa. We are currently the leading institutional bank in Kenya, partnering with Corporate, Public Sector and Financial Institution clients. Our banking services comprise of: • Cash Management, Trade Finance, Trade Services and Cards. • Capital Markets/Corporate Finance/Investment Banking. • Fixed Income/Currencies. Some key highlights include: • Citi processes 15% of tax volumes in Kenya. • Citi processes 15% of all RTGS payments in Kenya. • Citi processes 25% of all EFT payments through the clearing house. • Over 200 collection points across Kenya through our partner bank relationships with Co-operative Bank and Postbank. Market Overview Kenyan Shilling is free floating exchange rate regime, with occasional intervention to smoothen out volatility. No exchange controls, however for foreign currency payments of >US$10,000 and above, supporting documentary evidence of the underlying economic transaction is required. IRS and IRO are not tradable in KES. Convertibility Currency is fully convertible. There are no restrictions. KENYA (KES — Kenyan Shilling)