Emerging Markets Rates and Currencies Handbook

163 Citi | Emerging Markets Currencies Handbook 2021 Citi in Kuwait Citi Kuwait has been a fully licensed bank since 2006. The bank has been offering a full range of corporate banking services, including traditional trade, lending and hedging products to major Top Tier Local Corporations (TTLC’s) and Global Subsidiary Group (GSG’s) corporations, as well as Public sector and financial institutions operating in the country. Market Overview Local market deals KWD FX until central bank closing which is at 1.45pm Kuwait time, this is mainly to be able to cover from Central bank and due to central bank regulation which obliges the local banks to cover with Central bank next working day if a client deal booked after 1.45pm. KWD is a freely traded traded currency. The market believes that the appropriate value of the currency is derived from a basket of currencies which is not disclosed by central bank. These currencies are USD, EUR, GBP and JPY. Main Currency Pairs: USDKWD; EURKWD. Kuwait Inter Bank Offer Rate (Kibor), is published daily by the Central Bank of Kuwait at 8.00am. Convertibility USDKWD is freely convertible. KUWAIT (KWD — Kuwaiti Dinar)

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