Emerging Markets Rates and Currencies Handbook

164 Citi | Emerging Markets Currencies Handbook 2021 Kuwait Market opening hours and liquidity during the day 12.30 13.45 08.00 Interbank dealing time No Liquidity Client Dealing Time Fixing (incl. ticker) Central bank publishes USDKWD rate every day at 8.00am. Regulation Offshore restrictions No exchange controls, offshore entities are permitted to transact with onshore. Onshore entities (e.g. resident corporate) are permitted to transact FX with an offshore entity (e.g. offshore bank). Non-resident restrictions No specific restrictions for non-residents, same restriction as for resident account. Non-resident (e.g. non-resident corporate) are permitted to transact FX with an onshore entity (e.g. onshore bank) but this is subject to having an account opened with a local branch. License requirements Not required. Requirements to open a foreign currency account There is no difference than opening a local currency account. Deal Management Rollover: N/A. Unwinding: N/A. Early Maturity: N/A. Documentation Requirements Product specific Spot FX is done on an account to account basis within the same branch. Confirmation/settlement instructions is required after the deal is completed. Trade flows No documentation required for FX. To be entitled to cover USD/KWD by the central bank, the transaction must have documented commercial needs. Capital flows/FDI No documentation required for FX. To be entitled to cover USD/KWD by the central bank, the transaction must be for commercial needs. Citibank N.A. Kuwait Ahmed Tower, Arabian Gulf St. Sharq, Kuwait FX Sales Contact: +965 2259 4073 Source: Citi indicative information FX Spot FX Forwards NDFs FX Options Interest Rate Swap Interest Rate Options XCCY swaps Market Overview Availability of the instrument Volume (MM USD daily) 100 — 200 100 — 150 N/A N/A N/A N/A 5 — 10 Max tenor (or typical tenor for spot) T+2 2 years N/A N/A N/A N/A 2 years Typical deal size (MM USD) 25 25 N/A N/A N/A N/A 5 — 10 CitiFX Pulse Capabilities