Emerging Markets Rates and Currencies Handbook

3 Citi | Emerging Markets Currencies Handbook 2021 INTRODUCTION Citi Emerging Markets Rates & Currencies Handbook is a reference guide into financial markets in 65 emerging and frontier economies, providing integrated market intelligence on foreign exchange and its regulatory environment, alongside an overview of the basic tax framework impacting subsidiary funding. Citi is proud to present the second edition of the Citi Emerging Markets Rates & Currencies Handbook. The new “Subsidiary Funding” segment, encapsulating the tax environment for financing a foreign subsidiary, aims to complement the “EM Rates and Currencies” segment and guide you towards the optimal financial decisions in your cross-border endeavors. FOREWORD Since the publication of the first edition of the handbook in 2018, the global economy has been hit by a crisis of enormous and manifold ramifications. The notions of “systemic risk” and “Black Swans” echo again through financial markets and corporate boardrooms. We see our corporate clients fortifying their growth plans in emerging markets with robust risk management strategies and treasury digitization activities. Erratic and unpredictable nature has always been evident in emerging economies and we created this handbook in an attempt to leverage our longstanding global expertise and local knowledge to help you make more informed risk management, treasury automation and subsidiary funding decisions in your cross-border pursuits. If you have any questions or require more information, please reach out to your Citi Corporate Sales & Solutions contacts. Flavio Figueiredo Global Head Corporate Sales & Solutions Markets