Emerging Markets Rates and Currencies Handbook

62 Citi | Emerging Markets Currencies Handbook 2021 Citi in Argentina Founded in 1914, Citi’s commitment to Argentina is manifested by its presence in 10 cities and the broad range of financial services and products it offers. For more than 100 years, Citi Argentina has undergone technological advances that have provided its clients with innovative financial solutions and accessibility at their fingertips. Main clients of Citi Argentina are multinationals, large and middle size local companies and local and foreign institutional investors. FX Market Overview The Argentine foreign exchange market is regulated by the Argentine Central Bank (BCRA). Spot transactions can only be traded onshore and are usually settled on the same day, but can trade up to T+2. To date, the local market trades spot and NDF. The interbank market trades spot in the Mercado Abierto Electrónico (MAE) and NDF in MAE and in the Rosario Futures Exchange (ROFEX), both as central counterparties. On September 1st, 2019, the Argentine Executive Branch enacted Decree 609/2019 ordering the sale of export proceeds in the FX Market and instructing the Argentine Central Bank (BCRA) to establish rules to regulate access to the FX Market distinguishing between corporations domiciled in Argentina, individuals and non-residents. On the same day and in accordance with Decree 609/2019, BCRA published Communication “A” 6770 setting new rules applicable to the FX Market, also referred to as FX Regulations. Since then, BCRA published a number of additional regulations. Each communication and its summary can be found on the BCRA website. Convertibility ARS is not convertible, since there are strict limits and regulations to convert ARS into USD and viceversa. ARGENTINA (ARS — Argentine Peso)