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Global FX Guide November 2014 Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO Afghanistan – AFN Afghanian Afghani FLOAT N/A LIMITED NO NO NO Albania – ALL Albanian Lek FLOAT N/A LIMITED NO NO NO Algeria – DZD Algerian Dinar OTHER MANAGED ARRANGEMENT YES LIMITED NO NO NO NR STABALIZED ARRANGEMENT N/A LIMITED NO NO NO BB- CURRENCY BOARD 1 USD = 2.70 XCD YES LIMITED NO NO Currency Angola – AOA Angolan Kwanza Antigua and Barbuda – XCD Eastern Caribbean Dollar SEB Comments S&P Sovereign Rating NR PAYMENTS FOR ALL TRADED MERCHANDISE ARE MADE IN CONVERTIBLE CURRENCIES. NO B NR CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. OFFICIAL AND INOFFICIAL FX MARKET. PAYMENTS AND RECEIPTS MUST BE SETTLED IN FREELY CONVERTIBLE CURRENCIES. Argentina – ARS Argentine Peso CRAWL-LIKE ARRANGEMENT YES YES YES YES NO Armenia – AMD Armenian Dram CRAWL-LIKE ARRANGEMENT YES LIMITED NO NO NO NR PEGGED 1 USD = 1.79 AWG YES LIMTED NO NO NO BBB+ Aruba – AWG Aruban Florin CCC Please see the last page for definitions and a guide to the column headings. You can also find our research materials at our website: www.mb.seb.se. This report is produced by Skandinaviska Enskilda Banken AB (publ) (the "Bank") and is not directed to any private and legal person. Information and opinions contained within this document are given in good faith and are based on sources believed to be reliable; the Bank does not represent that they are accurate or complete. The Bank does not solicit any action based upon the contents of this report and users are urged to base their business or investment decisions upon such investigations as they deem necessary. Changes may be made to opinions or information contained herein without notice. No liability is accepted for any direct, special, indirect, consequential or incidental loss resulting from reliance on this document. All intellectual property rights to this report shall remain the sole and exclusive property of the Bank. Global FX Guide Currency Regime Current Account Convertibility Spot Forwards NDFs Australia – AUD Australian Dollar FREE FLOAT YES YES YES NO YES AAA Azerbaijan – AZN Azerbaijan Manat STABILIZED ARRANGEMENT YES LIMITED NO NO NO BBB- PEGGED 1 USD = 1 BSD YES LIMITED LIMITED NO NO CB APPROVAL IS REQUIRED TO MAKE PAYMENTS FOR IMPORTS EXCEEDING B$500,000. BBB CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. NO CLEARING ON FRIDAYS AND SATURDAYS. BBB CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. NO OFFSHORE MARKET FOR BDT. SETTELMENTS GENERALLY TAKE PLACE IN CONVERTIBLE CURRENCIES. BB- Currency The Bahamas – BSD Bahamian Dollar Bahrain – BHD Bahrain Dinar Options/NDO CONVENTIONAL PEG 1 USD = 0.3761 BHD YES YES YES NO NO STABALIZED ARRANGEMENT YES LIMITED LIMITED LIMITED LIMITED Barbados – BBD Barbados Dollar CONVENTIONAL PEG 1 USD = 2 BBD YES LIMITED LIMITED NO NO Belarus – BYR Belarus Rouble CRAWL-LIKE ARRANGEMENT YES LIMITED LIMITED NO NO Belize – BZD Belize Dollar PEGGED 1 USD = 2.00 BZD YES NO NO NO NO PEGGED 1 INR = 1 BTN N/A LIMITED NO NO NO Bolivia – BOB Boliviano STABILIZED ARRANGEMENT YES LIMITED NO NO NO Bosnia – BAM Bosnian Marka CURRENCY BOARD 1 BAM = 0.51129 EUR N/A LIMITED NO NO NO Bangladesh – BDT Bangladeshi Taka Bhutan – BTN Bhutanese Ngultrum SEB Comments S&P Sovereign Rating BBCROSS BORDER PAYMENTS (BYR BUY ONLY) ARE POSSIBLE WITH SUPPORTING DOCUMENTS. TRANSACTIONS FOR PURCHASES AND SALES OF FX FOR RUBLES BETWEEN BANKS AND THEIR CORP CLIENTS MAY NOT EXCEED USD 1,000. B- BIMPORTS ARE SUBJECT TO TARIFFS EXCEPT FROM INDIA. IMPORTS FROM INDIA ARE SUBJECT ONLY TO BHUTANESE SALES TAX. EXPORTS EXCEPT TO INDIA RECEIVE AN EXPORT TAX REBATE. NR BB CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. B 2 Global FX Guide Currency Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments S&P Sovereign Rating CRAWLING PEG YES YES YES NO NO CROSS BORDER PAYMENTS IN LOCAL CCY IS POSSIBLE. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BWP IS PEGGED AGAINST A BASKET OF 45% SDR AND 55% ZAR USING A FORWARD LOOKING APPROACH. Brazil – BRL Brazilian Real FLOAT YES YES YES YES YES CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BRL IS NONDELIVERABLE OFFSHORE. Brunei – BND Brunei Dollar CURRENCY BOARD 1 BND = 1 SGD YES YES NO NO NO BOTH SGD AND BND ARE LEGAL TENDER. Bulgaria – BGN Bulgarian Lev CURRENCY BOARD 1 EUR = 1.9558 BGN YES YES YES NO NO CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. Burundi – BIF Burundi Franc STABALIZED ARRANGEMENT N/A LIMITED NO NO NO NR Cambodia – KHR Cambodian Riel OTHER MANAGED ARRANGEMENT YES LIMITED NO NO NO NR Canada – CAD Canadian Dollar FREE FLOATING YES YES YES NO YES AAA Cabo Verde – CVE Cabo Verde Escudo PEGGED 1 EUR = 110.265 CVE YES LIMITED LIMITED NO NO B CFA Franc PEGGED 1 EUR = 655.95 CFA YES LIMITED NO NO NO FOR COUNTRIES INCLUDED, SEE PAGE 11. N/A Chile – CLP Chilean Peso FREE FLOATING YES YES YES YES YES CUSTODY–RELATED FLOWS ARE POSSIBLE. CLP IS NONDELIVERABLE OFFSHORE. AA- China – CNY Chinese Renminbi (yuan) (Onshore) CRAWL-LIKE ARRANGEMENT YES YES YES YES YES SEB SHANGHAI HAS ACCESS TO ONSHORE MARKET FOR CLIENTS WITH LOCAL PRESENCE. TRACKED AS NDF OUTSIDE OF CHINA. AA- China – CNH Chinese Renminbi (yuan) (Offshore) FLOAT YES YES YES NO YES CNH IS THE DELIVERABLE YUAN WHEN USED OFFSHORE. AA- Colombia – COP Colombian Peso FLOAT YES YES YES YES YES CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. COP IS NONDELIVERABLE OFFSHORE. BBB Botswana – BWP Botswana Pula A- BBB- NR BBB- 3 Global FX Guide Current Account Convertibility Spot Forwards NDFs PEGGED 1 EUR = 491.96775 KMF YES LIMITED NO NO NO NR STABALIZED ARRANGEMENT YES LIMITED LIMITED NO NO NR OTHER MANAGED ARRANGEMENT YES LIMITED LIMITED LIMITED NO BB CRAWL-LIKE ARRANGEMENT YES YES YES NO NO CROSS BORDER PAYMENTS IN LOCAL CCY IS POSSILBE. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. HRK IS FULLY DELIVERABLE. BB FREE FLOAT YES YES YES NO YES THE CB INTERVENES TO MAINTAIN EUR/CZK CLOSE TO OR ABOVE THE 27-LEVEL. AA- Denmark – DKK Danish Krone PEGGED 1 EUR = 7.46038 DKK YES YES YES NO YES DKK IS PART OF ERM-2 SINCE 1999 (BAND +/2.25%). AAA Djibouti – DJF Djibouti Franc CURRENCY BOARD 1 USD = 177.721 DJF YES LIMITED NO NO NO NR Dominica – XCD Eastern Caribbean Dollar CURRENCY BOARD 1 USD = 2.70 XCD YES LIMITED NO NO NO NR CRAWL-LIKE ARRANGEMENT YES LIMITED NO NO NO B+ Ecuador – USD U.S Dollar DOLLARISED YES NO NO NO NO USD IS THE LEGAL TENDER. B+ Egypt – EGP Egyptian Pound STABALIZED ARANGEMENT YES LIMITED LIMITED LIMITED NO ONSHORE SPOT TRADES ARE POSSIBLE FOR CUSTODY–RELATED FLOWS BUT SEB IS CURRENTLY CLOSED. VERY LIMITED NDF MARKET. B- El Salvador – SVC El Salvadorian Colon/USD DOLLARISED 1 USD = 8.75 SVC YES LIMITED NO NO NO BOTH USD AND SVC ARE LEGAL TENDER. BB- Eritrea – ERN Eritrean Nakfa PEGGED 1 USD = 15.00 ERN N/A LIMITED NO NO NO Currency Comoros – KMF Comorian Franc Congo (Dem. Rep.) – CDF Congo Franc Costa Rica – CRC Costa Rican Colon Croatia – HRK Croatian Kuna Czech Republic – CZK Czech Koruna Dominican Republic – DOP Dominican Peso Currency Regime Options/NDO SEB Comments S&P Sovereign Rating NR 4 Global FX Guide Current Account Convertibility Spot Forwards NDFs CRAW-LIKE ARRANGEMENT N/A LIMITED NO NO NO FREE FLOAT YES YES YES NO YES FOR COUNTRIES INCLUDED, SEE PAGE 11. PEGGED AGAINST A BASKET OF CURRENCIES YES LIMITED LIMITED NO NO BASKET= USD, NZD, AUD, JPY, EUR. OTHER MANAGED ARRANGEMENT YES LIMITED NO NO NO NR Georgia – GEL Georgian Lari FLOAT YES LIMITED LIMITED NO NO BB- Ghana – GHS Ghana New Cedi FLOAT YES LIMITED LIMITED LIMITED NO CURRENCY BOARD 1 USD = 2.70 XCD YES LIMITED NO NO NO SD Guatemala – GTQ Guatemala Quetzal CRAWL-LIKE ARRANGEMENT YES LIMITED LIMITED LIMITED NO BB Guinea – GNF Guinean Franc STABALIZED ARRANGEMENT YES LIMITED NO NO NO NR Guyana – GYD Guyana Dollar STABILIZED ARRANGEMENT YES LIMITED NO NO NO NR Haiti – HTG Haitian Gourde CRAWL-LIKE ARRANGEMENT YES LIMITED NO NO NO Honduras – HNL Honduran Lempira CRAW-LIKE ARRANGEMENT YES LIMITED NO NO NO Hong Kong – HKD Hong Kong Dollar CURRENCY BOARD 1 USD = 7.80 HKD YES YES YES NO YES Currency Ethiopia – ETB Ethiopian Birr Euro Zone –EUR Euro Fiji – FJD Fiji Dollar The Gambia – GMD Gambian Dalasi Grenada – XCD Eastern Caribbean Dollar Currency Regime Options/NDO SEB Comments S&P Sovereign Rating NR CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. USD IS GENERALLY ACCEPTED. N/A B B- NR B SINCE 2005 USD/HKD IS ALLOWED TO TRADE IN A BAND 7.75–7.85. AAA 5 Global FX Guide Currency Hungary – HUF Hungarian Forint Currency Regime Current Account Convertibility Spot Forwards NDFs FLOAT YES YES YES NO SEB Comments YES BB NO CROSS BORDER PAYMENTS AND CUSTODY– RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. ONSHORE AND OFFSHORE FX MARKET EXISTS. BBB- YES YES CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BBB- YES YES YES CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BB+ LIMITED NO NO NO NR LIMITED NO NO NO NR Iceland – ISK Icelandic Króna FLOAT YES LIMITED LIMITED NO India – INR Indian Rupee FLOAT YES YES YES Indonesia – IDR Indonesian Rupiah FLOAT YES YES Iran – IRR Iranian Rial OTHER MANAGED ARRANGEMENT YES Iraq – IQD Iraqi Dinar STABILIZED ARRANGEMENT N/A Israel – ILS Israeli Shekel Options/NDO S&P Sovereign Rating CROSS BORDER PAYMENTS ARE POSSILBE. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. SEPARATE ONSHORE AND OFFSHORE FX FORWARD CURVES. FLOAT YES YES YES YES YES Jamaica – JMD Jamaican Dollar CRAWL-LIKE ARRANGEMENT YES LIMITED NO NO NO B- Japan – JPY Japanese Yen FREE FLOATING YES YES YES NO YES AA- Jordan – JOD Jordanian Dinar Kazakhstan – KZT Kazakhstani Tenge Kenya – KES Kenyan Shilling A+ PEGGED 1 USD = 0.7090 JOD YES YES YES NO NO CROSS BORDER PAYMENTS IN LOCAL CCY IS POSSIBLE. CUSTODY–RELATED FLOWS ARE POSSILBE WITH SUPPORTING DOCUMENTS. THE JOD IS DELIVERABE. THERE IS NO CLEARING ON FRIDAYS AND SATURDAYS. STABALIZED ARRANGEMENT YES YES YES YES YES CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. SETTLES T+0 & T+1. CAN DO TN SWAPS ONLY DELIVERABLE. BBB+ FLOAT YES YES YES YES NO CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. B+ BB- 6 Global FX Guide Currency Kuwait – KWD Kuwaiti Dinar Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments CROSS BORDER PAYMENTS IN LOCAL CCY IS POSSIBLE. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. KWD IS PEGGED AGAINST AN UNDISCLOSED BASKET. THERE IS NO CLEARING ON FRIDAYS AND SATURDAYS. THE KWD IS DELIVERABLE. S&P Sovereign Rating CONVENTIONAL PEG YES YES YES YES YES OTHER MANAGED ARRANGEMENT YES LIMITED NO NO NO STABILIZED ARRANGEMENT YES YES YES YES NO OFFSHORE BANKS CAN ONLY ACCESS THE ONSHORE FX MARKET THROUGH BUYING T-BILLS OR CDs. THERE IS NO CLEARING ON SUNDAYS. B- Lesotho – LSL Lesotho Loti PEGGED 1 ZAR = 1 LSL YES LIMITED LIMITED NO NO ZAR IS ALSO USED AS LEGAL TENDER. NR Liberia – LRD Liberian Dollar OTHER MANAGED ARRANGEMENT N/A LIMITED NO NO NO USD IS ALSO USED AS LEGAL TENDER. NR Libya -LYD Libyan Dinar PEGGED 1 SDR = 1.9324 LYD YES NO NO NO NO USD IS THE INTERVENTION CURRENCY. NR STABILIZED ARRANGEMENT YES YES YES NO NO FORWARD MARKET IS IN EARLY STAGE OF DEVELOPMENT. BB- CURRENCY BOARD 1 EUR = 3.4528 LTL YES YES YES NO EUR LEGAL TENDER FROM JAN 1 2015. CONVERSION RATE 3.4528. A- FLOAT YES YES YES NO NO NR Malawi – MWK Malawi Kwacha OTHER MANAGED ARRANGEMENT YES YES YES NO NO NR Malaysia – MYR Malaysian Ringgit OTHER MANAGED ARRANGEMENT YES YES YES YES YES CROSS BORDER PAYMENTS AND CUSTODY– RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. A- Maldives – MVR Maldivian Rufiyaa STABILIZED ARRANGEMENT NO YES NO NO NO 1 USD = 12.85 MVR (MAY MOVE 20% FROM PEG). NR Kyrgyz Republic – KGS Kyrgystani Som Lebanon – LBP Lebanese Pound Macedonia – MKD Macedonian Denar Lithuania – LTL Lithuanian Litas Madagascar – MGA Madagascar Malagasy Ariary NO AA NR 7 Global FX Guide Current Account Convertibility Spot Forwards NDFs OTHER MANAGED ARRANGEMENT YES YES NO NO NO FLOAT YES YES YES NO NO Mexico – MXN Mexican Peso FREE FLOATING YES YES YES NO YES BBB+ Moldova – MDL Moldova Leu FLOAT YES YES YES NO NO NR Mongolia – MNT Mongolian Togrog FLOAT YES YES YES NO NO B+ Montenegro – EUR Euro NO SEPARATE LEGAL TENDER YES YES YES NO NO BB- Morocco – MAD Moroccan Dirham PEGGED TO BASKET (TRADE PARTNERS) YES YES YES NO NO FLOAT YES YES YES NO NO B Myanmar – MMK Myanmar Kyat MANAGED FLOAT NO YES NO NO NO NR Namibia – NAD Namibian Dollar PEGGED 1 ZAR = 1 NAD YES YES NO NO NO Nepal – NPR Nepalese Rupee PEGGED 1 INR = 1.6 NPR YES YES YES NO NO NR New Zealand – NZD New Zeeland Dollar FLOAT YES YES YES NO YES AA Nicaragua – NIO Nicaragua Córdoba CRAWLING PEG YES YES NO NO NO NR Currency Mauritania – MRO Mauritian Rupee Mauritius – MUR Mauritanian Ouguiya Mozambique – MZN Mozambique Metical Currency Regime Options/NDO SEB Comments S&P Sovereign Rating NR CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BASKET 80% EUR AND 20% USD, SUBJECT TO ADJUSTMENTS. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. NR BBB- NR 8 Global FX Guide Currency Nigeria – NGN Nigerian Naira Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. THERE ARE THREE PARALLEL FOREIGN EXCHANGE MARKETS. S&P Sovereign Rating OTHER MANAGED ARRANGEMENT YES YES YES YES NO FREE FLOATING YES YES YES NO YES PEGGED 1 USD = 0.3850 OMR YES YES YES NO NO OPTION MARKET IS UNDER DEVELOPMENT. THERE IS NO CLEARING ON FRIDAYS AND SATURDAYS. A OTHER MANAGED ARRANGEMENT YES YES YES YES NO CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. B- PEGGED 1 USD = 1 PAB YES YES NO NO NO USD IS ALSO USED AS LEGAL TENDER. BBB Papua New Guinea – PGK Papa New Guinea Kina FLOAT YES LIMITED LIMITED NO NO CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. B+ Paraguay – PYG Paraguayan Guaraní FLOAT YES LIMITED LIMITED NO NO Peru – PEN Peruvian Nuevo Sol FLOAT YES YES YES YES YES CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BBB+ Philippines – PHP Philippines Peso FLOAT YES YES NO YES YES CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS – ONLY BUY PHP SPOT. FORWARD TRADES NEEDS CB APPROVAL. BBB Poland – PLN Polish Zloty FLOAT YES YES YES NO YES Qatar – QAR Qatar Riyal PEGGED 1 USD = 3.64 QAR YES YES YES NO NO Romania – RON Romanian Leu MANAGED FLOAT YES YES YES NO YES BBB- FLOAT YES YES YES YES YES BBB- Norway – NOK Norwegian Krone Oman – OMR Oman Rial Pakistan – PKR Pakistani Rupee Panama – PAB Panamanian Balboa Russian Federation – RUB Russian Rubel BB- AAA BB ACROSS BORDER PAYMENTS IN LOCAL CCY IS POSSIBLE. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. THERE IS NO CLEARING ON FRIDAYS AND SATURDAYS. AA 9 Global FX Guide Currency Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments A FORWARD MARKET FOR EXPORTERS AND IMPORTERS HAS BEEN AUTHORIZED BUT IS NOT YET OPERATIONAL. S&P Sovereign Rating Rwanda – RWF Rwanda Franc CRAWL-LIKE ARRANGEMENT YES LIMITED NO NO NO Samoa – WST Samoa Tala PEGGED AGAINST A BASKET OF CURRENCIES YES LIMITED LIMITED NO NO NR Sáo Tomé & Principe – STD Sao Tome Dobre PEGGED 1 EUR = 24,500 STD NO LIMITED NO NO NO NR PEGGED 1 USD = 3.75 SAR YES YES YES NO YES THERE IS NO CLEARING ON FRIDAYS AND SATURDAYS. AA- Serbia – RSD Serbian Dinar FLOAT YES LIMITED LIMITED NO NO CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. BB- Seychelles – SCR Seychelles Rupee FLOAT YES NO NO NO NO A FRAMEWORK FOR A FORWARD MARKET IS IN THE PROCESS OF BEING DRAFTED. NR Sierra Leone – SLL Sierra Leonean Leone FLOAT YES YES YES NO NO SLL HAS MULTIPLE EXCHANGE RATES. NR CRAWL-LIKE ARRANGEMENT YES YES YES NO YES SGD MOVES WITHIN TARGET BAND VS. AN UNDISCLOSED TRADE-WEIGHTED BASKET. AAA CONVENTIONAL PEG YES YES YES NO NO PEGGED AGAINST BASKET OF CURRENCIES: USD, AUD, NZD, YEN, GBP. NR FREE FLOATING NO YES NO NO NO SOS HAS DUAL EXCHANGE RATES. NR South Africa – ZAR South African Rand FLOAT YES YES YES NO YES South Korea – KRW South Korean Won FLOAT YES YES YES YES YES CROSS BORDER PAYMENTS IS POSSIBLE (BUY KRW SPOT ONLY) WITH SUPPORING DOCUMENTS AND/OR CUSTODY RELATED FLOWS. A+ STABALIZED ARRANGEMENT YES YES YES NO YES CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. THERE IS AN OFFSHORE MARKET FOR SPOT. FORWARD TRADES NEEDS CB APPROVAL. B+ Saudi Arabia – SAR Saudi Riyal Singapore – SGD Singapore Dollar Solomon Islands – SBD Solomon Islands Dollar Somalia – SOS Somali Shilling Sri Lanka – LKR Sri Lankan Rupee B BBB- 10 Global FX Guide Currency Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments S&P Sovereign Rating St. Lucia – XCD Eastern Caribbean Dollar CURRENCY BOARD 1 USD = 2.70 XCD YES NO NO NO NO NR St. Vincent and Grenadines – XCD Eastern Caribbean Dollar CURRENCY BOARD 1 USD = 2.70 XCD YES YES NO NO NO NR Sudan – SDP Sudanese Dinar MANAGED FLOAT YES YES NO NO NO NR Suriname – SRD Suriname Dollar STABALIZED ARRANGEMENT YES YES NO NO NO BB- PEGGED 1 ZAR = 1 SZL YES YES NO NO NO NR FREE FLOATING YES YES YES NO YES AAA Switzerland – CHF Swiss Franc OTHER MANAGED ARRANGEMENT YES YES YES NO YES Syrian Arab Republic – SYP Syrian Pound OTHER MANAGED ARRANGEMENT NO YES NO NO NO PEGGED AGAINST SDR BASKET +/-9% BAND. NR Taiwan – TWD Taiwanese Dollar MANAGED FLOAT YES YES YES YES YES CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. AA- Tajikistan – TJS Tajikistani Ruble STABILIZED ARRANGEMENT YES YES NO NO NO NR FLOAT YES YES YES NO NO NR Swaziland – SZL Swaziland Lilangeni Sweden – SEK Swedish Krona Tanzania – TZS Tanzanian Shilling Thailand – THB Thai Baht FLOAT YES YES YES NO YES Tonga – TOP Tongan Pa'anga FLOAT YES YES NO NO NO FLOOR AT 1.20 IN EUR/CHF. CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. THERE IS AN ONSHORE AND OFFSHORE MARKET. AAA BBB+ NR 11 Global FX Guide Currency Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments S&P Sovereign Rating Trinidad and Tobago – TTD Trinidad and Tobago Dollar STABILIZED ARRANGEMENT YES YES YES NO NO Tunisia – TND Tunisian Dinar CRAWL-LIKE ARRANGEMENT YES LIMITED LIMITED NO NO Turkey – TRY Turkish Lira FLOAT YES YES YES NO YES BB+ PEGGED 1 USD = 2.85 TMT NO NO NO NO NO NR Uganda – UGX Ugandan Shilling FLOAT YES LIMITED LIMITED NO NO B Ukraine – UAH Ukrainian Hryvnia FLOAT YES YES YES YES NO CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS.SEB KIEV HAS ACCESS TO THE ONSHORE MARKET. CCC CROSS BORDER PAYMENTS IN LOCAL CCY IS POSSIBLE. CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. THERE IS NO CLEARING ON FRIDAYS. NR Turkmenistan – TMM Turkmen Manat United Arab Emirates – AED U.A.E Dirham A CROSS BORDER PAYMENTS IN LOCAL CCY AND CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. NR PEGGED 1 USD = 3.6725 AED YES YES YES NO YES FLOAT YES YES YES NO YES AAA FREE FLOATING YES YES YES NO YES AA+ Uruguay – UYU Uruguayan Peso FLOAT YES LIMITED LIMITED LIMITED NO BBB- Uzbekistan – UZS Uzbek Sum CRAWL-LIKE ARRANGEMENT YES LIMITED LIMITED NO NO NR Vanatu – VUV Vanuatu Vatu OTHER MANAGED ARRANGEMENT YES LIMITED NO NO NO NR Venezuela – VEF Venezuelan Bolivar PEGGED 1 USD = 6.30 VEF NO LIMITED NO LIMITED NO CCC+ United Kingdom – GBP Pound Sterling United States – USD U.S Dollar 12 Global FX Guide Currency Currency Regime Current Account Convertibility Spot Forwards NDFs Options/NDO SEB Comments Vietnam – VND Vietnamese Dong STABALIZED ARRANGEMENT YES YES NO YES YES Yemen – YER Yemeni Rial STABILIZED ARRANGEMENT YES LIMITED NO NO NO FLOAT YES LIMITED LIMITED LIMITED NO CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. B+ NO SEPARATE LEGAL TENDER NO NO NO NO NO THE USE OF ZIMBABWE DOLLAR WAS DISCONTINUED IN FEBRUARY 2009. ZAR, USD, EUR, GBP AND BWP ARE USED AS LEGAL TENDER. NR Zambia – ZMW Zambian Kwacha Zimbabwe – ZWD Zimbabwean Dollar CUSTODY–RELATED FLOWS ARE POSSIBLE WITH SUPPORTING DOCUMENTS. S&P Sovereign Rating BB- NR 13 Global FX Guide The Global FX Guide The Global FX Guide is a short and easy-to-read overview of currency regimes in 151 different currencies and what transactions that can and cannot be executed in each market. The Guide is published annually. Circumstances may change after publication. The report is based on the IMF’s Annual Report on Exchange Arrangements and Exchange Restrictions 2014. SEB Global FX Guide is available in hard-copy. that intervention has been limited to at most three instances in the previous six months, each lasting no more than three business days. • READING INSTRUCTIONS • Currency: Name of the currency. • Currency Regime: Input regarding the prevailing currency regime is taken from the IMF Annual Report on Exchange Arrangements, 2014 and from central banks’ web sites. • Currency Board: Commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate, combined with restrictions on the issuance authority to ensure the fulfilment of its legal obligation. This implies that domestic currency is usually fully backed by foreign assets, eliminating traditional central bank functions such as monetary control and lender of last resort, and leaving little room for discretionary monetary policy. • Pegged: The country formally pegs its currency at a fixed rate to another currency or a basket of currencies. The anchor currency or basket weights are public or notified to the IMF. The country authorities stand ready to maintain the fixed parity through direct intervention or indirect intervention. There is no commitment to irrevocably keep the parity, but the formal arrangement must be confirmed empirically. • Stabilized Arrangement: Classification as a stabilized arrangement entails a spot market exchange rate that remains within a margin of 2% for six months or more (with the exception of a specified number of outliers or step adjustments) and is not floating. • Crawling Peg: The currency is adjusted in small amounts at a fixed rate or in response to changes in selected quantitative indicators, such as past inflation differentials vis-avis major trading partners or differentials between the inflation target and expected inflation in major trading partners. • Crawl-like Arrangement: The exchange rate remain within a narrow margin of 2% relative to a statistically identified trend for six months or more, and the exchange rate arrangement cannot be considered as floating. Usually, a minimum rate of change greater than allowed under a stabilized arrangement is required. • Other Managed Arrangement: This category is a residual and is used when the exchange rate arrangement does not meet the criteria for any of the other categories. • Float: The exchange rate is largely market determined, without an ascertainable or predictable path for the rate. • Free Float: Intervention occurs only exceptionally and aims to address disorderly market conditions and if the authorities have provided information or data confirming • • • • • • Current Account Convertibility: A “Yes” means that the country has signed the IMF’s Article of Agreement nr. VIII. A country that has signed Article VIII is open for currency exchange relating to transactions under the current account. In many cases documentation is required. Several currencies are fully convertible for all types of transaction while others carry restrictions on transactions within the capital account. For further information regarding Article VIII, see http://www.imf.org/external/pubs/ft/aa/. Spot: Indicates if it is possible to execute spot transactions in the currency. Limited means that the average daily spot turnover in the currency does not exceed $50mn. Forwards: Indicates if it is possible to execute forward transactions in the currency. Limited means that the average daily spot turnover in the currency does not exceed $50mn. NDFs: Indicates if it is possible to execute Non-Deliverable Forward (NDF) transactions in the currency. Limited means that the average daily spot turnover in the currency does not exceed $50mn. Options/NDO: Indicates if it is possible to execute Option or Non-Deliverable Option (NDO) transactions in the currency. SEB Comments: Information related to SEB services and not-otherwise-disclosed market information. Please observe that this column provides a general indication of what is needed to execute FX transactions in these markets. For more complete information regarding documentation and SEB activity, please contact your SEB sales representative. S&P: The long-term sovereign foreign-currency default rating by Standard & Poor´s. CUT-OFF DATE The cut-off date for this report is November 21st 2014. DISCLAIMER Please see disclaimer on the first page. CONTACTS SEB Merchant Banking Emerging Markets +46 8 506 231 10 [email protected] 14 Finland Russia St: Petersburg Norway Sweden Moskva St. Petersburg Estonia Latvia Denmark New York Moscow Beijing Lithuania Dublin New Delhi London Poland Germany Luxembourg Warsaw Shanghai Hong Kong Ukraine Kiev Geneve Singapore Paulo SEB is a leading Nordic financial services São group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany the bank’s operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB’s business is reflected in its presence in some 20 countries worldwide. On June 30, 2014, the Group’s total assets amounted to SEK 2,654 billion while its assets under management totalled SEK 1,605 billion. The Group has around 16,000 employees. Read more about SEB at www.sebgroup.com. With capital, knowledge and experience, we generate value for our customers − a task in which our research activities are highly beneficial. In 1999 SEB created a dedicated team to cover Emerging Markets (EM) with the research arm of the unit both complementing and extending macroeconomic assessments provided by the bank’s Economic Research group and market analysis generated by its Trading Strategy team. SEB EM Research provides extensive analysis and trading recommendations such as Emerging Markets Explorer, a major publication comprising macroeconomic analysis and strategy as well as market analyses and investment recommendations. Other publications include EM Trading Views, Asia Strategy Focus, various Investment Guides as well as the daily Emerging Alert.
