📄 Extracted Text (160 words)
22 December 2017
EM Currency Handbook 2018: Still Fuel in the Tank
Regulatory framework and approach
• The National Bank of Kazakhstan regulates exchange rate policy and is responsible for implementing monetary
policy (http://www.nationalbank.kz).
• The official USD/KZT rate is determined on the basis of foreign exchange auctions (for USD, EUR and RUB) that are
held daily. KZT trades both OTC and on the stock exchange (KASE).
Onshore KIT pi oducts
FX spot
Avg. ticket size: USD 5mn
Bid/ask spread: 'CT 0.15 - 1
Avg. daily volume: USD 200-300mn
Ref. source: Reuters Page <AFINEX02>
Trading hours: 10:15-18:00 London
Deliverable Forward
Avg. ticket size: USD 2mn
Bid/ask spread: KZT 4
Avg. daily volume: USD 20mn
Offshore KZT products
Non-Deliverable Forward (NDF)
Avg. ticket size: USD 2mn
Bid/ask spread: KZT 4
Tenor: <1Y (low liquidity up to 5Y)
Avg. daily volume: USD 10mn
Deutsche Bank Securities Inc. Page 67
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0076870
CONFIDENTIAL SDNY_GM_00223054
EFTA01379408
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