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Discontinued Currencies

The Revenue Accounting Working Group at its meeting in June 2010 agreed to delete from the IATA Exchange Rate Reports (FDR, CDR, MMR, etc.) all expired currencies that were discontinued for more than two years. This will come into effect with the December 2010 reports. For example, it will mean that currencies replaced by the EURO will be dropped, such as French Franc, German Mark, Austrian Schilling etc.

IATA Clearing House Five Day Rate (FDR) Exchange Rates Effective January 2007

As determined by the Financial Committee, and communicated at both the Revenue Accounting Special General Meeting (Feb/March 2006) and the 40th Revenue Accounting General Meeting (September 2006) the Five Day Rate (FDR) Calculation for January 2007 will be based on the five days ending on the 25th of the month and each subsequent month.   This is in line with the ICH move from monthly to weekly (4 period) settlement.

The 16th Edition of the IATA Clearing House (ICH) Manual, Regulation 16, has been amended to reflect this change as follows:

16.       Conversion of currency of Billing "five days"
With respect to miscellaneous charges which are not Billed in the applicable currency of Clearance, the conversion of the currency of Billing into the applicable currency of Clearance shall be performed by the Member raising the claim at the mean average of the rates of exchange in effect during the five banking days ending on the 25th calendar day of Clearance month as published by the Clearing House. The Financial Committee will advise the Director General on the procedures for the determination of such rates of exchange.

The 2007 RAM Chapter A12, Paragraph 1.4.1/2.4.1 has also been amended as follows:

1.4.1     Conversion Rates to be Used = Five Day Rates
Conversion rates for all above conversions (except as stated in Paragraph 1.3.5) will be the mean average exchange rates for the five banking days ending on the twenty-fifth calendar day of the month preceding the current month as published by the IATA Clearing House. Current month in this context means: the month of clearance of transaction if billed through the Clearing House; or the month of transaction of the majority of items on the bill if billed outside the Clearing House.

EURO

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