Investments are recorded at cost using commercial historical exchange rates instead of United Nations operational rates of exchange.

Also, money transfer operators usually charge higher fees and offer less favorable exchange rates in transfer operations than commercial banks.

The operational rates of exchange shall be those established by the Secretary General and communicated to the Executive Director.

17. The basis for recosting can be either the average operational rates of exchange experienced so far in the biennium (the averaging method) or the operational rates in effect at the time of recosting (the latest rate).

(Based on the average of the United Nations operational rates of exchange)

Schedule 3 Rates of exchange for 1998 Initial appropriation 1998 1999

(a) The Registrar shall establish the operational rates of exchange between the euro and other currencies, on the basis of the operational rates of exchange established by the Secretariat of the United Nations.

4. Instead of using the latest available exchange rates, budgetary assumptions relating to operational exchange rates should be based on an averaging method.

a Average of United Nations operational rates of exchange through November 1998. Schedule 4

The United Nations operational rates of exchange are the basis for establishing the equivalent in United States dollars of other currencies.

(i) Exchange rates

This publication includes three types of rates (a) market rates, determined largely by market forces (b) official rates, determined by government authorities and (c) principal rates, where appropriate, including for countries maintaining multiple exchange rate arrangements.

Any difference between the actual amount(s) received on exchange and the amount(s) that would have been obtained at the operational rate(s) of exchange shall be accounted for as loss or gain on exchange.

Current year obligations have been revalued at the year end United Nations operational rate of exchange.

For exchange rate fluctuations, cost adjustments update previous assumptions on the basis of actual monthly operational rates in the country of operation.

Currency exchange rate

Currency exchange rate

(f) Exchange rate

(c) Principal rates, for countries maintaining multiple exchange rate arrangements.

The Exchange Rate Delusion

Loss on exchange

19. Details regarding operational rates at all duty stations are included in schedules 1 and 3.

In the recosting, previous assumptions are updated based on actual monthly operational rates in the country of operation.

In the present performance report, the average of the January to November 1998 operational rates has been used.

Since the setting of the November 1998 United Nations operational rates of exchange, the dollar has continued to fluctuate.

In the present recosting, the latest United Nations operational rates of exchange (those in effect as at December 2005) have been used as the basis for recosting for Arusha and The Hague.

15. Currency exchange adjustments include losses and gains on transactions and translation losses and gains from revaluation of year end asset and liability balances, based on the United Nations operational rate of exchange.

Exchange rate fluctuation

Coverage Report

Rates of exchange 1998 1999

What's the rate of exchange?

Second, conversion rates based on MERs should be used for the 2007 2009 scale, except where excessive fluctuations justified the use of PAREs or other appropriate rates.

Decreases in exchange rates reflect the strengthening of the United States dollar against the schilling.

From the point of market performance, over the past year, the two way floating characteristics of RMB exchange rate is outstanding. The elasticity of exchange is expected to be strengthened and the exchange rate is expected to be generally stable.

Our exchange rate and currency practices are being reviewed in order to guide local and foreign investors and inform them about the transaction costs of doing business.

Price adjusted rates of exchange

Fluctuation in the exchange rate.

Financial services, international business and tourism are the main economic sectors and account for the bulk of the Territory's foreign exchange earnings.

Any variance due to fluctuation of those rates is accounted for as income or loss in the statement of income and expenditure.

(c) Schedule 3 contains the actual United Nations operational rates of exchange in effect for the first 11 months of 1998

21. In addition, while the average rate of return on invested capital is approximately 58 per cent, the return is much below this in the manufacturing sector and considerably above this in commerce and services establishments.

Large current account surpluses and or rising terms of trade imply that the equilibrium real exchange rate (the relative price of foreign to domestic goods) has appreciated in countries like China and Russia. Thus, over time the actual real exchange rate needs to converge via real appreciation with the stronger equilibrium rate.

China s Forex Follies

B. Exchange rate fluctuations

a December 1997 rate of exchange.