2023 FBAR Conversion Rates | FBAR International Tax Lawyer

The 2023 FBAR conversion rates are very important for your US international tax compliance. The reason for their importance is their relation to FBAR (FinCEN Form 114) and the IRS Form 8938. The 2023 FBAR and 2023 Form 8938 instructions both require that 2023 FBAR conversion rates be used to report the required highest balances of foreign financial assets on these forms (in the case of Form 8938, the 2023 FBAR conversion rates is the default choice, not an exclusive one). In other words, the 2023 FBAR conversion rates are used to translate foreign-currency highest balances into US dollars for the purposes of FBAR and Form 8938 compliance.

The U.S. Department of Treasury  already published the 2023 FBAR conversion rates online (they are called “Treasury’s Financial Management Service rates” or the “FMS rates”).

Since the 2023 FBAR conversion rates are highly important to US taxpayers, international tax lawyers and international tax accountants, Sherayzen Law Office provides the table below listing the official 2023 FBAR conversion rates (note that the readers still need to refer to the official website for any updates).

Country – Currency	Foreign Currency to $1.00
AFGHANISTAN – AFGHANI	70.54
ALBANIA – LEK	93.23
ALGERIA – DINAR	134.051
ANGOLA – KWANZA	842.5
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR	2.7000
ARGENTINA – PESO	827.75
ARMENIA – DRAM	400
AUSTRALIA – DOLLAR	1.472
AUSTRIA – EURO	0.905
AZERBAIJAN – NEW MANAT	1.7
BAHAMAS – DOLLAR	1.0000
BAHRAIN – DINAR	0.3770
BANGLADESH – TAKA	113
BARBADOS – DOLLAR	2.02
BELARUS – NEW RUBLE	UNAVAILABLE*
BELGIUM – EURO	0.905
BELIZE – DOLLAR	2
BENIN – CFA FRANC	589
BERMUDA – DOLLAR	1
BOLIVIA – BOLIVIANO	6.86
BOSNIA – MARKA	1.769
BOTSWANA – PULA	13.387
BRAZIL – REAL	4.852
BRUNEI – DOLLAR	1.32
BULGARIA – LEV New	1.769
BURKINA FASO – CFA FRANC	589
BURUNDI – FRANC	2850
CAMBODIA – RIEL	4051
CAMEROON – CFA FRANC	593.41
CANADA – DOLLAR	1.326
CAPE VERDE – ESCUDO	99.75
CAYMAN ISLANDS – DOLLAR	0.82
CENTRAL AFRICAN REPUBLIC – CFA FRANC	593.41
CHAD – CFA FRANC	593.41
CHILE – PESO	880
CHINA – RENMINBI	7.104
COLOMBIA – PESO	3873
COMOROS – FRANC	443.49
CONGO – CFA FRANC	593.41
COSTA RICA – COLON	519.22
COTE D’IVOIRE – CFA FRANC	589
CROATIA – EURO	0.905
CUBA – Chavito	1
CUBA – PESO	24
CYPRUS – EURO	0.905
CZECH REPUBLIC – KORUNA	21.731
DEM. REP. OF CONGO – FRANC	2660
DENMARK – KRONE	6.744
DJIBOUTI – FRANC	177
DOMINICAN REPUBLIC – PESO	57.9
ECUADOR – DOLARES	1.0000
EGYPT – POUND	30.9
EL SALVADOR – DOLARES	1.0000
EQUATORIAL GUINEA – CFA FRANC	593.41
ERITREA – NAKFA	15
ESTONIA – EURO	0.905
ESWATINI – LILANGENI	18.427
ETHIOPIA – BIRR	55.997
EURO ZONE – EURO	0.905
FIJI – DOLLAR	2.165
FINLAND – EURO	0.905
FRANCE – EURO	0.905
GABON – CFA FRANC	593.41
GAMBIA – DALASI	64
GEORGIA – LARI	2.665
GERMANY – EURO	0.905
GHANA – CEDI	11.9
GREECE – EURO	0.936
GRENADA – EAST CARIBBEAN DOLLAR	2.7
GUATEMALA – QUETZAL	7.815
GUINEA BISSAU – CFA FRANC	589
GUINEA – FRANC	8511
GUYANA – DOLLAR	215
HAITI – GOURDE	131.23
HONDURAS – LEMPIRA	24.624
HONG KONG – DOLLAR	7.811
HUNGARY – FORINT	345.78
ICELAND – KRONA	136.04
INDIA – RUPEE	83.162
INDONESIA – RUPIAH	15372.69
IRAN – RIAL	42000
IRAQ – DINAR	1308
IRELAND – EURO	0.905
ISRAEL – SHEKEL	3.619
ITALY – EURO	0.905
JAMAICA – DOLLAR	154
JAPAN – YEN	141.47
JORDAN – DINAR	0.708
KAZAKHSTAN – TENGE	456.29
KENYA – SHILLING	156.5
KOREA – WON	1299.22
KOSOVO – EURO	0.905
KUWAIT – DINAR	0.307
KYRGYZSTAN – SOM	89.062
LAOS – KIP	20476
LATVIA – EURO	0.905
LEBANON – POUND	15000
LESOTHO – MALOTI	18.427
LIBERIA – DOLLAR	189
LIBYA – DINAR	4.754
LITHUANIA – EURO	0.905
LUXEMBOURG – EURO	0.905
MADAGASCAR – ARIARY	4564
MALAWI – KWACHA	1700
MALAYSIA – RINGGIT	4.59
MALDIVES – RUFIYAA	15.42
MALI – CFA FRANC	589
MALTA – EURO	0.905
MARSHALL ISLANDS – DOLLAR	1
MAURITANIA – OUGUIYA	39.16
MAURITIUS – RUPEE	43.87
MEXICO – PESO	16.949
MICRONESIA – DOLLAR	1
MOLDOVA – LEU	17.25
MONGOLIA – TUGRIK	3410.69
MONTENEGRO – EURO	0.905
MOROCCO – DIRHAM	9.855
MOZAMBIQUE – METICAL	63.25
MYANMAR – KYAT	3380
NAMIBIA – DOLLAR	18.427
NEPAL – RUPEE	133.05
NETHERLANDS – EURO	0.905
NETHERLANDS ANTILLES – GUILDER	1.78
NEW ZEALAND – DOLLAR	1.585
NICARAGUA – CORDOBA	36.6
NIGER – CFA FRANC	589
NIGERIA – NAIRA	910
NORWAY – KRONE	10.166
OMAN – RIAL	0.385
PAKISTAN – RUPEE	276.2
PALAU – DOLLAR	1
PANAMA – DOLARES	1
PAPUA NEW GUINEA – KINA	3.727
PARAGUAY – GUARANI	7249.99
PERU – SOL	3.675
PHILIPPINES – PESO	55.451
POLAND – ZLOTY	3.924
PORTUGAL – EURO	0.905
QATAR – RIYAL	3.645
REP. OF N MACEDONIA – DINAR	55.45
ROMANIA – NEW LEU	4.499
RUSSIA – RUBLE	89.067
RWANDA – FRANC	1250
SAO TOME & PRINCIPE – NEW DOBRAS	22.142
SAUDI ARABIA – RIYAL	3.75
SENEGAL – CFA FRANC	589
SERBIA – DINAR	105.92
SEYCHELLES – RUPEE	13.473
SIERRA LEONE – LEONE	22.7
SIERRA LEONE – OLD LEONE	21.4
SINGAPORE – DOLLAR	1.32
SLOVAK REPUBLIC – EURO	0.905
SLOVENIA – EURO	0.905
SOLOMON ISLANDS – DOLLAR	8.065
SOMALI – SHILLING	568
SOUTH AFRICA – RAND	18.427
SOUTH SUDANESE – POUND	1070
SPAIN – EURO	0.905
SRI LANKA – RUPEE	323.8
ST LUCIA – E CARIBBEAN DOLLAR	2.7
SUDAN – SUDANESE POUND	830
SURINAME – GUILDER	36.723
SWEDEN – KRONA	10.031
SWITZERLAND – FRANC	0.838
SYRIA – POUND	8585
TAIWAN – DOLLAR	30.641
TAJIKISTAN – SOMONI	10.93
TANZANIA – SHILLING	2505
THAILAND – BAHT	34.33
TIMOR – LESTE DILI	1
TOGO – CFA FRANC	589
TONGA – PA’ANGA	2.26
TRINIDAD & TOBAGO – DOLLAR	6.749
TUNISIA – DINAR	3.064
TURKEY – NEW LIRA	29.547
TURKMENISTAN – NEW MANAT	3.491
UGANDA – SHILLING	3775
UKRAINE – HRYVNIA	38.089
UNITED ARAB EMIRATES – DIRHAM	3.673
UNITED KINGDOM – POUND STERLING	0.786
URUGUAY – PESO	39.02
UZBEKISTAN – SOM	12333.77
VANUATU – VATU	116
VENEZUELA – BOLIVAR SOBERANO	35.841
VENEZUELA – FUERTE (OLD)	248832
VIETNAM – DONG	24260
WESTERN SAMOA – TALA	2.653
YEMEN – RIAL	528
ZAMBIA – NEW KWACHA	25.71
ZIMBABWE – RTGS	5801.47

*Note #1: As of the time of this article, the Department of Treasury still has not published the FBAR rate for Belarus. Please, consult the Department of the Treasury for clarification.