OVDP International Tax Lawyer: Swiss Cantonal Banks Enter US Program for Banks

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As an OVDP International Tax Lawyer, I continue to point out the centrality of the current U.S. Department of Justice (“DOJ”) The Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks (the “Program”) to the global international tax compliance efforts of the United States. As previous explained, the Program basically operates as a voluntary disclosure program for Swiss banks, similar to the US Internal Revenue Service’s Offshore Voluntary Disclosure Program (“OVDP”) for U.S. taxpayers holding undisclosed offshore accounts. The DOJ promises that, in return for providing disclosure of the accounts held by U.S. taxpayers and, in some case, paying various penalties, the qualifying Swiss banks can avoid U.S. criminal prosecution.

Cantonal Swiss Banks deserve a special attention from U.S. taxpayers precisely because they tend to be smaller, more involved in local life and (prior to the Program) would have been least likely to be concerned with the U.S. tax compliance. Yet, as it is explained below, these Swiss banks are actively participating in the Program. U.S taxpayers with undisclosed accounts in Switzerland are now faced with an even more immediate impact on their U.S. tax compliance. It is very important that they seek advice from an experienced OVDP International Tax Lawyer found at Sherayzen Law Office.

OVDP International Tax Lawyer: Switzerland Cantonal Banks Enter the Program

According to recent news reports, half of Switzerland’s publicly-backed cantonal banks (which are either majority or entirely-owned by the Swiss cantons) have announced they will join the Program. In general, many of these banks are protected by a full state guarantee (each respective canton has a subsidiary responsibility its bank’s liabilities). Switzerland has twenty-four cantonal banks in total, serving Switzerland’s twenty-six cantons. As of the end of 2013, the following cantonal banks have stated they will enter the Program:

Aargau (Aargauische Kantonalbank) (AKB)
Appenzell (Appenzeller Kantonalbank) (APPKB)
Geneva (Banque Cantonale de Geneve (BCGE)
Glarus (Glarner Kantonalbank) (GLKB)
Graubünden (Graubundner Kantonalbank) (GKB)
Lucerne (Luzerner Kantonalbank) (LUKB)
Nidwalden (Nidwaldner Kantonabank) (NWKB)
Obwalden (Obwaldner Kantonalbank (OWKB)
Schwyz (Schwyzer Kantonalbank) (SZKB)
St. Gallen (St. Galler Kantonalbank) (SGKB), along with its subsidiaries Hyposwiss Privatbank Zurich AG and Hyposwiss Private Bank Geneve SA)
Vaud (Banque Cantonale Vaudoise (BCV), along with its subsidiary Piquet Galland & Cie SA)
Zug (Zuger Kantonalbank) (ZugerKB)

At least eight of twelve cantonal banks have opted to apply under “Category 2” for Swiss banks likely to accounts held by US persons (see here for more information about this category), which could result in substantial fines, but absolve bank officials from criminal liabilities. Zuger Kantonalbank, for example, stated that it would apply under this category even though it claimed it did not actively seek US customers.

As of the end of 2013, four cantonal banks stated that will enroll in the Program under Category 4 for essentially local Swiss banks that are unlikely to have assets consisting of undeclared U.S.-taxpayer accounts. Swiss banks applying under Category 3 or 4 have a limited time available between July-October, 2014 in which to notify the US as to whether they will enter the Program.

OVDP International Tax Lawyer: Two Cantonal Banks Excluded from the Program

The US Department of Justice (DOJ) previously launched investigations against two other Swiss cantonal banks, such as Basler Kantonalbank (Basel) and Zürcher Kantonalbank (Zurich). These banks are classified as Category 1 banks and will not be allowed to enroll in the Program.

Contact Sherayzen Law Office for Legal Help with Undisclosed Swiss Accounts

U.S. taxpayers who either hold or previously held undisclosed bank accounts at any of the Swiss cantonal banks eligible for enrollment in the Program, or any bank already under investigation, are advised to seek competent and experienced legal assistance. U.S. taxpayers will likely face substantial civil and potential criminal penalties if they continue to hold undisclosed accounts or if their cases are not handled properly. At Sherayzen Law Office, PLLC, we can help with your all of your voluntary disclosure issues.

Foreign Partnership Tax Attorneys: Filing Form 8865 Schedule O (Part I)

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Foreign Partnership Tax Attorneys should point out to their clients that Form 8865 should be used by US taxpayers to report the information required under IRC section 6038 (reporting regarding controlled foreign partnerships), section 6038B (reporting of transfers made to foreign partnerships), and/or section 6046A (reporting of acquisitions, dispositions, and changes in foreign partnership interests).

This article will explain the basics of Part I (“Transfers Reportable Under Section 6038B”) for Schedule O– “Transfer of Property to a Foreign Partnership”, an additional form submitted with Form 8865 that must be completed by certain categories of taxpayers. This article is not intended to convey tax or legal advice. US-International partnership taxation can involve many complex tax and legal issues, so you are advised to seek an experienced attorney in these matters. Sherayzen Law Office, Ltd. can assist you in all of your tax and legal needs, and help you avoid making costly mistakes.

Foreign Partnership Tax Attorneys: Who Must File Schedule O?

Schedule O is typically required to be filed by Category 3 filers under the Form 8865 instructions. In general, Category 3 filers are US persons who contributed property during their tax year to a foreign partnership in exchange for a partnership interest in the partnership (a section 721 transfer), if such persons either owned (directly or constructively) at least a 10% interest in the foreign partnership immediately after the contribution, or if value of the property contributed, when added to the value of any other property contributed to the partnership by such persons (including related persons), during the 12-month period ending on the date of the contribution is greater than $100,000.

Note, this is a general summary of Category 3 filers, and does not include all possibilities. It is very important to consult a foreign partnership tax attorney for help. Please see the instructions or contact Sherayzen Law Office for further details.

Foreign Partnership Tax Attorneys: Schedule O, Part I (“Transfers Reportable Under Section 6038B”)

Part I of Schedule O is used to report the contribution of property to a foreign partnership. In column (a), taxpayers must fill out the date of the property transfer (and if the transfer consisted of multiple transactions over a number of dates, the date the transfer was completed, would be entered). In Column (b), taxpayers list the number of items of property contributed, and in column (c), the fair market value of the property transferred, as of the date of the transfer, must be specified. Column (d) needs to be completed to detail the contributed property’s adjusted basis as of the date of transfer.

If appreciated property was contributed by a taxpayer, column (e) must be filled out, and the method (traditional, traditional with curative allocations, or remedial) used by the foreign partnership to make section 704(c) allocations with respect to each item of property must be specified (see Regulations section 1.704-3(b), (c), and (d) for more information). Also note that the instructions require that if appreciated property or intangible property is contributed, taxpayers must, “[P]rovide the information required in columns (a) through (g) separately with respect to each item of property transferred (except to the extent you are allowed to aggregate the property under Regulations sections 1.704-3(e)(2), (3), and (4)).” If gain was recognized by the taxpayer on the contribution of property, then column (f) must be completed. In Column (g), taxpayers need to state their percentage interest in the foreign partnership immediately after the property transfer (see the instructions for further information about specific types of percentage interest).

Finally, taxpayers may need to provide supplemental information, if required. Further, if property was contributed to a foreign partnership as part of a broader transaction, information about the transaction should be described.

Contact Sherayzen Law Office for Help With Foreign Partnership Compliance

If you have an ownership interest in a foreign partnership, please contact Sherayzen Law Office for help. Our experienced foreign partnership tax law firm will thoroughly review the facts and circumstances of your case, properly prepare all of the required tax compliance documents and offer further planning with respect to U.S. taxes.

New Deduction Phase-outs for 2013 Tax Returns

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Upper-income US taxpayers should be aware that new deduction phase-out IRS rules in effect for 2013 tax returns to be filed in 2014 may increase their tax liabilities or reduce refunds. Two new important changes for high-earning individuals or couples are the new itemized deduction phase-outs and personal and dependent exemption deduction phase-outs. Because of these changes in the deduction phase-out rules, along with other new IRS rules that we have covered in previous articles, the necessity for proper tax planning will only increase in future years.

This article will briefly explain the changes in the deduction phase-out rules; it is not intended to convey tax or legal advice. Please consult a tax attorney if you have further questions. Sherayzen Law Office, PLLC can assist you in all of your tax and legal needs.

New Itemized Deduction Phase-Out Changes

Under the new US tax rules, the amount of itemized deductions that high-earning individuals or couples may take on Form 1040 is subject to a phase-out limitation. Specifically, allowable itemized deductions will be reduced by 3% of the amount of adjusted gross income (AGI) above the certain income thresholds (however, this reduction will not exceed 80% of the original total amount of a taxpayer’s itemized deductions).

The income thresholds are the following: $250,000 for single individuals, $300,000 for married filing jointly couples, $150,000 for married filing separately couples, and $275,000 for heads of households. As an example, consider a married couple filing jointly with AGI of $500,000, and $50,000 of original itemized deductions for Schedule A. Because their AGI is $200,000 over the income threshold, their allowable itemized deductions will be reduced by 3% of the excess ($200,000 multiplied by 3%, equaling $6,000). Thus, their allowable itemized deductions will be reduced to $44,000.

New Personal and Dependent Exemption Deduction Phase-Out Changes

While under the general IRS rule, the amount that taxpayers may deduct for each applicable exemption increased from 2012 (at $3,800) to 2013 (now $3,900), certain taxpayers may lose some or all of the benefit of their exemptions if their AGI exceeds certain thresholds under the new Personal Exemption Phase-out (PEP). Under this rule, the dollar amount of each personal exemption must be reduced from its original value by 2 percent for each $2,500 or part of $2,500 ($1,250 for married filing separately) that AGI is above the above specified income thresholds.
For 2013 tax year returns, the phase-out starts at the following amounts: $250,000 for single individuals, $300,000 for married filing-jointly couples and qualifying widowers, $150,000 for married filing separately returns, and $275,000 for heads of households. If taxpayer’s AGI exceeds these applicable amounts by more than $122,500 ($61,250 for married filing separately returns), their deductions for exemptions amount will be reduced to zero.

Contact Sherayzen Law Office for Help With Your Tax and Estate Planning

Combined with the new 3.8% Medicare surtax on investment income and the new 0.9% Medicare surtax on salaries and self-employment income earned by certain high-earning individuals, and the increased threshold amount for Schedule A itemized medical expense deductions, the new phase-out rules detailed in this article will dramatically impact many taxpayers. Professional tax planning may help lower your future tax liabilities.

This is why you need to contact the experienced tax law firm of Sherayzen Law Office to help you create a thorough tax plan aimed at taking advantages of the various provisions of the U.S. tax code.

Official Treasury Currency Conversion Rates of December 31, 2008

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This post describes the Official 2008 FBAR Conversion Rates that should be used by U.S. taxpayers engaged in a voluntary disclosure of foreign financial accounts and filing late FBARs for 2008.  Every year, the U.S. Department of Treasure publishes its official currency conversion rates (they are called “Treasury’s Financial Management Service rates”); I will refer to the “FBAR Conversion Rates”.   The schedule table of these rates for each year is used to prepare an FBAR for the corresponding year.

The latest  (October, 2013) FBAR instructions require the use of Treasury’s Financial Management Service rates, if available, to determine the maximum value of a foreign bank account. In particular, the FBAR instructions state:

In the case of non-United States currency, convert the maximum account value for each account into United States dollars. Convert foreign currency by using the Treasury’s Financial Management Service rate (this rate may be found at www.fms.treas.gov) from the last day of the calendar year. If no Treasury Financial Management Service rate is available, use another verifiable exchange rate and provide the source of that rate. In valuing currency of a country that uses multiple exchange rates, use the rate that would apply if the currency in the account were converted into United States dollars on the last day of the calendar year.

For this reason, the international tax attorneys take their time to compile these rates with all updates. For your convenience, Sherayzen Law Office provides a table of the official  2008 FBAR Conversion Rates below (keep in mind, you still need to refer to the official website for any updates).

OFFICIAL 2008 FBAR CONVERSION RATES

COUNTRY-CURRENCY F.C. TO $1.00
AFGHANISTAN – AFGHANI 47.0100
ALBANIA – LEK 91.0800
ALGERIA – DINAR 69.8740
ANGOLA – KWANZA 75.0000
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR 2.7000
ARGENTINA-PESO 3.4530
ARMENIA – DRAM 307.0000
AUSTRALIA – DOLLAR 1.3910
AUSTRIA – EURO 0.7310
AZERBAIJAN – MANAT 0.8200
BAHAMAS – DOLLAR 1.0000
BAHRAIN – DINAR 0.3770
BANGLADESH – TAKA 68.0000
BARBADOS – DOLLAR 2.0200
BELARUS – RUBLE 2657.0000
BELGIUM-EURO 0.7310
BELIZE – DOLLAR 2.0000
BENIN – CFA FRANC 479.5000
BERMUDA – DOLLAR 1.0000
BOLIVIA – BOLIVIANO 6.9400
BOSNIA-HERCEGOVINA MARKA 1.4300
BOTSWANA – PULA 7.5470
BRAZIL – REAL 2.2310
BRUNEI – DOLLAR 1.4720
BULGARIA – LEV 1.4300
BURKINA FASO – CFA FRANC 479.5000
BURMA – KYAT 450.0000
BURUNDI – FRANC 1200.0000
CAMBODIA (KHMER) – RIEL 4077.0000
CAMEROON – CFA FRANC 479.5000
CANADA – DOLLAR 1.1910
CAPE VERDE – ESCUDO 79.8560
CENTRAL AFRICAN REPUBLIC – CFA FRANC 479.5000
CHAD – CFA FRANC 479.5000
CHILE – PESO 630.5000
CHINA – RENMINBI 6.8330
COLOMBIA – PESO 2213.9000
COMOROS – FRANC 361.3500
CONGO – CFA FRANC 479.5000
COSTA RICA – COLON 557.7000
COTE D’IVOIRE – CFA FRANC 479.5000
CROATIA – KUNA 5.2000
CUBA-PESO 0.9260
CYPRUS – POUND 0.3980
CZECH – KORUNA 18.7830
DEM REP OF CONGO-CONGOLESE FRANC 655.0000
DENMARK – KRONE 5.4480
DJIBOUTI – FRANC 177.0000
DOMINICAN REPUBLIC – PESO 35.3200
EAST TIMOR-DILI 1.0000
ECAUDOR-DOLARES 1.0000
EGYPT – POUND 5.4700
EL SALVADOR-DOLARES 1.0000
EQUATORIAL GUINEA – CFA FRANC 479.5000
ERITREA – NAKFA 15.0000
ESTONIA – KROON 11.4400
ETHIOPIA – BIRR 10.4500
EURO ZONE – EURO 0.7310
FIJI – DOLLAR 1.7190
FINLAND-EURO 0.7310
FRANCE-EURO 0.7310
GABON – CFA FRANC 479.5000
GAMBIA – DALASI 27.0000
GEORGIA-LARI 1.6700
GERMANY FRG-EURO 0.7310
GHANA – CEDI 1.2760
GREECE-EURO 0.7310
GRENADA – EAST CARIBBEAN DOLLAR 2.7000
GUATEMALA-QUENTZEL 7.8100
GUINEA – FRANC 4536.0000
GUINEA BISSAU – CFA FRANC 479.5000
GUYANA – DOLLAR 200.3400
HAITI – GOURDE 39.2500
HONDURAS – LEMPIRA 18.9000
HONG KONG – DOLLAR 7.7510
HUNGARY – FORINT 195.7500
ICELAND – KRONA 123.1700
INDIA – RUPEE 48.2000
INDONESIA – RUPIAH 10700.0000
IRAN – RIAL 8229.0000
IRAQ – DINAR 1140.0000
IRELAND-EURO 0.7310
ISRAEL-SHEKEL 3.8780
ITALY-EURO 0.7310
JAMAICA – DOLLAR 80.5000
JAPAN – YEN 92.6500
JERESALEM-SHEKEL 3.8780
JORDAN – DINAR 0.7080
KAZAKHSTAN – TENGE 120.9000
KENYA – SHILLING 78.1500
KOREA – WON 1292.3000
KUWAIT – DINAR 0.2820
KYRGYZSTAN – SOM 39.4000
LAOS – KIP 8468.0000
LATVIA – LATS 0.5160
LEBANON – POUND 1500.0000
LESOTHO – SOUTH AFRICAN RAND 9.4660
LIBERIA – U.S. DOLLAR 49.0000
LIBYA-DINAR 1.2860
LITHUANIA – LITAS 2.5230
LUXEMBOURG-EURO 0.7310
MACAO – MOP 8.0000
MACEDONIA FYROM – DENAR 43.0500
MADAGASCAR-ARIA 1897.4100
MALAWI – KWACHA 142.0060
MALAYSIA – RINGGIT 3.4980
MALI – CFA FRANC 479.5000
MALTA – LIRA 0.2940
MARSHALLS ISLANDS – DOLLAR 1.0000
MARTINIQUE-EURO 0.7310
MAURITANIA – OUGUIYA 260.0000
MAURITIUS – RUPEE 31.7500
MEXICO – NEW PESO 13.4270
MICRONESIA – DOLLAR 1.0000
MOLDOVA – LEU 10.3300
MONGOLIA – TUGRIK 1295.0200
MONTENEGRO-EURO 0.7310
MOROCCO – DIRHAM 8.3830
MOZAMBIQUE – METICAL 25.2400
NAMIBIA-DOLLAR 9.4660
NEPAL – RUPEE 77.6500
NETHERLANDS-EURO 0.7310
NETHERLANDS ANTILLES – GUILDER 1.7800
NEW ZEALAND – DOLLAR 1.6690
NICARAGUA – CORDOBA 19.8400
NIGER – CFA FRANC 479.5000
NIGERIA – NAIRA 138.9000
NORWAY – KRONE 6.8720
OMAN – RIAL 0.3850
PAKISTAN – RUPEE 77.7000
PALAU-DOLLAR 1.0000
PANAMA – BALBOA 1.0000
PAPUA NEW GUINEA – KINA 2.5450
PARAGUAY – GUARANI 4880.0000
PERU – INTI 0.0000
PERU – NUEVO SOL 3.1400
PHILIPPINES – PESO 46.3400
POLAND – ZLOTY 2.9340
PORTUGAL-EURO 0.7310
QATAR – RIYAL 3.6410
ROMANIA – LEU 3.0100
RUSSIA-RUBLE 29.1450
RWANDA – FRANC 558.4000
SAO TOME & PRINCIPE – DOBRAS 15841.7530
SAUDI ARABIA – RIYAL 3.7500
SENEGAL – CFA FRANC 479.5000
SERBIA-DINAR 67.2200
SEYCHELLES – RUPEE 15.8360
SIERRA LEONE – LEONE 3000.0000
SINGAPORE – DOLLAR 1.4710
SLOVAK REPUBLIC – KORUNA 21.5460
SLOVENIA-EURO 0.7310
SOLOMON ISLANDS – DOLLAR 7.7520
SOUTH AFRICA – RAND 9.4660
SPAIN-EURO 0.7310
SRI LANKA – RUPEE 113.7300
ST LUCIA – EC DOLLAR 2.7000
SUDAN-POUND 2.1720
SURINAME – GUILDER 2.8000
SWAZILAND – LILANGENI 9.4660
SWEDEN – KRONA 7.7500
SWITZERLAND – FRANC 1.0980
SYRIA – POUND 46.5000
TAIWAN – DOLLAR 32.9650
TAJIKISTAN-SOMONI 3.4800
TANZANIA – SHILLING 1334.0000
THAILAND – BAHT 34.8200
TOGO – CFA FRANC 479.5000
TONGA – PA’ANGA 2.0480
TRINIDAD & TOBAGO – DOLLAR 6.2400
TUNISIA – DINAR 1.3320
TURKEY-LIRA 1.5330
TURKMENISTAN – MANAT 14215.0000
UGANDA – SHILLING 1935.0000
UKRAINE – HRYVNIA 8.0000
UNITED ARAB EMIRATES – DIRHAM 3.6730
UNITED KINGDOM – POUND STERLING 0.6570
URUGUAY – NEW PESO 24.2500
UZBEKISTAN – SOM 1399.0000
VANUATU – VATU 108.5000
VENEZUELA – BOLIVAR 2150.0000
VENZEULA – NEW BOLIVAR 2.1500
VIETNAM – DONG 17426.0000
WESTERN SAMOA – TALA 2.7610
YEMEN – RIAL 199.0000
YUGOSLAVIA – DINAR 67.2200
ZAMBIA-KWACHA 4880.0000
ZIMBABWE – DOLLAR 6000000000.0000

Official Treasury Currency Conversion Rates of December 31, 2009

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These Official Treasury 2009 FBAR Conversion Rates are posted here due to the fact that U.S. taxpayers who are doing voluntary disclosure for prior years with respect to delinquent FBARs are required to use these rates to prepare the FBARs for 2009.  Every year, the U.S. Department of Treasure publishes its official currency conversion rates (they are called “Treasury’s Financial Management Service rates”); I will refer to the “FBAR Conversion Rates”.

The latest (October 2013) FBAR instructions require the use of Treasury’s Financial Management Service rates, if available, to determine the maximum value of a foreign bank account. In particular, the FBAR instructions state:

In the case of non-United States currency, convert the maximum account value for each account into United States dollars. Convert foreign currency by using the Treasury’s Financial Management Service rate (this rate may be found at www.fms.treas.gov) from the last day of the calendar year. If no Treasury Financial Management Service rate is available, use another verifiable exchange rate and provide the source of that rate. In valuing currency of a country that uses multiple exchange rates, use the rate that would apply if the currency in the account were converted into United States dollars on the last day of the calendar year.

For this reason, the international tax attorneys take their time to compile these rates with all updates. For your convenience, Sherayzen Law Office provides a table of the official  2009 FBAR Conversion Rates below (keep in mind, you still need to refer to the official website for any updates).

COUNTRY-CURRENCY F.C. TO $1.00
AFGHANISTAN – AFGHANI 47.9200
ALBANIA – LEK 95.4300
ALGERIA – DINAR 70.3330
ANGOLA – KWANZA 75.0000
ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR 2.7000
ARGENTINA-PESO 3.7980
ARMENIA – DRAM 375.0000
AUSTRALIA – DOLLAR 1.1110
AUSTRIA – EURO 0.6950
AZERBAIJAN – MANAT 0.8200
BAHAMAS – DOLLAR 1.0000
BAHRAIN – DINAR 0.3770
BANGLADESH – TAKA 68.0000
BARBADOS – DOLLAR 2.0200
BELARUS – RUBLE 2880.0000
BELGIUM-EURO 0.6950
BELIZE – DOLLAR 2.0000
BENIN – CFA FRANC 454.8900
BERMUDA – DOLLAR 1.0000
BOLIVIA – BOLIVIANO 6.9700
BOSNIA-HERCEGOVINA MARKA 1.3590
BOTSWANA – PULA 6.6530
BRAZIL – REAL 1.7400
BRUNEI – DOLLAR 1.4010
BULGARIA – LEV 1.3580
BURKINA FASO – CFA FRANC 454.8900
BURMA – KYAT 450.0000
BURUNDI – FRANC 1200.0000
CAMBODIA (KHMER) – RIEL 4163.0000
CAMEROON – CFA FRANC 454.8900
CANADA – DOLLAR 1.0510
CAPE VERDE – ESCUDO 74.7270
CAYMAN ISLANDS – DOLLAR 0.8200
CENTRAL AFRICAN REPUBLIC – CFA FRANC 454.8900
CHAD – CFA FRANC 454.8900
CHILE – PESO 507.0000
CHINA – RENMINBI 6.8260
COLOMBIA – PESO 2046.5000
COMOROS – FRANC 361.3500
CONGO – CFA FRANC 454.8900
COSTA RICA – COLON 553.7000
COTE D’IVOIRE – CFA FRANC 454.8900
CROATIA – KUNA 5.0000
CUBA-PESO 0.9260
CYPRUS-EURO 0.6950
CZECH – KORUNA 18.1190
DEM REP OF CONGO-CONGOLESE FRANC 900.0000
DENMARK – KRONE 5.1670
DJIBOUTI – FRANC 177.0000
DOMINICAN REPUBLIC – PESO 36.1000
EAST TIMOR-DILI 1.0000
ECAUDOR-DOLARES 1.0000
EGYPT – POUND 5.4840
EL SALVADOR-DOLARES 1.0000
EQUATORIAL GUINEA – CFA FRANC 454.8900
ERITREA – NAKFA 15.0000
ESTONIA – KROON 10.8650
ETHIOPIA – BIRR 12.6400
EURO ZONE – EURO 0.6950
FIJI – DOLLAR 1.9250
FINLAND-EURO 0.6950
FRANCE-EURO 0.6950
GABON – CFA FRANC 454.8900
GAMBIA – DALASI 27.0000
GEORGIA-LARI 1.6900
GERMANY FRG-EURO 0.6950
GHANA – CEDI 1.4290
GREECE-EURO 0.6950
GRENADA – EAST CARIBBEAN DOLLAR 2.7000
GUATEMALA-QUENTZEL 8.3320
GUINEA -FRANC 4924.0000
GUINEA BISSAU – CFA FRANC 454.8900
GUYANA – DOLLAR 201.0000
HAITI – GOURDE 40.7500
HONDURAS – LEMPIRA 18.9000
HONG KONG – DOLLAR 7.7540
HUNGARY – FORINT 187.7700
ICELAND – KRONA 124.4500
INDIA – RUPEE 46.4000
INDONESIA – RUPIAH 9350.0000
IRAN – RIAL 8229.0000
IRAQ – DINAR 1150.0000
IRELAND-EURO 0.6950
ISRAEL-SHEKEL 3.7800
ITALY-EURO 0.6950
JAMAICA – DOLLAR 89.3000
JAPAN – YEN 92.3900
JERESALEM-SHEKEL 3.7800
JORDAN – DINAR 0.7080
KAZAKHSTAN – TENGE 148.4000
KENYA – SHILLING 75.8500
KOREA – WON 1163.6500
KUWAIT – DINAR 0.2860
KYRGYZSTAN – SOM 44.0000
LAOS – KIP 8476.0000
LATVIA – LATS 0.4920
LEBANON – POUND 1500.0000
LESOTHO – SOUTH AFRICAN RAND 7.3690
LIBERIA – U.S. DOLLAR 49.0000
LIBYA-DINAR 1.2340
LITHUANIA – LITAS 2.3980
LUXEMBOURG-EURO 0.6950
MACAO – MOP 8.0000
MACEDONIA FYROM – DENAR 42.3000
MADAGASCAR-ARIA 1954.6400
MALAWI – KWACHA 146.0000
MALAYSIA – RINGGIT 3.4220
MALI – CFA FRANC 454.8900
MALTA-EURO 0.6950
MARSHALLS ISLANDS – DOLLAR 1.0000
MARTINIQUE-EURO 0.6950
MAURITANIA – OUGUIYA 270.0000
MAURITIUS – RUPEE 29.0000
MEXICO – NEW PESO 13.0990
MICRONESIA – DOLLAR 1.0000
MOLDOVA – LEU 12.1850
MONGOLIA – TUGRIK 1435.8800
MONTENEGRO-EURO 0.6950
MOROCCO – DIRHAM 7.9030
MOZAMBIQUE – METICAL 29.2800
NAMIBIA-DOLLAR 7.3690
NEPAL – RUPEE 74.4000
NETHERLANDS-EURO 0.6950
NETHERLANDS ANTILLES – GUILDER 1.7800
NEW ZEALAND – DOLLAR 1.3740
NICARAGUA – CORDOBA 20.8400
NIGER – CFA FRANC 454.8900
NIGERIA – NAIRA 149.4500
NORWAY – KRONE 5.7640
OMAN – RIAL 0.3850
PAKISTAN – RUPEE 84.2000
PALAU-DOLLAR 1.0000
PANAMA – BALBOA 1.0000
PAPUA NEW GUINEA – KINA 2.5230
PARAGUAY – GUARANI 4650.0000
PERU – INTI 0.0000
PERU – NUEVO SOL 2.8900
PHILIPPINES – PESO 46.4500
POLAND – ZLOTY 2.8500
PORTUGAL-EURO 0.6950
QATAR – RIYAL 3.6420
ROMANIA – LEU 2.9420
RUSSIA-RUBLE 30.3110
RWANDA – FRANC 569.4700
SAO TOME & PRINCIPE – DOBRAS 16539.2150
SAUDI ARABIA – RIYAL 3.7500
SENEGAL – CFA FRANC 454.8900
SERBIA-DINAR 66.7300
SEYCHELLES – RUPEE 10.9180
SIERRA LEONE – LEONE 3930.0000
SINGAPORE – DOLLAR 1.4010
SLOVAK-EURO 0.6950
SLOVENIA-EURO 0.6950
SOLOMON ISLANDS – DOLLAR 7.3580
SOUTH AFRICA – RAND 7.3690
SPAIN-EURO 0.6950
SRI LANKA – RUPEE 114.3500
ST LUCIA – EC DOLLAR 2.7000
SUDAN-POUND 2.3140
SURINAME – GUILDER 2.8000
SWAZILAND – LILANGENI 7.3690
SWEDEN – KRONA 7.1160
SWITZERLAND – FRANC 1.0310
SYRIA – POUND 45.5000
TAIWAN – DOLLAR 31.9500
TAJIKISTAN-SOMONI 4.3800
TANZANIA – SHILLING 1335.0000
THAILAND – BAHT 33.3000
TOGO – CFA FRANC 454.8900
TONGA – PA’ANGA 1.8760
TRINIDAD & TOBAGO – DOLLAR 6.3300
TUNISIA – DINAR 1.3180
TURKEY-LIRA 1.4930
TURKMENISTAN – MANAT 2.8430
UGANDA – SHILLING 1895.0000
UKRAINE – HRYVNIA 8.0300
UNITED ARAB EMIRATES – DIRHAM 3.6730
UNITED KINGDOM – POUND STERLING 0.6160
URUGUAY – NEW PESO 19.4500
UZBEKISTAN – SOM 1525.0000
VANUATU – VATU 96.0900
VENZEULA – NEW BOLIVAR 2.1500
VIETNAM – DONG 18469.0000
WESTERN SAMOA – TALA 2.5190
YEMEN – RIAL 206.0000
YUGOSLAVIA – DINAR 66.7300
ZAMBIA-KWACHA 4640.0000
ZIMBABWE – DOLLAR 0.0000