Official Treasury Currency Conversion Rates of December 31, 2008
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 |