Treasury 2014 FBAR Currency Conversion Rates of December 31, 2014
According to the June 2014 FBAR currency conversion rates instructions published by FinCEN, in order to determine the maximum value of a foreign bank account, the Treasury’s Financial Management Service (still called so even though Financial Management Service was consolidated into the Bureau of the Fiscal Service within the Treasury Department) rates must be used. In particular, the 2014 FBAR currency conversion rates 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.
The 2014 FBAR Currency Conversion rates are highly important for any international tax attorney who deals with FBARs. For your convenience, Sherayzen Law Office provides a table of the official Treasury FBAR currency conversion rates below (keep in mind, you still need to refer to the official website for any updates):
| Country – Currency | Foreign Currency to $1.00 |
|---|---|
| AFGHANISTAN – AFGHANI | 57.9000 |
| ALBANIA – LEK | 115.1000 |
| ALGERIA – DINAR | 87.8100 |
| ANGOLA – KWANZA | 104.0000 |
| ANTIGUA – BARBUDA – E. CARIBBEAN DOLLAR | 2.7000 |
| ARGENTINA-PESO | 8.3730 |
| ARMENIA – DRAM | 470.0000 |
| AUSTRALIA – DOLLAR | 1.2190 |
| AUSTRIA – EURO | 0.8220 |
| AZERBAIJAN – NEW MANAT | 0.8000 |
| BAHAMAS – DOLLAR | 1.0000 |
| BAHRAIN – DINAR | 0.3770 |
| BANGLADESH – TAKA | 79.0000 |
| BARBADOS – DOLLAR | 2.0200 |
| BELARUS – RUBLE | 13779.0000 |
| BELGIUM-EURO | 0.8220 |
| BELIZE – DOLLAR | 2.0000 |
| BENIN – CFA FRANC | 538.7000 |
| BERMUDA – DOLLAR | 1.0000 |
| BOLIVIA – BOLIVIANO | 6.8600 |
| BOSNIA-HERCEGOVINA MARKA | 1.6080 |
| BOTSWANA – PULA | 9.4970 |
| BRAZIL – REAL | 2.6570 |
| BRUNEI – DOLLAR | 1.2540 |
| BULGARIA – LEV | 1.6090 |
| BURKINA FASO – CFA FRANC | 538.7000 |
| BURMA – KYAT | 1028.0000 |
| BURUNDI – FRANC | 1550.0000 |
| CAMBODIA (KHMER) – RIEL | 4103.0000 |
| CAMEROON – CFA FRANC | 538.8200 |
| CANADA – DOLLAR | 1.1580 |
| CAPE VERDE – ESCUDO | 87.8710 |
| CAYMAN ISLANDS – DOLLAR | 0.8200 |
| CENTRAL AFRICAN REPUBLIC – CFA FRANC | 538.8200 |
| CHAD – CFA FRANC | 538.8200 |
| CHILE – PESO | 607.1600 |
| CHINA – RENMINBI | 6.2050 |
| COLOMBIA – PESO | 2372.6000 |
| COMOROS – FRANC | 361.3500 |
| CONGO – CFA FRANC | 538.8200 |
| CONGO, DEM. REP – CONGOLESE FRANC | 920.0000 |
| COSTA RICA – COLON | 533.2500 |
| COTE D’IVOIRE – CFA FRANC | 538.7000 |
| CROATIA – KUNA | 6.1500 |
| CUBA-PESO | 1.0000 |
| CYPRUS-EURO | 0.8220 |
| CZECH – KORUNA | 22.3260 |
| DENMARK – KRONE | 6.1240 |
| DJIBOUTI – FRANC | 177.0000 |
| DOMINICAN REPUBLIC – PESO | 44.1300 |
| ECAUDOR-DOLARES | 1.0000 |
| EGYPT – POUND | 7.1500 |
| EL SALVADOR-DOLARES | 1.0000 |
| EQUATORIAL GUINEA – CFA FRANC | 538.8200 |
| ERITREA – NAKFA | 15.0000 |
| ESTONIA-EURO | 0.8220 |
| ETHIOPIA – BIRR | 20.0900 |
| EURO ZONE – EURO | 0.82200 |
| FIJI – DOLLAR | 1.9580 |
| FINLAND-EURO | 0.8220 |
| FRANCE-EURO | 0.8220 |
| GABON – CFA FRANC | 538.8200 |
| GAMBIA – DALASI | 45.0000 |
| GEORGIA-LARI | 1.8700 |
| GERMANY FRG-EURO | 0.8220 |
| GHANA – CEDI | 3.2100 |
| GREECE-EURO | 0.8220 |
| GRENADA – EAST CARIBBEAN DOLLAR | 2.7000 |
| GUATEMALA – QUENTZAL | 7.5970 |
| GUINEA – FRANC | 7136.0000 |
| GUINEA BISSAU – CFA FRANC | 538.7000 |
| GUYANA – DOLLAR | 202.0000 |
| HAITI – GOURDE | 46.7500 |
| HONDURAS – LEMPIRA | 21.2700 |
| HONG KONG – DOLLAR | 7.7560 |
| HUNGARY – FORINT | 259.4400 |
| ICELAND – KRONA | 126.7500 |
| INDIA – RUPEE | 63.2000 |
| INDONESIA – RUPIAH | 12350.0000 |
| IRAN – RIAL | 8229.0000 |
| IRAQ – DINAR | 1166.0000 |
| IRELAND-EURO | 0.8220 |
| ISRAEL-SHEKEL | 3.8810 |
| ITALY-EURO | 0.8220 |
| JAMAICA – DOLLAR | 113.9000 |
| JAPAN – YEN | 119.4500 |
| JERUSALEM-SHEKEL | 3.8810 |
| JORDAN – DINAR | 0.7080 |
| KAZAKHSTAN – TENGE | 182.4000 |
| KENYA – SHILLING | 90.6500 |
| KOREA – WON | 1086.8700 |
| KUWAIT – DINAR | 0.2930 |
| KYRGYZSTAN – SOM | 58.7000 |
| LAOS – KIP | 8078.0000 |
| LATVIA – LATS | 0.8220 |
| LEBANON – POUND | 1500.0000 |
| LESOTHO – SOUTH AFRICAN RAND | 11.5660 |
| LIBERIA – U.S. DOLLAR | 82.0000 |
| LIBYA-DINAR | 1.1950 |
| LITHUANIA – LITAS | 2.8390 |
| LUXEMBOURG-EURO | 0.8220 |
| MACAO – MOP | 8.0000 |
| MACEDONIA FYROM – DENAR | 49.2000 |
| MADAGASCAR-ARIA | 2596.7300 |
| MALAWI – KWACHA | 505.0000 |
| MALAYSIA – RINGGIT | 3.4950 |
| MALI – CFA FRANC | 538.7000 |
| MALTA-EURO | 0.8220 |
| MARSHALLS ISLANDS – DOLLAR | 1.0000 |
| MARTINIQUE-EURO | 0.82200 |
| MAURITANIA – OUGUIYA | 305.0000 |
| MAURITIUS – RUPEE | 31.7000 |
| MEXICO – NEW PESO | 14.7020 |
| MICRONESIA – DOLLAR | 1.0000 |
| MOLDOVA – LEU | 15.5520 |
| MONGOLIA – TUGRIK | 1885.6000 |
| MONTENEGRO-EURO | 0.8220 |
| MOROCCO – DIRHAM | 9.0240 |
| MOZAMBIQUE – METICAL | 33.0500 |
| NAMIBIA-DOLLAR | 11.5660 |
| NEPAL – RUPEE | 101.4000 |
| NETHERLANDS-EURO | 0.8220 |
| NETHERLANDS ANTILLES – GUILDER | 1.7800 |
| NEW ZEALAND – DOLLAR | 1.2750 |
| NICARAGUA – CORDOBA | 26.6000 |
| NIGER – CFA FRANC | 538.7000 |
| NIGERIA – NAIRA | 182.9000 |
| NORWAY – KRONE | 7.3900 |
| OMAN – RIAL | 0.3850 |
| PAKISTAN – RUPEE | 100.9000 |
| PALAU-DOLLAR | 1.0000 |
| PANAMA – BALBOA | 1.0000 |
| PAPUA NEW GUINEA – KINA | 2.5440 |
| PARAGUAY – GUARANI | 4629.3000 |
| PERU – NUEVO SOL | 2.9000 |
| PHILIPPINES – PESO | 44.77500 |
| POLAND – ZLOTY | 3.5130 |
| PORTUGAL-EURO | 0.8220 |
| QATAR – RIYAL | 3.6420 |
| ROMANIA – LEU | 3.6850 |
| RUSSIA – RUBLE | 58.6760 |
| RWANDA – FRANC | 689.1900 |
| SAO TOME & PRINCIPE – DOBRAS | 20087.7110 |
| SAUDI ARABIA – RIYAL | 3.7500 |
| SENEGAL – CFA FRANC | 538.7000 |
| SERBIA-DINAR | 99.4600 |
| SEYCHELLES – RUPEE | 12.9800 |
| SIERRA LEONE – LEONE | 4990.0000 |
| SINGAPORE – DOLLAR | 1.3210 |
| SLOVAK REPUBLIC – EURO | 0.8220 |
| SLOVENIA – EURO | 0.8220 |
| SOLOMON ISLANDS – DOLLAR | 7.3100 |
| SOUTH AFRICA – RAND | 11.5660 |
| SOUTH SUDANESE – POUND | 3.0000 |
| SPAIN – EURO | 0.8220 |
| SRI LANKA – RUPEE | 131.1500 |
| ST LUCIA – EC DOLLAR | 2.7000 |
| SUDAN – SUDANESE POUND | 6.4000 |
| SURINAME – GUILDER | 3.3500 |
| SWAZILAND – LILANGENI | 11.5660 |
| SWEDEN – KRONA | 7.7130 |
| SWITZERLAND – FRANC | 0.9890 |
| SYRIA – POUND | 179.2000 |
| TAIWAN – DOLLAR | 31.6400 |
| TAJIKISTAN – SOMONI | 5.3000 |
| TANZANIA – SHILLING | 1730.0000 |
| THAILAND – BAHT | 32.9200 |
| TIMOR – LESTE DILI | 1.0000 |
| TOGO – CFA FRANC | 538.7000 |
| TONGA – PA’ANGA | 1.8700 |
| TRINIDAD & TOBAGO – DOLLAR | 6.3560 |
| TUNISIA – DINAR | 1.8590 |
| TURKEY – LIRA | 2.3270 |
| TURKMENISTAN – MANAT | 2.8400 |
| UGANDA – SHILLING | 2770.0000 |
| UKRAINE – HRYVNIA | 15.7680 |
| UNITED ARAB EMIRATES – DIRHAM | 3.6700 |
| UNITED KINGDOM – POUND STERLING | 0.6420 |
| URUGUAY – PESO | 23.9600 |
| UZBEKISTAN – SOM | 2461.0000 |
| VANUATU – VATU | 99.9300 |
| VENEZUELA – BOLIVAR | 6.3000 |
| VIETNAM – DONG | 21400.0000 |
| WESTERN SAMOA – TALA | 2.3530 |
| YEMEN – RIAL | 214.5000 |
| ZAMBIA – KWACHA (NEW) | 6.3750 |
| ZAMBIA – KWACHA (OLD) | 5455.0000 |
| ZIMBABWE – DOLLAR | 1.0000 |
1. Lesotho’s loti is pegged to South African Rand 1:1 basis
2. Macao is also spelled Macau: currency is Macanese pataka
3. Macedonia: due to the conflict over name with Greece, the official name if FYROM – former Yugoslav Republic of Macedonia.
4. Latvia’s Lats converted to the Euro on January 1, 2014. This means that the Euro 2014 FBAR Currency Conversion rate may also need to used for the determination of the highest balance of accounts in Latvia. Contact Sherayzen Law Office for more details.