FOREIGN CURRENCY RATES
FOREIGN CURRENCY RATES
The Foreign Currency Fluctuations, Defense (FCF,D) appropriation was established in FY 1979 to enable execution of budgeted programs without concern for adverse variations in foreign currency exchange rates. This centralized account is managed by the Under Secretary of Defense (Comptroller). Funds are transferred from this appropriation to selected DoD Components' Operation and Maintenance (O&M) and Military Personnel (MILPERS) appropriations to offset net losses in purchasing power because of unfavorable fluctuations in the foreign currency exchange rates of specified currencies. If a net gain results, the asset is transferred from the gaining appropriation to the FCF,D appropriation to replenish the fund. The specified currencies are shown below as well as the rates used to formulate the budget. It is these rates the Department intends to use to measure foreign currency fluctuation during execution. These rates are expressed in terms of units of foreign currency that can be purchased with one (1) U.S. dollar. Effective 1 January, FY 2002, the national currencies of Belgium, France, Germany, Greece, Italy, the Netherlands, Portugal, and Spain were consolidated in the European Community (i.e., euro) currency.
FOREIGN CURRENCY EXCHANGE RATES
(Units of Foreign Currency Per One U.S. Dollar)
President's
Execution Rates
Budget Rates
.
Country
Monetary Unit
FY 2001
FY 2002
FY 2003
Belgium
Franc
49.6404
51.6472*
-
Denmark
Krone
9.1871
9.5300
8.4732
European Community
Euro
1.2325
1.2803
1.1386
France
Franc
8.0786
8.3982*
-
Germany
Deutsche Mark
2.4048
2.5040*
-
Greece
Drachma
416.6065
436.2620*
-
Italy
Lira
2,384.6890
2,479.0060*
-
Japan
Yen
122.1325
133.4000
124.3300
Netherlands
Guilder
2.7115
2.8214*
-
Norway
Krone
9.9314
10.2284
9.0313
Portugal
Escudo
247.6330
256.6770*
-
Singapore
Dollar
1.9098
1.9541
1.8384
South Korea
Won
1,244.0760
1,443.8100
1,265.0000
Spain
Peseta
205.5207
213.0240*
-
Turkey
Lira
719,969.0000 1,342,706.0000 1,493,000.0000
United Kingdom
Pound
0.7415
0.7643
0.7091
* Represents equivalent exchange rates for euro legacy currencies corresponding to a euro exchange rate of 1.2803 to the dollar.
FOREIGN CURRENCY RATES
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