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Chapter 5 Foreign Currency
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Disbursing Clerk 1 & C - Military manual for administrative purposes
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Military Banking Facility
Availability and Amounts of Foreign Funds First,  the  availability  of  the  foreign  funds  will govern what amounts the DO may hold, and these amounts are based on the following circumstances: 1. If the foreign funds are readily available, the amount  of  funds  should  not  exceed  2  or  3  days’ requirements. 2. If the foreign funds are not readily available, the amount   of   funds   should   not   exceed   7   days’ requirements. 3. Ships and mobile units visiting foreign ports for periods  of  7  days  or  less  should  purchase  only  the amount expected to be needed for the port visit. 4. Ships or mobile units visiting foreign ports for more than 7 days must comply with the provisions of the  first  two  conditions  previously  described. Types  of  Currency DOs  will  normally  limit  foreign  funds  to  paper currency. Generally, a DO will avoid using foreign coins  because  of  the  typical  problems  associated  with coins, such as weight, storage space, transportation, and disposition. In fact, a DO will acquire foreign coins only   under   special   circumstances   and   usually unintentionally. Occasionally,  a  DO  will  acquire foreign  coins  to  fill  a  specific  need.  Usually,  however, a DO acquires foreign coins as change in connection with an official cash payment in foreign funds. RESPONSIBILITIES Upon being authorized to procure and use foreign currency,  a  DO  undertakes  special  responsibilities. Some  of  these  include  making  sure  the  following conditions  exist  or  are  enforced: Foreign  currency  is  obtained  and  used  for official  purposes  only. Foreign currency is not purchased or held in excess of immediate disbursing needs. Foreign currency purchases with U.S. dollars are made  for  “spot”  delivery  (delivery  must  be within 2 business days). Speculation in foreign currency is prohibited. Foreign currency purchases are made from a Military  Banking  Facility  (MBF)  whenever possible. A When  no  MBF  is  available,  foreign  currency purchases are made from U.S. DOs of the Navy, Marine Corps, or other military services, or the State Department or Treasury Department, if possible. Foreign currency purchases are made at the prevailing  rate. Foreign currency collections are accompanied by  a  written  statement  giving  their  source  and any restrictions on their use. DO  must  carry  out  all  these  responsibilities according  to  prevailing  laws  and  monetary  control regulations associated with that specific overseas or foreign  location. PROCUREMENT METHODS A DO can obtain foreign currency by any of the following   methods: Purchase  with  U.S.  dollars,  U.S.  Treasury checks, or other negotiable instruments payable in U.S. dollars Exchange   of   official   collections   or reimbursements   in   foreign   currency,   or negotiable   instruments   payable   in   foreign currency,  for  U.S.  dollars  or  negotiable instruments  payable  in  U.S.  dollars Purchase  of  drafts  payable  in  foreign  currency for remitting payments to Navy creditors SOURCES  OF  PROCUREMENT To  procure  foreign  funds,  DOs  should  use  the following  sources  in  the  order  of  preference  specified: 1.  MBFs 2.  Other  U.S.  Government  sources 3. Commercial sources The first choice is to procure foreign funds from an MBF. When an MBF is not available, the DO should try to use other available U.S. Government sources. When  MBFs  and  other  U.S.  Government  sources  are not available, the DO should then try to obtain foreign funds from commercial sources, but only as a last resort. Let’s take a closer look at these sources. 5-2

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