About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

092375 1 (1972-05-01)

handle is hein.gao/gaobacwgt0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE WASHINGTON. D.C. 20548 3RMUIATADNAL DVISION LM092375 Dear r. CarlACks We recently rarieaed disbursing and related ativities at the Department, of state@@ Rgional Plamnae and DUta Processing Center at Parls, Free. We noted during the revie that, althoug the ISD at the Center has had recurring requets for British Pounds Sterling, he has not been folWing his nomal psati.e of pusasntg the Pouds o aope. Instead, Treasry hes been prviding the Pwunds needed by both the UD and the U.S. ilitary in aRne. We understand that this prtice was established because at ome time TraMr7 mated to avoid having oads puroased in AtWpe when Pounds had been eeasired In ta U.S. During the recent past, however, erffielet Natnds have not bean on-hand In the U.S., so that Treasury has been filing the Darpean arments by pumbasing Pounds costing about $20 =illies a snth from camIeal banks In Ne York City for deposit to diabaratag offler obacking accounts in London. We we Infoaed by Treasary offiesals that asb purchases would probably con- time to be needed because there were no prospects of sonalating large itM at Ponds in the U.S. We have previously infoamed officials of Treauryte Bureau of Asomte that me we inquiring into this matter because of the pos- sibdlity that a reversion to the purchase of Poande in hrope could rsslt In savings, and we nderstad that the Barean has shaoe initiated a stady of the rate differentials betwean the landon and Now York arkets. Onr purpose at this time is to apprise you of our findings in this area. We obtained inforation from two American banks in landon an their selling rates for Punds on the anme days that six racent Treasury puroeaes had been accomplished in New Yor City. One of the banks furnished only its closing rate an each of the days, while the second bank tarnished both its best rate and its worst rate between 2 p.m. and 5 p.a. of each day-. period sorseaparding to the morning market period in Ne York. We found that the eacond bank's rates consistently offered opportwities for purchasing the Po*nds at a reduced dollar cost. If the Pbunds purchased by Treasary in New York had been purahased ~If0 __ __ __

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most