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ID-79-51 1 (1979-09-26)

handle is hein.gao/gaobaazsr0001 and id is 1 raw text is: COMPTROLLER GENERAL OF Th E UNITED STATES WASHINGTON. D.C. Z0,548 RESTRICTED - Not to be released outside the General Accounting Office except on the basis of specific approval by the Office of Congressional Relations. CS SEPTEMBER 26, 1979 The Honorable Lawton Chiles, Chairman Subcommittee on Federal Spending Practices and Open Government Committee on Governmental Affairs United States Senate I, Dear Mr. Chairman: RELEASED /- // C 4 v.+.j &a,-ne. 4- rrr-k ~ n r currencies for contributing to ){AlJVI3. NAT,(ID-79-51) In response to your request of March 5, 1979/ we have reviewed practices used by the United States to chase foreign currencies needed for contributions to / The-s-e foreign currencies are purchased by the U.S. / S u t .jZDr - -G-r-o. to NATO located at Su r Hrame guartr gud r tWrs- We found that this Support Group was accelerating or delaying NATO payments in an attempt to obtain favorable exchange rates. Depending on the movement of currency exchange rates, this results in gains or losses. SpecJ.Latve efforts such as this are contrary to the intent o; regulations that financial risk not be a part of me ing. foreign currency needs for Government overseas operations. The Support Group agreed to modify its procedures to conform with Treasury regulations. (See encs. 1 and 2.) We noted two related matters offering potential for interest savings and insuring the purchase of foreign currencies at the best available exchange rate. (See enc. 1.) We recommend that the Secretary of the Treasury: --Review with cognizant commands NATO payment requirementsand arrange for U.S. payments to be made at the latest acceptable date. --Review with the NATO SHAPE Support Croup the Treasury Department's requirements for obtaining competitive bids in purchasing foreign currencies. (481530) B-156489 I-~ -~ o - - ,~. - - 0 Zq-,77En r 1 56 7 7E_, 6 V2 ZT t&01 110 Tr

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