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B-245760 1 (1992-01-16)

handle is hein.gao/gaobadqsp0001 and id is 1 raw text is: ~j~( ezenl ccontin Ofice4(2 -245 760 January 16, 1992 Melvin L. Hines Deputy Associate Comptroller Financial Operations United States Department of State Washington, D.C. 20520 Dear Mr. Hines: This responds to your request, dated September 11, 1991, regarding an apparent loss of 7,073,871 Laotian Royal Kip (U.S.E. $5,892.52) which has been carried on the accounts of the United States Disbursing Officer (USDO) in the Regional Administrative Management Center (RAMC) in Bangkok for over ten years. You suggest that the loss probably occurred when the Government of Laos issued a new currency, the Lao Kip, replacing the Royal Kip as the country's official curr ncy. You ask that we, under authority of 31 U.S.C. § 3527, ermit the State Department to write off this loss. To the extent that the loss in the value of the USDO's account resulted from foreign exchange transactions in Laos and is solely attributable to the devalu-on of the Royal Kip, it is governed by 31 U.S.C. § 3342,1and it is not necessary to see- 1jjelief for thiisbursing officer under 31 U.S.C. § 3527 I order to re ore the dollar value of the .account. Se 64 Comp. Gen. 152,-153 (1984)) .i Comp. Gen. 132 (1981) -The Department of the Treasbry has issued regulations to imp lement section 3342, at Treasury Circular No. 830 (revised June 16, 1980) and Treasury Financial Manual (formerly T.F.R.M.), vol. 1, chap. 4-9000. Under these regulations, Treasury charges net losses resulting from foreign currency transactions against its Gains and Deficiencies Account. We suggest that you bring this matter to the attention of the Treasury. You will find specific procedures for reporting deficiencies to the Treasury in 1 T.FoM. § 4-9090.10 and 2 T.F.M. chap. 300. Please advise us, however, if you have any additional information indicating that any portion of the loss can be attributed to other factors, such as local theft or

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