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GF/B22/DP18
Approved by the Board on: 15 December 2010
Management of foreign exchange in the budget
The Board acknowledges that a significant percentage of the Operating Expenses Budget is denominated in Swiss Francs (CHF) whereas the budget is presented in United States Dollars (USD) and the reporting currency of the Global Fund is the USD.
To give greater certainty to the Board at the time of approving the USD budget, the Board decides to give the Secretariat authority to manage foreign exchange transactions in a manner which minimizes the exposure of the budget to volatility in the exchange rate between the USD and the CHF.
The Board further authorizes the Executive Director to take all necessary steps to manage this exposure.
The steps taken to manage this exposure will be under the oversight of the Finance and Audit Committee.
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