# Operational Implications of Offering Grants in Euros and Dollars (Report of the Monitoring, Evaluation, Finance and Audit Committee – GF-B9-8)

**Decision Point:**

1.1 The choice of currency will apply only to new proposals submitted after 1 January 2005. Specifically:

1.2 Grants approved in Rounds 1 through 4 which have not been signed by 1 January 2005 will continue to be denominated in USD (i.e. the currency choice applies from Round 5 onwards)

1.3 Phase 2 renewals are not regarded as new proposals and hence will continue to be denominated in the currency chosen for Phase 1.

1.4 The currency choice must be made at the time of submission of the Proposal. Specifically, the applicant cannot change its chosen currency at any time after submission of the Proposal (including during implementation).