CONTINUOUS - SEE ARTICLES AT www.helium.com relating to "Single Global Curency," "monetary union," "currency", etc.

See endorsed topics at the Single Global Currency Assn. "Partner" page at www.helium.com/partners/sgca 12 February 2012 "The Case for a Global Currency - Would it make more sense to have one currency for the entire world?" by David Wolman in Salon. Excerpts from the article.... ...On the one-world money front, there are scattered dreamers out there, outfits like the Single Global Currency Association, and supporters of something called the Terra TRC (for Trade Reference Currency). In the 1940s, the legendary John Maynard Keynes conceived of a supranational currency that he called the Bancor. ... Backers of a single Earth currency envision a great smoothing of transactions, an end to damaging currency speculation, and less economic turmoil, which could mean greater prosperity for all. ... One idea is for this new currency to be an expanded version of something that already exists: Special Drawing Rights. SDR is really a crossbreed of four of the worlds most signicant currencies, and its used for particular kinds of settlements at the IMF. Perhaps the SDR is the embryo of a new global currency.... [The article was adapted from David Wolman's new book, The End of Money. from DaCapo Press, published on Feb. 14, 2012.] 23 January 2012 "Why the Euro Will Survive and Thrive" by John Maxfield at "The Motley Fool" Excerpts from the article.... And Berkeley professor Barry Eichengreen postulated in his book Exorbitant Privilege that the euro will not only survive the crisis but thereafter thrive due to the world's longing for a currency to rival the American dollar.... What this history demonstrates is that the European powers see the euro as more than a common currency. To them, it's the price of peace. As a result, the union and its currency are likely much more resilient than modern-day political and financial pundits recognize.... In addition to the historical and political ties to the euro, fragmenting into individual currencies simply isn't a palatable alternative. Today's currency market is akin to a dark alley in an unfriendly neighborhood -- it's not somewhere you want to go alone. And the looming presence of an omnipotent dollar makes the situation even worse. ... If I were a betting man, I'd wager that the euro will not only emerge from the continent's current economic woes intact, but that it will come out stronger, being backed by the fiscal authority of a more integrated union.
22 January 2012. "Can a Single Global Currency Work ?" by V. Kumar The article concludes.... If you have doubts, take the example of something like paypal - suppose it manages the account in a basket of currencies, instead of US dollar, and gives it a name, and that currency basket becomes acceptable by financial institutions, it will become acceptable by international traders too - a situation not very different from single global currency. The future of single global currency is definitely there, and that future is not too distant from today.

20 January 2012. "Russia Presidential Candidate Prokhorov Calls For Single Global Currency" By Ira Iosebashvili, Dow Jones Newswires

MOSCOW (Dow Jones)--Russian billionaire and presidential hopeful Mikhail Prokhorov Friday called for the creation of a single global currency based on the ruble and euro, one of a long list of demands that included deep cuts in the number of bureaucrats and privatization of state-owned television channels. The demands were part of Prokhorov's election program, which was published on Friday. Russian Prime Minister Vladimir is expected to handily win elections set for March 4, with the latest poll showing that he would collect more than 50% of the vote if elections were held Sunday. 27 December 2011. David Wolman writes in WIRED Magazine, "Dream of Universal Currency Just Won't Die" Excerpt from the article.... ... Step back from the current crisis to consider the long view, and currency unionsor even a single global currencyhave a fair share of appeal. A universal medium of exchange could eliminate currency risk and jack up trade. It would mean speculators couldnt short an individual countrys currency. Exporters wouldnt have to fret over the gap between a price on a contract and the value of the payment. A single currency could halt spastic swings in prices and end conversion fees, leaving more of the pie for little stuff like R&D and employee health insurance. Ohand it could put an end to international disputes over currency manipulation. Hello? China?... 12 December 2011. "Nobel economist calls for global currency backed by dollar, euro, yuan" by Achara Deboonme in The Nation - Thailand. The article begins... Amid the global financial crisis, Nobel laureate Robert Mundell is calling for the creation of a world currency - anchored by the US dollar and euro with backing from the Chinese yuan - to restore stability to the Bretton Woods level. He said this would help prevent huge exchange rate instabilities which prompted major debt and financial crises in recent decades. Then the International Monetary Fund could truly serve as the world's central bank, he said in a lecture hosted yesterday by the United Nations Economic and Social Commission for Asia and the Pacific (Unescap). A lecture by the Nobel Economic Laureate on the topic "Global Currency: Dollar, Euro, Renminbi" was part of the ESCAP Distinguished Person Lecture Series. [See also, "Single world currency 'inevitable' " by Parista Yuthamanop in the Bangkok Post.] 13 November 2011. Single Global Currency is noted approvingly on blog, http://dravidaperavai.blogspot.com by SGCA member, Nandhi Varman. See specific article: "SINGLE GLOBAL COMMON CURRENCY - GLOBAL MARKET NEEDS COMMON CURRENCY" Excerpt from the blog... A Single Global currency acceptable to developed and developing countries will alone integrate the world economy. 2 June 2011 Article: "Will a Single Global Currency boost worlwide business" Interview by Ted di Stefano. in E-Commerce Times. Excerpts from the article...

"In a world with a single global currency, managed by a Global Central Bank within a Global Monetary Union, there will be no foreign exchange and no multi-currency fluctuations, just as there are now no such fluctuations between Finland and France or between Maine and Michigan," said Morrison Bonpasse, president of the Single Global Currency Association. 7 April 2011 Article: "Is the world headed toward a Single Global Currency?" Interview of Morrison Bonpasse, President of Single Global Currency Assn. by Ted di Stefano in ECommerce Times. Excerpts from the article... "The world would implement a single global currency by expanding existing monetary unions, by folding them into a single global currency. The Single Global Currency can be said to exist when these currency consolidation trends create one currency for countries representing approximately 40-50 percent of the world's GDP. After that, we will have passed a "tipping point," and the remaining countries will clamor to join." 4 March 2011. Essay "The Uncertain Future: The World in 2111 (Part II) by Former Polish Deputy Prime Minister, Grzegorz Kolodko, excerpted in "The Globalist" from his book. Truth, Errors, and Lies: Politics and economics in a Volatile World. Excerpt from the article.... [In 2111]...The American currency will be the worlds third choice. The main reserve currency will be the yuan, which will also circulate in several other Asian and African countries. The euro will be in second place. Not only will it last out the century, but it will circulate in more than 50 countries in Europe, Asia and Africa. The "global," our world currency, will still be on the drawing board because the world economy wont yet be rational enough for it. That day may never come, for the same reason that Esperanto never really caught on.... [Note by SGCA: Although currency can be said to be a language, there is no similarity between the fate of Esperanto and the Single Global Currency. The use of the euro across 17 countries and languages, shows that money "talks" beyond language.] 15 February 2011."Why world needs three global currencies" by C. Fred Bergsten, in the Financial Times. Excerpts from the Op-Ed. the title of which is valuable... Many nations have long regarded the dominant international role of the dollar as bestowing an "exorbitant privilege" on the United States. But the privilege has now become a burden. It is time for the United States to anticipate, and begin to build, an era in which there will be several global currencies to rival its own.... The rise of China implies the renminbi will qualify for global currency status whenever it achieves full convertibility and sheds its protective capital controls. In short, the international monetary system is already becoming bipolar, and may soon be tripolar.... The United States should accept this and even promote its acceleration. The goal should be roughly to equate the international positions of the dollar and the euro in the next decade or so, and subsequently to bring the renminbi into the mix along with steady creation of special drawing rights (SDRs)....

These changes would not resolve all the problems of the international monetary system. They would certainly not absolve the United States of the need to get its fiscal house in order. But they would speed up needed rebalancing of the world economy and reduce the risk of future crises. [Moving to three currencies would be a step in the right direction - toward a Single Global Currency. Each of the three currencies could provide a curency for its respective region. Then, the final merger of currencies could occur. ] 4 February 2011 "Here Is The IMF Report Making The Case For A Single Global Currency" at www.minyanville.com by the Minyanville Staff. Excerpts from the online article... While global currency news over the past week has largely been focused on China pushing the yuan as a potential global reserve currency replacement for the U.S. dollar, the elephant in the room, always lurking just off to the side in the corner, is the seemingly inevitable move toward a single world currency. The idea is not a new one. Proposals for a single world currency are as old as the 1500s when paper money was very limited in supply. But the question of a global currency, often posed without answer as a component of hysterical conspiracy theories, is an interesting one. The International Monetary Fund last April provided an in-depth look at why a transition to a global currency might make sense, and the steps necessary to achieve it. Also, check out the site, singleglobalcurrency.org, which is, as the name implies, dedicated to moving toward a single world currency: "The Single Global Currency Association was incorporated in June, 2003 in the U.S. State of Maine. 30 January 2011 Letter to the Economist by ghaliban supports Single Global Currency, in comment to article: "The rise of the redback - China will have to open its financial market if it wants the yuan to rival the dollar" The letter begins... Tthe only rational long-term solution for the world is to have a single global currency, minted by the IMF (which is owned equally by countries) with a strict mandate for notes and coins to increase only at the rate of global nominal GDP, and with 100% reserve banking with current accounts (which should be non-interest bearing) fully backed up by reserves. Anyone wishing to earn interest or dividend on their savings should be required to invest through financial mutual funds, which play the role of financial intermediation. 16 January 2011. SGCA Comment to Paul Krugman critique of the euro in the NY Times Magazine, "Can Europe Be Saved?" The SGCA comment by Morrison Bonpasse begins... The euro is now the currency for 17 countries, and more countries are in the application process. Isn't that a vote of confidence in the euro? Paul Krugman cites Iceland's economic difficulties as a support for his gloom about the euro, but Iceland's crash began with currency and interest rate problems. Krugman does well to compare Iceland to Brooklyn, but he should have concluded that just as Brooklyn doesn't need its own currency, Iceland doesn't either. In my book, "The Single Global Currency, Common Cents for the World," I compared Iceland to Pittsburgh for the same reason. In fact, Iceland is exploring an application to join the eurozone, which makes a lot of cents. It was a matter of time before the markets determined that bond prices should vary for countries according to the risk of repayment by individual countries. Greece and others are higher risks, so

they are paying higher interest rates. This is not a sign of failure for the euro; it's a sign of maturity. The euro points the way toward the best solution for global currency woes, and the U.S. dollar is a key part of the problem, and that best solution is a Single Global Currency. If 17 countries can use the same currency, why not 192?...

1 January 2011 Estonia beomes the 17th eurozone country. See ABC online article, "Estonia takes on euro" By Europe correspondent Emma Alberici See article in its entirety.... Estonia has adopted the euro, taking the single currency into the former Soviet Union for the first time. With a budget deficit representing less than 1 per cent of gross domestic product, Estonia is the most economically sound of all the Eurozone's countries. Its population of just 1.3 million began using the single currency as economists predicted the euro would fall to parity with the US dollar by the end of the new year. Estonia, wedged between Russia and Latvia on the Baltic Sea, is the 17th country to adopt the euro. The country's GDP is worth $18 billion, making it the second smallest euro economy after Malta.

2 October 2010. Estonia to be 17th EMU member on 1 January 2011. See beginning of related AP article "EU financial bosses praise Estonia" .... TALLINN, Estonia European Union officials praised Estonia's budget discipline and said its quick spending crackdown in response to the economic crisis could serve as an example to the wider euro area a currency bloc it will join in January. Estonia will become the 17th member of the eurozone and the first from the former Soviet Union. And though it will be the bloc's poorest country, its government has earned respect for tough financial measures. [See also Speech by Jean-Claude Trichet at the Bank of Estonia, 20 September 2010: "The entry of Estonia into the euro area"] 20 Sept. 2010 "Waking Up To A New Currency" by Alex Newman in the New American. Excerpts from the article... If all the advocates of a world fiat currency (a currency not backed by a precious commodity like gold) were to scream at once, workers in world capitals, business centers, colleges, and news media may be deafened. And if global financial elites have their way, America will move quickly toward accepting a planetary fiat currency issued by a world central bank. Other prominent advocates agree with the Mundell strategy for achieving a world currency managed by a global central bank. Well probably get there by the merger of monetary unions, explained Morrison Bonpasse, founder and president of the Single Global Currency Association and author of The Single Global Currency: Common Cents for the World, in an interview with The New American. But there are several possible routes. One is to continue the current regionalization of currencies, to include North America, and creation, expansion and merger of monetary unions; and then combine those currencies into one. Another is for smaller countries to

continue to ize their nations legal tender, as in dollarize and euroize. Once the tipping point is reached where one currency supports approximately 40-50 percent of the worlds GDP, the movement will accelerate to anoint that currency as the single global currency. The organizations target date: 2024.... 22 June 2010. "Public sees a future full of promise and peril - 41% foresee a Single Global Currency in 40 years" by the Pew Research Center. According to the Pew Research Centers recent poll, most Americans (51%) do not expect the adoption of a single global currency in the next 40 years. However, 41% DO expect such a Single Global Currency, and that's good news. One goal for the Campaign for a Single Global Currency is simply to persuade the people of the world that a Single Global Currency is feasible. After that hurdle is crossed, the easy-to-understand benefits will speak for themselves. 28 February 2010. "Head of IMF proposes new reserve currency" by Harry Dunphy, Associated Press in the News Tribune, Tacoma, Washington. See same article at the New York Times The article begins.... WASHINGTON Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday that the organization one day might be called upon to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar. "That day has not yet come, but I think it is intellectually healthy to explore these kinds of ideas now," he said in a speech on the future mandate of the 186-nation Washington-based lending organization. Strauss-Kahn said such an asset could be similar to but distinctly different from the IMF's special drawing rights, or SDRs, the accounting unit that countries use to hold funds within the IMF. It is based on a basket of major currencies. He said having other alternatives to the dollar "would limit the extent to which the international monetary system as a whole depends on the policies and conditions of a single, albeit dominant, country." [For the full text of his remarks to the Bretton Woods Committee on 26 February 2010, see "An IMF for the 21st Century"] 16 November 2009. "EU States Emerge from the Shelter of a Common Currency" by Peter Wilson in The Australian (13 October) Excerpts from the article....
" [Milton] Friedman was adamant Europe's common currency could never survive something like the global economic trauma of the past two years. "When the global economy hits a real bump," he warned, "Europe's internal contradictions will tear (the euro) apart." The biggest bump in 60 years came not too long after Friedman's death in 2006 and it has not even dented the euro's standing on the continent, instead leaving policymakers and economists across Europe wondering what would have become of countries such as Ireland and Greece if they had still been relying on the Irish punt and the Greek drachma. The governments in Athens and Dublin concede they would have been in dire shape without the common currency."

3 November 2009. E-Commerce Times published interview by Ted di Stefano with Morrison Bonpasse, "Folding the US Into a Single Global Currency" An excerpt from the interview: di Stefano: "What should replace the U.S. dollar?" Bonpasse: "Very simply, a single global currency, managed by a Global Central Bank within a Global Monetary Union, should succeed the dollar. Such a currency should incorporate the U.S. dollar and not just push it aside, as the dollar did to the UK pound in the 20th century. The model for the dollar's future incorporation into a monetary union was the role of the Deutschmark in the formation of the European Monetary Union. We do not need yet another global currency, whether reserve or not. What we need is a global monetary system which will provide monetary stability, and that stability cannot be achieved in a multicurrency system. By definition, in a multicurrency system there are unpredictable currency fluctuations and risky global imbalances." 21 September 2009. Chinese bestselling novel includes Single Global Currency by 2024. The Reuters article, China bestseller sees plots and profit in financial crisis , by Chris Buckley, begins.... BEIJING (Reuters) - A disaster worse than the financial crisis will engulf the world, predicts China's latest financial bestseller, and its author is preparing to profit from the turmoil. But that profit will not be in U.S. dollars. In "Currency Wars 2", Song Hongbing claims a shadowy global elite will introduce a single world currency around 2024, tossing the dollar into the dustbin, condemned by loose-spending Washington policies and the waning dominance of the West.... 14 September 2009. UN Conference on Trade and Development (UNCTAD) calls for new global currency. See UNCTAD 2009 Trade and Development Report The Bloomberg article by Jonathan Tirone begins...
The dollar's role in international trade should be reduced by establishing a new currency to protect emerging markets from the confidence game of financial speculation, the United Nations said. UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said today in a report.

6 September 2009. In the Bloomberg article "Stiglitz Says U.S. Economic Recovery May Not Be Sustainable ", Michael McKee wrote: Stiglitz, who is a member of a United Nations commission that will study the global financial system and currency regimes, said the logic is compelling for a new global currency. The current system creates instability, weakens global confidence, and is fundamentally unfair to developing countries that are in essence lending the U.S. trillions of dollars and bearing the risk, he said. In most quarters, there is a feeling we should move away from the dollar system. The question is do we do it in an orderly way, or a chaotic way, Stiglitz said. The size of the deficit and the size of the balance sheet of the Fed have just increased the anxiety and the desire that something be done. While some think it would hurt the U.S. to no longer be able to borrow cheaply in dollars, that era is over, he said. We're moving to a more multi-polar world.

10 July 2009. "Russian President Dmitry Medvedev pulls new world currency from his pocket" in the Telegraph, UK. The article begins... Russia's President, Dmitry Medvedev, pulled the world's new currency from his pocket at the meeting of G8 leaders in the Italian city of Aquila. Mr Medvedev, who has been seeking ways to displace the dollar as the world's dominant reserve currency, produced a sample coin of what he described as a 'united future world currency'."Here it is," Mr Medvedev said, according to Bloomberg. "You can see it and touch it." The coin, which was minted in Belgium, was presented to all the G8 leaders attending the summit and bears the words 'unity in diversity.' [The coin was produced by the United Future World Currency organization. See the enlarged image.] 1 July 2009. Kimberly Amadeo reviews The Single Global Currency - Common Cents for the World (2009 Edition) in www.about.com:US Economy Excerpts from the review: "A clearly-written and thorough overview of all issues related to foreign exchange, history of money, and the need for a single global currency. Pros Provides a detailed argument for a global currency. Describes clearly how the foreign exchange market works. Recounts the history of money and foreign exchange. Well documented with many helpful reference resources. Easy to read. Cons At 500 pages, is probably intimidating to many readers. Biased towards a single global currency. Guide Review - Book Review This is a thorough explanation of the history of the multicurrency system and the costs of maintaining a multiple exchange rate system. First on the list are currency speculators, who impact the value of money for their own personal profit. Second are the costs of currency transactions, for businesses, governments and individuals, especially travelers. It is wellresearched and provides useful resources for additional reading. This book also covers the current conversation by economists around the single global currency debate. It is, however, biased. Readers who are looking for a thorough discussion of why a single global currency should not be instituted will need to look elsewhere." 30 June 2009. Laurence Brahm column in South China Morning Post, "Fellow Bric road" mentions Single Global Currency Assn. Excerpt from the column.... "While it may be premature to adopt a gloal currency, as suggested by some economists such as Joseph Stiglitz, the idea does seem to have some momentum. 'The Bric countries can lead the world toward global monetary stability by supporting the researching and planning for the next global currency to replace the US dollar,' said Morrison Bonpasse, president of the Single Global Currency Association, a US think tank. Mr. Bonpasse believes that 'when such a single global

currency supports a number of countries with 40-50 percent of the world's GDP, the 'tipping point' will have been reached and other countries will join quickly' ." 12 June 2009. "Let us roll out the euro to the whole Union" by Marcin Piatkowski and Krzysztof Rybinski in the Financial Times. Excerpts from the column... "The big bang eurozone expansion would not complicate monetary management in the eurozone, since the combined GDP of all eurozone candidate countries in central and eastern Europe amounts to less than 10 per cent of the eurozone's GDP. Equality of treatment would also be adhered to; after all, many of the original eurozone members have not fully met the entry criteria, in letter or in spirit. Expansion would strengthen the eurozone, as new members would provide impetus for reforms such as strengthening fiscal co-ordination, integrating financial markets and creating the world's largest, most liquid bond market. Candidate countries do not just want to enter the eurozone; they want to become part of the most successful global currency area...." 11 June 2009. "Volcker says US growth possible this year but strong recovery unlikely; 'long slog' in store" by Joe McDonald, AP, in Los Angeles Times. Excerpt from the article... "Volcker expressed support for a global currency, which he called "the ultimate logic of a globalized financial system." China and Russia have called for such a currency to replace the dominant dollar, but Volcker gave no opinion on any individual proposal...." 8 June 2009. "IMF Says New Reserve Currency to Replace Dollar Is Possible" by Alexander Nicholson in Bloomberg. The article begins.... The International Monetary Fund said it's possible to take the revolutionary step of creating a new global reserve currency to replace the dollar over time. The IMF's so-called special drawing rights could be used as the basis for a new currency, First Deputy Managing Director John Lipsky told a panel discussing reserve currencies at the St. Petersburg International Economic Forum today. There are many, many attractions in the long run to such an outcome, Lipsky told a panel discussing reserve currencies at the St. Petersburg International Economic Forum today. But this is not a quick, short or easy decision, he said, adding that it would be quite revolutionary. The SDRs would have to be delinked from other currencies and issued by an international organization with equivalent authority to a central bank in order to become liquid enough to be used as a reserve, he said. As much as 70 percent of the world's currency reserves are held in dollars, according to the IMF, leading to calls for nations to diversify their cashpiles to avoid excessive exposure to the U.S. economy as it quadruples its budget deficit in a bid to counter the worst recession since the Great Depression. 16 May 2009. New Brunswick Business Journal columnist, Colin Dodds, terms the Single Global Currency a "bolder initiative" in article, "Can China Save the World Economy?" Dodds is the president of St. Mary's University in Halifax, Nova Scotia, Canada and he wrote....

"A bolder initiative is that advanced by the Single Global Currency Association for a monetary union of the world and a global central bank by 2024. This concept for a single global currency has received a lot of support from eminent economists and readers may wish to check out the Association's website at www.singleglobalcurrency.org. 11 May 2009. Michael Grunwald writes in Time Magazine, "With his dramatic plans to restructure Wall Street and Detroit, overhaul health care and create a clean-energy economy, Obama is certainly taking political risks, even if he hasn't gotten around to replacing the almighty dollar with some new, one-world currency the black-helicopter crowd keeps warning about." [emphasis added here] Article: "Republicans in Distress: Is the Party Over?" [Has the Single Global Currency now become so inevitable that it's a project that President Obama "hasn't gottten around to?"] 6 May 2009. Fox commentator, Sean Hannity, presents idea of Single Global Currency in "Obama Plucking Tree of Liberty Bare" An excerpt from his statement.... "And their free trade agreements with Colombia and South Korea. When China reportedly considered pushing for a single global currency, the president said he opposed it. Only to have his own treasury secretary leave that door open, sending our dollar into a freefall in one afternoon." [emphasis added here]
14 April 2009. Citizen and Attorney Grayson Brown writes letter to the Advocate in Baton Rouge, Louisiana, US: "A possible solution to meltdown": An excerpt from the letter.... "World currency accounts must balance out. Thus, if all countries (other than the United States) run a currency account surplus, then the United States, as the country of the reserve currency, must have a deficit of equal amount. There lies the problem. The Internet bubble of the 1990s and the housing boom of the 2000s allowed the United States to maintain full employment demand in the face of a staggering trade deficit. That trend, unfortunately, is played out. What is the solution? Consideration should be given to transforming the International Monetary Fund into a global central bank (such as the Federal Reserve System is for the United States)." (emphasis added here.)

24 March 2009. "Obama dismisses idea of a Single Global Currency" from Reuters by Lesley Wroughton and David Lawder. The article begins....
WASHINGTON, March 24 (Reuters) - U.S. President Barack Obama and his top two economic officials on Tuesday dismissed suggestions by emerging economic powers that the world move away from using the dollar as the world's main reserve currency. "I don't believe that there's a need for a global currency," Obama told a prime-time televised news conference, adding that the dollar is "extraordinarily strong right now".

Yearly Average Currency Exchange Rates

Translating foreign currency into U.S. dollars

You must translate foreign currency into U.S. dollars if you receive income or pay expenses in a foreign currency. The only exception relates to some qualified business units (QBUs) which are generally allowed to use the currency of a foreign country.

Currency exchange rates

The Internal Revenue Service has no official exchange rate. Generally, it accepts any posted exchange rate that is used consistently. When valuing currency of a foreign country that uses multiple exchange rates, use the rate that applies to your specific facts and circumstances. For example, if you have a single transaction such as the sale of a business that occurred on a single day, use the exchange rate for that day. However, if you receive income evenly throughout the tax year, you may translate the foreign currency to U.S. dollars using the yearly average currency exchange rate for the tax year.

Yearly average currency exchange rates

The table below includes yearly average exchange rates for prior years. It was revised on November 1, 2011, to reflect the typical cash exchange rates for the listed countries and years. For additional exchange rates, refer to Foreign Currency and Currency Exchange Rates. To convert from foreign currency to U.S. dollars, divide the foreign currency amount by the applicable yearly average exchange rate in the table below. To convert from U.S. dollars to foreign currency, multiply the U.S. dollar amount by the applicable yearly average exchange rate in the table below. Yearly Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars Country Afghanistan Algeria Argentina Currency Afghani Dinar Peso 2011 48.817 76.525 4.299 2010 48.409 78.471 4.077 2009 53.040 77.110 3.888 2008 50.417 68.437 3.298 2007 52.433 73.405 3.247 2006 50.977 78.183 3.215

Australia Bahrain Brazil Canada Cayman Islands China Denmark Egypt Euro Zone Hong Kong Hungary Iceland India Iraq Israel Japan Lebanon Mexico Morocco New Zealand Norway Qatar Russia Saudi Arabia Singapore South Africa

Dollar Dinar Real Dollar Dollar Yuan Krone Pound Euro Dollar Forint Krona Rupee Dinar New Shekel Yen Pound Peso Dirham Dollar Kroner Rial Rouble Riyal Dollar Rand

1.008 0.394 1.742 1.029 0.868 6.732 5.571 6.211 0.748 8.096 209.338 120.906 49.124

1.134 0.394 1.838 1.072 0.868 7.050 5.847 5.908 0.785 8.080 216.583 129.851 47.774

1.332 0.394 2.008 1.187 0.856 7.115 5.570 5.825 0.748 8.062 210.463 130.043 50.804

1.245 0.394 1.914 1.109 0.867 7.241 5.299 5.715 0.711 8.091 179.603 92.133 45.567

1.243 0.394 2.030 1.117 0.867 7.922 5.663 5.950 0.760 8.115 191.379 66.799 43.011

1.382 0.395 2.267 1.180 0.867 8.301 6.183 6.050 0.829 8.080 219.263 72.906 47.132

1230.715 1230.020 1228.033 1262.118 1343.336 1577.263 3.724 82.931 3.887 91.342 4.089 97.361 3.735 107.605 4.279 122.527 4.646 122.527

1581.575 1579.773 1585.339 1587.847 1598.145 1604.305 12.943 8.478 1.316 5.835 3.791 30.626 3.902 1.308 7.562 13.151 8.829 1.444 6.291 3.793 31.651 3.906 1.418 7.638 14.058 8.474 1.663 6.550 3.792 33.088 3.904 1.513 8.782 11.612 8.115 1.482 5.873 3.794 25.865 3.907 1.472 8.606 11.374 8.590 1.416 6.099 3.797 26.603 3.899 1.567 7.352 11.352 9.265 1.605 6.672 3.803 28.277 3.900 1.653 7.060

South Korean Won Sweden Switzerland Taiwan Thailand Tunisia Turkey United Arab Emirates United Kingdom Venezuela Krona Franc Dollar Baht Dinar New Lira Dirham Pound Bolivar (Fuerte)

1153.728 1206.268 1330.240 1146.949 6.755 0.923 30.693 31.893 1.469 1.748 3.821 0.649 4.474 7.498 1.085 32.814 33.227 1.502 1.569 3.821 0.673 4.384 7.958 1.129 34.389 35.953 1.410 1.619 3.821 0.667 2.238 6.857 1.126 32.818 34.603 1.299 1.358 3.821 0.567

972.681 1008.698 7.030 1.248 34.198 33.831 1.346 1.364 3.820 0.520 7.674 1.304 33.858 39.506 1.396 1.501 3.821 0.565

2.239 2234.842 2234.997

References/Related Topics

Foreign Currency and Currency Exchange Rates Miscellaneous International Tax Issues