Managing XR

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Overview

This section provides an overview of the FC exchange rate to be used.

Managing XR

Rule 4.91(2) - Debt in foreign currency of the Insolvency Rules 1986 specifies the official exchange rate as:

4.91(2) ["The official exchange rate"]  "The official exchange rate" is the middle market rate at the Bank of England, as published for the date in question. In the absence of any such published rate, it is such rate as the court determines.

Accordingly, only one exchange rate per currency for each date is used as the basis for currency calculations across all jobs.

The system uses a base system currency or home currency, which in the United Kingdom is GBP.  All currencies are entered in relation to 1 (one) unit of HC.

Related

Entering FC exchange rates
This section shows how to maintain the exchange rates.
System XRs
This section explains how the system uses exchange rates entered into the system.
Custom XRs
This section explains how to enter a custom XR for a transaction.
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