Currency Matters logo
Currency Matters visual
Currency Matters newsletter is back!

After a long hiatus, the Currency Matters newsletter is back and will be produced once per quarter every January, April, July and October. The Newsletter will be distributed via email in HTML format and will provide regular updates from IATA on its Currency Clearance Service (ICCS) and Currency Coordination activities and cover other subjects of interest to the airline treasury community.

Happy reading and feel free to send us your comments and suggestions!

Contact us


2010 IATA Treasury Conference Sign up now!
This year's event will take place on October 11 and 12 in Geneva, Switzerland. Delegate and Exhibitor registration is well under way and we encourage Members to register as soon as possible. The hotel room block is being held until September 9. Read more


ICCS User Training Session

ICCS has begun to host regular webinars for new ICCS Members and new staff of existing Members. So far several successful sessions have been held, the last on 23 June with 9 participants from various countries.
In addition to being held regularly, these training sessions are also available on request. Should you or your team wish to attend a webinar on ICCS or CitiDirect please contact us.


General Sales Agent Sales thru ICCS – Reminder!

ICCS users can further centralize the receipt of their world-wide sales proceeds by adding their non-BSP General Sales Agent (GSA) sales proceeds to flow through ICCS. Once IATA confirms receipt of the funds from the airline's relevant GSA, the funds will be processed via ICCS in the next possible ICCS Clearance Cycle. Read more


Ad-hoc Foreign Exchange Dealing

A pilot project will be launched where ICCS user airlines can book foreign exchange contracts via ICCS for their trading needs outside the regular conversion of BSP/CASS sales proceeds. This would be applicable only to the main ICCS currencies handled (28), using the FXBenchmark market rates, which are based on live Interbank midpoint rates. For more details please contact Tony Pietrangelo.


ICCS' Accelerated Settlement Option

Do you want to receive your ICCS funds quicker and have no need
for FX conversions or changing your standard instructions on every
settlement period?

If yes, then ICCS' Accelerated Settlement option is for you! Read more


Did you know?

ICCS Country Forms: The ICCS forms for adding new countries (BSPs/CASSes) are now available on our Members Private Page.
ICCS Operations Calendars: In response to Members' requests, we have worked toward a system whereby we can make the ICCS Operations Calendars available to you at least 3 months in advance, available on our Members Private Page. Read more


IATA Emission Trading Course: Carbon Trading for Aviation

One of the newest hot topics for airline financial executives is the European Union's Emission Trading Scheme (EU ETS). In response to this new legislation, IATA has created an Emission Trading course to assist airlines in understanding the implications and plan accordingly. The first course will be held in Geneva, 20-21 September 2010. Register now!
Read more


Currency Corner

This part of the newsletter discusses funds repatriation delays and other issues faced by Airlines world-wide. It is a summary of the workings of IATA's Currency Coordination activities.
The IATA Currency Coordination Working Group (ICWG) held a meeting on 7 May 2010 in the IATA offices in Geneva. The next ICWG meeting will take place during IATA's Airline Industry Treasury Conference, which in the IATA offices in Geneva on 12 October 2010. Read more


Country Specific Updates

Algeria: Transfer of local sales takes 2 to 3 months. Funds eligible for remittance only consist of flown revenue – not sales, not MCO's/PTA's, not penalties for no shows, not revenues from holiday packages, etc. Airlines cannot repatriate the ticket taxes they have collected on sales made in Algeria but relating to overseas destination points, which they need to pay outside Algeria. Read more

Angola: There is a general lack of foreign exchange and repatriation procedures are cumbersome. IATA is investigating the possibility of ICCS and the ability of airlines to make payments in local currency.

Eritrea: There is a general lack of foreign exchange in Eritrea. IATA Currency Coordination is checking on the possibility of paying for local charges in local currency. We will continue to liaise with the affected carriers and the Country Manager East Africa on possible approaches to alleviate the situation.

Ethiopia: There is a lack of hard currency, as well as, cumbersome repatriation procedures. A local airline committee co-chaired by Kenya Airways and KLM, has put forth the goals of the ability to open USD bank accounts, 100% repatriations before checks and eliminating remittance delays. IATA has had several meetings with the National Bank of Ethiopia regarding these goals and will continue to follow up. Read more

Iran: Aside from sanctions there are no further issues in Iran at this time.
Read more

Iraq: Iraq is not a problem at this time; however there is concern as use of local currency grows, that it may become an issue. Read more

Libia: Repatriation times have decreased to an average of 2 months, dropping Libya off the list of ICWG countries. Any carriers experiencing delays are encouraged to contact the Civil Aviation Authority Directly. Read more

Malawi:There is a general lack of foreign currency in Malawi. ICCS was implemented in September of 2009 and receives funds from the BSP on average 40 days after the BSP settlement date. The airlines have confirmed that the situation in Malawi is better with ICCS than without ICCS, however IATA must continue to push the BSP Clearing Bank for further improvements.

Nigeria: In Nigeria, Airlines were experiencing cumbersome repatriation procedures resulting in delays of 4 to 5 months. ICCS was implemented in March on a pilot basis subject to review by the NCAA in May. Carriers using ICCS in Nigeria must submit an audit statement to the NCAA every three months. If this is not received then the BSP will withhold funds until the correct documentation has been received.

Sudan: There is a general lack of foreign exchange in Sudan. A letter was sent to the Central Bank of Sudan by IATA on 17 June requesting the allocation of hard currency toward airline applications for repatriation. IATA is continuing to follow up with the Central Bank.

Syria: The situation has improved in Syria and funds are received in less than 2 months, dropping Syria off the list of ICWG countries. As of 1 May, sales in both USD and SYP became effective and the BSP amended settlements to include both.

Venezuela: IATA has had many high level meetings with the Central Bank (BCV) and CADIVI since July 2009 resulting in increased approvals since that time. Read more


To Contact IATA's Cash Management Services Team

ICCS Account Manager (customer service queries)
Amy Barnes | tel: +41 22 770 2757

ICCS Operations department
Renata Oleksik, Martin Kaluschke, Daniel Arias | tel: +41 22 770 2500

Financial Administration (quarterly statement queries)
Lise Gagnon | tel: +1 514 390 6801

Business Development & Management
Tony Pietrangelo | tel: +1 514 390 6801


This issue is also available on our website.

Send to a colleague
More information
Stay connected
To receive IATA e-news
and information
linkedin twitter youtube
Newsletter Content
2010 IATA Treasury Conference
ICCS User Training Session
General Sales Agent Sales
thru ICCS
Ad-hoc Foreign Exchange Dealing
ICCS' Accelerated Settlement Option
Did you know?
IATA Emission Trading Course: Carbon Trading for Aviation
Currency Corner
Country Specific Updates
Contact Info
ICCS logo
ICCS Global Coverage Update

IATA is aggressively continuing its expansion project of the ICCS, with a target of having the service available in all IATA BSP and CASS settlement operations world-wide.
During the first 8 months of 2010 an additional 7 BSPs and 10 CASSes were added:


Cayman Islands

French Polynesia





Turks & Caicos

Dominican Republic
New ICCS members

We are pleased to announce the following (16) new ICCS Members who have joined during the first part of 2010:

Air Andalus
Chalair Aviation
Hellenic Imperial
Incel Air
Jetlink Express
Kuban Airlines
Royal Falcon
Safi Airways
Viking Hellas
VIM Airlines
Yamal Airlines
International Air Transport Association
800 Place Victoria, P.O. Box 113, Montreal, Quebec, Canada H4Z 1M1
  About Us   |   Membership   |   Work Groups   |   Areas of Activity   |   Services & Solutions   |   Events   |   Training   |   Pressroom

IMPORTANT PRIVACY INFORMATION: The International Air Transport Association (IATA) does not sell or rent your email address to any third party. You received this email message due to your membership, participation or interest in IATA. IATA sends various advertisements, promotions and special announcements regarding products and services that we feel may be of interest to you.

 © Copyright 2010. All rights reserved.  Privacy Policy  |  Contact Us