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International Air Transport Association
The newsletter for Airline Treasuries - September 2013 Edition
In the news

Two new airlines joined IATA’s Currency Clearance Service (ICCS) in July and August: TAME and Air Lituanica Click to view full list of members

Three new freely convertible Currencies for your ICCS Operations – BGN, KZT and OMR: As of August 31st, IATA-ICCS will be handling the BGN (Bulgarian Lev), KZT (Kazakhstan Tenge) and OMR (Omani Riyal) as fully convertible currencies. This allows ICCS Members flexibility in their currency instructions as members can now buy BGN, KZT and OMR and also choose to convert only a portion of their BSP or CASS Bulgaria, Kazakhstan and Oman sales .Click to view in full the new ICCS FX policy

Stay tuned there will be more currencies added in the very near future!


Central West Africa : ICCS will be announcing addition of new countries very soon. Next ones to be added are Ghana, Senegal and Congo Brazzaville! More details in October!

ISW2 RELOCATED to Montreal, Canada – The 2nd Integrated Settlement Week (ISW2) will be held in Montreal, Canada from the 2-6 December 2013.

All information relating to the conference program, including hotel booking forms and meeting registration can be found on the ISW2 Events web page. It is intended that the week will run as follows:

Panel Meetings - Monday, 2 December 2013 - 09:00-18:00
ICH User Group Meeting - Tuesday, 3 December 2013 - 08:00-18:00
First & Final Interline Billing - Tuesday, 3 December 2013 - 08:00-13:00
First & Final ASG Meeting - Tuesday, 3 December 2013 - 13:00-18:00
SIS General Meeting - Wednesday, 4 December 2013 - 08:00-18:00
SIS & RA Break-Out Sessions - Thursday, 5 December 2013 - 08:00-18:00
Revenue Accounting Meeting - Friday, 6 December 2013 - 08:00-18:00
Initiative Leader Mobilization - Friday, 6 December 2013 - 09:00-16:00

Please do not hesitate to contact isweek@iata.org should you require any further information.

Airline Corner


Special announcement – IATA TREASURY DAY OCTOBER 8th (PM) – 9th, 2013: Save the date!

The IATA Treasury Day concept is new for 2013 and replaces this year the annual IATA Treasury Conference. IATA is planning a larger Financial Conference that will be launched in September 2014.

This year’s condensed version of the Treasury Conference offers a very time effective alternative for busy Treasury professionals while guaranteeing a content rich day covering numerous topics and delivered by a variety of experienced speakers including: IATA’s Chief Economist, a top Treasury Consulting firm, two of the top global banks in the world, airline speakers and more...

Stay up to date on Treasury matters and bring value to your airline! Don’t miss this opportunity to get updated, network and exchange ideas on best practices with Airline treasury professionals and other Treasury experts from around the world.

The event is open to all IATA Member airlines.

If you wish to register for this complementary event, please contact Lamyâa Khattabi at khattabil@iata.org

Program at a glance

October 8th, 2013
Pre-Treasury Day Meetings and Sessions:

  • ICCS User Training Session (PM session)
  • IATA Currency Coordination Working Group Meeting
  • Pre-conference cocktail reception (hosted by IATA)

October 9th, 2013
Main conference day sessions:

  • Industry Outlook and Review – IATA Chief Economist
  • Treasury burning topics, what you need to know!
  • Airline Case Study
  • Managing Card Payments: 60% of Airline Global Revenues
  • Latest Trends in Treasury Technology
  • Risk Management
  • New Airline Treasury Dashboard Project update
  • IATA’s new Financial Exchange Project
  • Networking Lunch (Sponsored by Citi)

There are three preferred hotels located near the Genva airport and IATA offices. Delegates can book at the following hotels : Starling, Movenpick or NH Geneva.

Do not hesitate to contact us for more details.

Insight on ICCS
FAQs   Know your service   Tip of the month
Can I use ICCS if I am not a BSP or CASS member or have no GSA sales?
How can I know which bank account I have with ICCS?
How can I implement ICCS in a specific country?

Flexibility for your bank account Add/delete/update your data. Check out the requirements!

  Make the reconciliation of your accounts easier by using past reports from ICCS. Find out here how to download them.

Currency coordination news

IATA ICWG Meeting October 8th 2013: ICWG will hold its last meeting for 2013 on October 8th in Geneva during the IATA Treasury Days. The ICWG committee will review the work plan along with the top countries of concern: Venezuela, Algeria, Sudan, Argentina and Egypt. This meeting will be opened to all airline members, if you wish to attend, please contact; khattabil@iata.org

Highlights of August:

Zambia: New regulations from the Central Bank of Zambia caused some delays in the ICCS settlements in the past couple of months. The issue has been resolved and ICCS settlements are now according to calendar.

Egypt: ICCS has been stopped in CASS Egypt as the instability and lack of foreign exchange doesn’t allow the service to be provided as per out set standards. If you wish to have more details please contact info.eg@iata.org

Emerging Markets Highlights*:

Crisis in emerging markets? A small but significant group of emerging markets are in crisis, namely Brazil, India, Indonesia and Turkey. Both the Indian rupee and Turkish lira depreciated to new record lows (again) end of August, while the Brazilian real and the Indonesian rupiah are at their weakest level in more than four years. Although the initial depreciation was triggered by discussion of the U.S. Federal Reserve’s planned ‘tapering’ in its ‘quantitative easing’ program, the main feature of this week’s currency moves was the reliance on market dynamics rather than any fundamentals. A secondary aspect to the crisis is concern about spillover effects into other emerging markets, most notably Malaysia, the Philippines and Thailand.

India: The Indian rupee slumped to a record low of less than 69 to the dollar in August – its worst performance since 1995 - on growing worries that foreign investors will continue to sell out of a country facing stiff economic challenges.

Ukraine: Ukraine’s international reserve position is becoming increasingly precarious. Figures released today show reserves falling a further US$1.068 billion in August to US$21.652 billion, the lowest level since November 2006 and down from a peak of US$38.532 billion in April 2011. About US$960 million of the drop was attributed to debt repayments to the IMF. The problem is that a further US$1.6 billion is due to the IMF in the fourth quarter together with US$320 million to the World Bank.

Venezuela: The main feature of the fourth SICAD ‘auction’ held on August 21-22 was a switch to the sale of U.S. dollar denominated bonds to companies rather than U.S. dollars; individuals still received U.S. dollars - companies received bonds with a nominal value of US$300 million and a market value of US$240 million while individuals received US$35.5 million. Although unstated, the presumption is that this reflects the marked depletion of the central bank’s international reserves in recent months. As such, it also represents a return to the procedures followed under the SITME facility until its abandonment in February. Local news media are reporting that bids were in a range of VEF 10-11 per U.S. dollar, similar to those of the previous ‘auction’. Preliminary estimates show the central bank’s international reserves falling to a low of just US$22.918 billion as of August 20, their lowest level since November 2004 and a net decline of US$6.972 billion since the end of 2012.

*Source: Citi

For suggestions or comments for future editions please contact:

Lamyaa Khattabi,
Manager, Industry Cash Management Services
IATA Financial

Email: khattabil@iata.org

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