Leading airlines' lobbying activities to reduce costs related to the repatriation of sales funds and improve repatriation processes.
IATA's member airlines incur unnecessary costs when they are unable to freely or in a timely fashion repatriate their overseas sales funds. Typically such costs occur when airlines' funds are forced to sit idle in foreign bank accounts as a result of foreign exchange shortages or regulatory obstacles put in place by certain governments.
In line with one of IATA's primary industry priorities, the objective of IATA's currency coordination function is to lead the members' fight to avoid such costs.
Currency Coordination Activities
IATA provides the airlines with an industry-wide open forum within which they can ask the industry for help on currency repatriation problems. Once a particular problem has been identified, either by IATA or by an airline, IATA gathers data from all affected airlines, not just an individual Airline, to see how the whole industry is affected by the problem.
When all relevant information has been gathered, IATA identifies lobbying targets and coordinates the industry's lobbying efforts. Such efforts generally take the form of formal high-level correspondence and missions to problem countries to meet with the primary stakeholders (civil aviation authorities, central banks, government ministries and local airline representatives).
These activities are prioritised in consultation with the IATA Currency Coordination Working Group (ICWG), a group of ten currency coordination specialists from diverse IATA member airlines.
Additionally, IATA currency coordination is also responsible for monitoring all activities related to the Enlargement of the Europen Economic and Monetary Union (EMU), i.e. it coordinates all preparations for the implementation of the Euro in the new member countries.