Leading airlines' advocacy 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 Repatriation Activities
IATA provides the airlines with an industry-wide open forum within which they can ask the industry for help on
currency repatriation problems. Currency repatriation activities are targeted at two types of countries, blocked funds countries and watch list countries, and driven by a strategy that has three pillars: collection of information, communication and action.
Once a particular problem has been identified, either by IATA or by an airline, IATA gathers data from all affected airlines, 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 advocacy 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 prioritized in consultation with the Treasury Working Group (TWG), a group of currency coordination specialists from diverse IATA member airlines.
Currency repatriation activities are reported on a monthly basis through the IATA Currency Repatriation Monthly Report, distributed to all IATA Members. Recently, the IATA Currency Center was launched, a dynamic, web based information tool that provides currency information from an economic, financial markets and IATA perspective for different set of countries.
IATA also holds annually the IATA Stakeholders’ Forum on Blocked Funds, a forum where Airlines, Central Banks, Commercial Banks, IATA experts meet to address repatriations issues faced by airlines operating in the affected countries including an outline on the aviation industry and its importance for economic growth ( for countries in scope).
IATA Currency Center
The new currency repatriation platform
The IATA Currency Center is a new, dynamic, web-based information tool that provides currency information from an economic, financial markets and IATA perspective for different sets of countries. Detailed currency updates and analysis of IATA’s repatriation efforts are also available within the platform.
The IATA Currency Center is updated in real-time with new information, ensuring the best support to our members in helping them managing their foreign exchange repatriation and the associated risks, in order to make informed decisions.
IATA Currency Center main features
- One source for information on IATA’s currency repatriation activities
- Blocked Fund Countries Detailled Profile
- Watch List Countries Detailled Profile
- All Other Countries (will gradually follow)
- Heat Map Overview and Report based on IATA’s Early Warning Indicator Methodology
- Regional Outlooks and News
- Exchange Rate Directory
- Access to IATA Currency Repatriation Monthly Reports
- Access to IATA Remittance of Foreign Balances Annual Survey
- Reporting tool for IATA Members to communicate on repatriation issues
How to access the IATA Currency Center
IATA Members have a free access to the Currency Center. Access can be requested through the IATA Customer Portal under 'Services' or 'New Service Request'.
For more information please contact us at firstname.lastname@example.org