ADF-13 Replenishment Exchange Rates

ADF-13 Third Replenishment Meeting 25-26 September 2013

AFRICAN DEVELOPMENT FUND

TABLE OF CONTENTS

ABBREVIATIONS AND ACRONYMS ...... 2

ADF-13 REPLENISHMENT EXCHANGE RATES ...... 3

Abbreviations and Acronyms

ADF African Development Fund CAD Canadian Dollar CEAS Cumulative Exchange Adjustment on Subscriptions CHF Swiss Franc DKK Danish Krone EUR Euro GBP United Kingdom Pound Sterling INR Indian Rupee JPY Japanese Yen KRW Korean Won NOK Norwegian Krone SEK Swedish Krona TRY Turkish Lira USD United States Dollar ZAR South African Rand SDR Special Drawing Right UA Unit of Account

ADF-13 Replenishment Exchange Rates

1.1. At the conclusion of the first ADF-13 replenishment meeting, Deputies agreed that:

. Subscriptions to the replenishment could be denominated in special drawing rights (SDR), an SDR component currency (U.S. dollar, euro, Japanese yen or pound sterling), or the Donor country’s own national currency, if freely convertible and if in the preceding three years its domestic rate of inflation did not surpass, on average, 10 percent per annum, as determined by the Fund.

. ADF-13 exchange rates, as in previous replenishments, would be set at the average of the daily exchange rates against the SDR, observed over the six month period starting on February 1, 2013 and ending on July 31, 2013, the exchange rate determination period.

1.2. The ADF-13 exchange rates, determined according to the methodology referenced on the preceding paragraph, are presented on table 1.

Table 1: ADF-13 replenishment exchange rates

Currency Code ADF-12 ADF-13

Canadian Dollar * CAD 1.59262 1.54487

Swiss Franc CHF 1.63550 1.41754

Danish Krone DKK 8.35685 8.58784

Euro * EUR 1.12297 1.15193

U.K. Pound Sterling * GBP 0.99056 0.98530

Indian Rupee INR 70.36825 84.38028

Japanese Yen * JPY 139.97830 146.85053

Korean Won KRW 1759.73269 1679.81508

Norwegian Krone NOK 9.09039 8.76246

Swedish Krona SEK 11.15736 9.83191

Turkish Lira TRY N/A 2.77569

U.S. Dollar * USD 1.53510 1.50846

South African Rand ZAR 11.50893 14.20156

* Currencies eligible for accelerated encashment

1.3. It should be noted that in order to further protect the Fund’s net development resources and minimize the impact of Cumulative Exchange Adjustment on Subscriptions (CEAS), all Donors that are in a position to do so are invited to subscribe to the replenishment in SDR/UA.

ANNEX 1: ADF-13 CURRENCIES HISTORICAL EXCHANGE RATES VERSUS THE SDR/UA