INGO Foreign Exchange (FX) Insights Report 2021
Understand the FX issues impacting INGOs
Our latest report, in association with CharityTransfers.org, draws on research from 114 UK charities with international operations. It provides insight into the big FX challenges and identifies possible areas for improvement.
While the research shows there is work to do, it is in many ways encouraging that most organisations recognise the risks they face, even if they sometimes lack the expertise or resources to manage them. This is particularly important to drive improvement as INGOs face significant financial challenges.
Key points from the report
- Charity challenges
- Protecting funding from foreign exchange volatility
- Lack of transparency on FX remittance costs
- Lack of competition when making transfers
- Use of banks versus FX brokers
- Transaction challenges
- In-country payments – hard versus local currency
- Difficulty setting accurate budget rates
- Use of official policies to manage FX risk
For further information, or to discuss the report’s findings and how it impacts your organisation, please contact Naziar Hashemi or your usual Crowe contact.
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Detailed insights covering governance, reserves and reporting, charity accounting, fraud and risk.
