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Setting Exchange Rates For Currency Deposited Without The Client’s Or Bank’s Information
What is the ruling in regard to an amount of currency deposited with a correspondent bank for a client without information to either him or the bank and on what basis should the exchange rate be set?
In the event that an exchange is completed in a foreign currency and there are no instructions regarding the exchange to a local currency of the amount received in the client’s name, the rate of exchange to be applied will be the price on the day the bank receives the transfer.



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