This proposal is part of the 2.03 upgrade process. Please comment by replying below
The standard currently does not accommodate the reporting of specific exchange rates that might be tied to a transaction. Rather, a
value-date allows for users to convert the reported value into any currency using standard historical lookup tables (maintained inter alia by the IMF and OECD). There are, however, legal and operational use cases where the explicit reporting of a specific exchange rate may be necessary.
The Open Contracting Data Standard (OCDS) has also been exploring this issue and is considering two options which translate in IATI terms to:
- transaction/value/@alt-currency - the secondary currency
- transaction/value/@alt-value - the value in
- transaction/value/@exchange-rate - conversion between
- transaction/value/exchange-rate/@currency - the secondary currency
- transaction/value/exchange-rate/@rate - the exchange rate from
transaction/value/@currencyto secondary currency on
We could EITHER adopt one of these options OR we could postpone this proposal and engage in the OCDS discussion to adopt a common approach between the standards.