[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR281.6]

[Page 98-99]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 281--FOREIGN EXCHANGE OPERATIONS--Table of Contents
 
Sec. 281.6  Withdrawals from Treasury accounts.

    Foreign exchange shall be withdrawn from accounts of the Secretary 
on the books of accountable officers or from the foreign exchange 
accounts carried with depositaries in the name of the United States 
Treasury, only for the purpose of sale for dollars or transfer to 
agencies for authorized purposes, without reimbursement to the Treasury, 
as provided by or pursuant to law. Such transfers, as well as transfers 
between foreign exchange accounts of the Secretary and between foreign 
exchange accounts in the name of the United States Treasury, shall be 
made only by direction of the Secretary. An agency requiring foreign 
exchange from the Treasury Department shall make request of the 
Secretary, indicating the amount of exchange required, in units of 
foreign currency, and the name and location of the accountable officer 
to receive the exchange. To the extent practicable and desirable, 
standing authorizations will be given for withdrawals from accounts of 
the Secretary. The following conditions apply to the sale of foreign 
exchange and to the requisition of foreign exchange without dollar 
payment:
    (a) Sales. With respect to the sale of foreign exchange held in 
accounts of the Secretary, the payment in dollars shall be calculated at 
the rate of exchange that would otherwise be available to the United 
States for the acquisition of the foreign exchange for its official 
disbursements unless otherwise determined by the Treasury Department in 
consultation with the agencies concerned. When the rate that would 
otherwise be available to the United States is not readily 
ascertainable, the

[[Page 99]]

Treasury Department shall be consulted. The dollar proceeds realized 
from the sale of exchange shall be credited to the appropriate receipt, 
appropriation or refund account on the books of the Treasury. The dollar 
payment for foreign exchange purchased shall not be charged as an 
appropriation expenditure until the foreign exchange is disbursed.
    (b) Transfers without reimbursement. When foreign exchange is to be 
obtained from the Treasury Department without payment of dollars, the 
agency concerned shall furnish written certification that the exchange 
may be used without reimbursement to the Treasury, citing the relevant 
legal authority. In cases where international agreements or Bureau of 
the Budget allocations specify the programs for which foreign exchange 
may be used, the Secretary may transfer exchange to agencies without 
requiring a certification.

[26 FR 10054, Oct. 26, 1961, as amended at 29 FR 11497, Aug. 11, 1964]