GO Project: Orchestra/Latvia 2005

Exchange Rates

Exchange rates are important. How important? Well, Eric let us know tonight that he based his initial figures for our project (at least our in-country expenses: food, lodging, etc.) without taking into account the currency he was dealing with. That means we under-estimated our budget by about $2800. We still have four days and y'all haven't stopped fundraising, have you? There are still people who want to give, if only you'll ask.

By the way, the current exchange rate— as set by the Bank of Latvia—is 0.5870 U.S. dollars per lat (the Latvian currency). As Rhonda discussed tonight, you'll convert your food purchases from lats to dollars for your expense report; in this case, you'll multiply the lats by 0.5870 (0.6 to make it easy) to get the dollar amount.

posted by Don @ 10:44 PM