Free Memorandum - District Court of Federal Claims - federal

Case 1:05-cv-01223-FMA

Document 30-17

Filed 08/22/2007

Page 1 of 10

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
---------- ---------------------------------------------------- x

MICHAEL LING, ET AL.,
Plaintiffs,
- against -

04 CV 4566 (HB)

DEUTSCHE BANK, AG, ET AL.,

OPINION & ORDER

Defendants.
----------------------------------------------------------x

Hon. HAROLD BAER, JR., District Judge:
This civil action has been brought before this Court on several Defendants' motions

to dismiss Plaintiffs' Second Amended Class Action Complaint ("Complaint"). For the
reasons set forth below, Plaintiffs' Complaint is dismissed without prejudice and with leave
to file a Third Amended Complaint.

1. BACKGROUND
Plaintiffs brought this case against Defendants alleging that the Plaintiffs were
defrauded through the marketing and sale of

tax advice. The facts below are drawn from the

allegations in the Second Amended Class Complaint and are presumed to be true for
purposes of

this motion to dismiss.
The tax strategy at the source of

this lawsuit involved the purchase and sale of

options of foreign currency where the option positions were transferred into a limited

liability company (LLC), which is treated like a partnership for tax purposes. As a result,
the taxpayer would claim that the basis of

the taxpayer's partnership interest was increased

by the cost of

the purchased options, but was not reduced by the taxpayer's obligation with

regard to the options written. These transactions were referred to as Market-Linked

Deposits ("MLDs") or FX Contracts. The Internal Revenue Service ("IRS") published
Notice 2000-44 on August 11,2000 entitled 'Tax Avoidance Using Artificially High
~ DEFENDANT'S
1

í ! EXIBIT 3&

369A

Case 1:05-cv-01223-FMA

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Basis." This notice made clear that any tax strategy that created an artificially high basis,
with no economic substance or business purpose other than to avoid taxes, was illegaL.

Generally, Plaintiffs contend that the Defendants knew or should have known that as a result
of

this Notice, that the tax strategy engaged here would also be verboten.

The MLD tax strategy is alleged to be a variation on the strategy denounced in the

IRS Notice 2000-44. Plaintiffs initiated this strategy in the summer of 200 I. The
transaction worked as follows: First the individual Plaintiffs would each open accounts with
Deutsche Bank and deposit an amount of cash for the purpose of purchasing long and short

MLD positions. The LLC included the Individual Plaintiffs and another entity created
solely for the MLD transaction (made up of

the Clarion Defendants). i The Defendant banks the individual Plaintiffs and an S Corporation to complete the

formed an LLC on behalf of

transaction. LLCs and S Corporations are treated like partnerships for tax purposes and
income is taxed at the shareholder level rather than at the corporate leveL. Only corporations

with a limited number of shareholders can elect S Corporation status under Subchapter S of
the Internal Revenue Code.

Second, the individual Plaintiffs would each enter into MLD or FX Contract with

Deutsche Bank or Societe Generale to purchase and sell a long and a short MLD position in
almost identical amounts with different (but narrow) strike prices, each to expire in 60-90

days. The long MLD included an identical deposit to the deposit included in the short MLD
position. The cost of

the long MLD position was largely, ifnot entirely, offset by the

amount received by the individual Plaintiffs for the short MLD position. Both long and
short positions would be contributed to the LLC formed for the purpose of creating the basis
necessary for the transaction to have the desired capital

loss. The individual Plaintiffs' basis

would be increased by the amount paid for the long MLD position but it would not be

decreased by the short MLD position. The expectation was that these options would expire
"out of

the money" thus creating a capital loss which could then be setoff against capital

gains on the participants' tax return as spelled out below. The tax strategy worked so that
1 The Clarion Defendants include Clarion Global Derivatives LXgXX\', LLC, Clarion Global Derivatives XXX\', LLC, Clarion Global Derivatives V, LLC, Clarion Capital, LLC, Clarion Capital Corporation, Clarion Capital Holdings, LLC,
Clarion Capitall)artners, LLC, Clarion Forex "\dvisors, ÀAJ\"Y, LLC, Daniel Brooks, Jr., Clarion Global Derivatives XV, I J/:, Clarion Global "\dvisors X, LLC, Clarion Global .\dvisors V, LLC

2

369B

Case 1:05-cv-01223-FMA

Document 30-17

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Page 3 of 10

the individual Plaintiffs would also make a capital contribution that consisted of "cash or
othcr capital assets" to the LLC, although it does not specifY what is meant by "capital

assets." Complaint at ~ 240(d). "If cash was contributed, it would then be used to purchase
capital or ordinary assets (depending on whether a capital or ordinary loss was being
"created")." Id.
Plaintiffs contend that all of

the class members entered into similarly structured

MLDs and that they did so during the Class Period. The only structural difference appears
to be that not all of

the individual Plaintiffs used S Corporations in the transaction. In most
the money" meaning there would be no

cases, and as cxpected, the options expired "out of

advantage to exercising the option because it would cause a loss not a gain. In the

Complaint, Plaintiffs allege that they were defrauded through the marketing and sale otthis
tax advice, which the Defendants knew or should have known the IRS would find to have

lackcd the economic substance necessary for the transaction to work. Plaintiffs also allege
that the Defendants charged excessive and unconscionable fees for the transactions and
advice, improperly agreed to split fees between lawyers and non-lawyers, and failed to
disclose that the opinion letters about the feasibility of

the strategy received from various

law firms were not "independent" but were actually part of

the group promoting the

transactions.

Plaintiffs suit alleges that Defendants violated the Racketeer Influenced and Corrupt

Organizations Act ("RICO"), 18 U.S.C. § 1962, and are liable for treble damages and other
relief arising from breach of contract and the duty of good faith and fair dealing, fraud,

negligent misrepresentation, breach of fiduciary duty, "unethical, excessive, and illegal

fees," and unjust enrichment. Complaint at §XVII. Defendants have fied seven separate
motions to dismiss. For purposes of

this opinion, the Court has considered these motions
they could be pled as

collectively. Because Plaintiffs' RICO claims cannot be maintained if

securities fraud claims pursuant to the Private Securities Litigation Act ("PSLRA") for the
reasons discusscd bclow, the Court only addresses the RICO allegations.

3

369C

Case 1:05-cv-01223-FMA

Document 30-17

ELECTRONICALLY FlED Filed 08/22/2007 Page 4 of 10

IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YO
MICHAEL LING, et aL.
§
§

DOC #: / hf
ATE FILED: ~ ..l- D t

PLAINTIFFS,
v.

§
§ § §
§

NO. 04 CV 04566 (llB)

CANTLEY & SEDACCA, L.L.P., ct al.
DEFENDANTS.

§
§ §

ORDER APPROVING PROPOSED NOTICE AND PROOF OF CLAIM
Upon consideration of Class Counsel's proposed Notice and Proof of Claim which were
submittd to the Cour by a letter dated Januar 16,2007, and to which no objection has been

made, the Cour is of

the opinion that same should be APPROVED.

IT is THEREFORE ORDERED that the attched Notice and Proof of Claim are
APPROVED.

IT is FURTHER ORDERED that the settlement fuds shall be distributed to the
qualifying Class Members according to the attched Notice and Proof of Claim.

DA TED:

f~~

,2007.

;: DEFENDANT'S

, EXIBIT 1 ~3~
369D

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Page 5 of 10

H
" ~

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IN THE UNlTEDSTATES DISTRlCl COURT FOR THE SOUTHERN DISTRICT OF NEW YORK

MICHAEL LING, et al.
PLAINTIFFS,

§

§
§ §

I " ;1.

v.

"

§
§

NO. 04 CV 04566 (HB)

,; iì .. ~ 1 ~, ',1'

CANTLEY & SEDACCA, L.L.P., et al.

t:- ,t, J ~
" it :, '1 :l,

DEFENDANS.

§ § §

§

"

NOTICE

ji~1 't \ ::;

TO: ALL PERSONS WHO, FROM JANARY 1, 1999, THROUGH DECEMBER 31,2003, INCLUSIVE. EITH (1) CONSULTED WIT, RELIED UPON. OR RECEIVE ORA OR WREN OPINONS OR' ADVICE, INCLUDING

THE PREPARATION OF' LEGAL OR TRSACTION DOCUME,
FROM CANTEY & SEDACCA, L.L.P., EDWAR SEDACCA OR ANY

SERVICE CRTICISM AN WHO IN WHOLE OR IN PART
rMLEMh'NTED, DlRECTL Y OR INIRCTLY, AN ONE OR MORE OF SUCH TAX STRTEGIES OR (2) FILED WITH A PERSON DESCRIED IN
.' i~ ~ "

ornER CANY & SEDACCA, L.L.P. ATTRNY CONCERNING CERTAIN TAX STRTEGIES NOW SUBCT TO INTERNAL REVEN

(1) A JOINT TAX RETU FOR TI YEAS) IN WHICH SUCH TAX

STRTEGY WAS IMLEMENTED, AN (3) TH LEGAL

" .,1

REPREENTATIES, HEIR, SUCCESSORS, AND ASSIGNS OF ALL PERSONS DESCRIED IN (1) AND (2). TI "CLAS" INCLUDES, wmOUT LIMITATION, THE IN1VIDUALS, PARTNRSHIS, UMITED LIABlLITY COMPANS, TRUSTS. CORPORATIONS AN OTIR LEGAL ENTITIE TIT CANEY & SEDECCA, L,L.P. OR EDWARD SEDECCA

OR ANY OTHER CANY & SEDACC, L.L.P. ATTORNY ADVISED CONCERNG, THAT WE FORMD IN CONNCTION WIll, OR TIT
ENGAGED OR \VRE UTILIZED IN AN ONE OR MORE OF THE TAX
STRA TEGIES.

YOU AR I-REBY NOTIllD th the United States Distnct Cour for the
.Southern Distrct of

New York. in Michael Ling, et al. on their own behalfand on behalfofaI/

others similarly situated \i. Deutsche Bank, AG, et al., Case No. 04-CV-04566 signed the fi
Order regarding the Settement on

. and the Settlement is now fu.

369E

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Case 1:05-cv-01223-FMA

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Page 6 of 10

l
~
~

The Settlement is for an aggregate amount of $4,599,000.00. The Cour deterined tht
attorneys fees were $781,830.00 and expenses were $77,782.50, which leaves $3,739,387.50 for

distrbution to Class Members. If you wish to parcipate in ths Settement, please complete and
retu the atached proof of claim for within 30 days. You qualify for distrbution if you either

(i) ñled a qualified amended retu or (ii) were audited by the IR or a state taxing authonty and

were adverely afecte as a result.
The distrbution to Class Member will be based on the size of

the tax strategy entered into

by the Class Member. Specificaly, each Class Member's percentage of

the tota distrbution wil

be calculated by dividig the size of

the respective Class Member's ta strategy by the aggegate

:iwn of all of the tax strategies entered inlo by all of the Class Members. This percentage wil be

multiplied by $3,739,3&7.50 (total distributon to the Cla) to calculate th Clas Member's
actul distbution.

Catley and Sedacca's counsel ha provided a spradsheet which sets fort the size of
:l¡ \'í " '"

each Class Member.s ta strategy and that amount has been filled in on the atched clai form.
the tl1 strategy set fort in the attched proof of claim, please fiU in the

~. ;h ,.

(f you dispute the size of

amount tht you believe to be the actual size of the ta strtegy and retur the proof of claim
'I'th supportng docmnentation.

369F

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Page 7 of 10

d
H

ì,

! I,

Counsel for the Class:

David R. Deay

ddear~dmdclega1.com
W. Raph Canda, Jr.
iciiada(gdmdclegal ,com

: .l.

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,. !J

I. ~

q

í¡ , ~

'J . "I : ~ ¡

Jeven R. Sloan jsloan~dmdclega1.com J. Dylan Snapp dsnapp(dmdclegal.com
Dear Montgomery DeFeo & Canada, L.L.P.
Chateau Plaza, Suite 1565

i

2515 McKiey Avenue
Dala, Texas 75201

:j

(800) 497-6444 (toll free) (214) 360-9622
(214) 739-3879(fax)
\

Counsel tor Cantley & Sedacca:
;1 :¡ '¡

Stephen C. Rasch

Thompson & Knght. L.L.P. 1700 Pacific Avenue, Suite 3300
Da11ii, Texas 75201

:\ '"
:.1 :¡ ,( "

i

(214) 969-1700 (214) 969-1751 (fax)

" ;~ II

You may contat your own lawyer or Counsel for the Class about ths Settement. PLEAE DO

i

NOT CONTACT TII COURT OR THE CLERIS OFFiCE REGARING THIS
NOTICE. ALSO DO NOT CONTACT CANTLEY & SEDACCA OR ITS COUNSEL

:,

REGARING TIDS NOTICE.
DATED:

JANARY -- 2007

~~

369G

,~"~

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Page 8 of 10

:g
! ;,~; , i i ,~ .~Li: i J I.: . ~ ~: 1 ~ ;~" ,

PROOF OF CLAI
Name:

Address;

Size of

the tax strategy (ie., loss generaed or basis creted according to Cantley &

Sedacca records): $
If you dispute the size provided iibove, please indicate U1e amunt that you believe is
correct (and provide copies of supportng documents, such as a tax retu or ttansßcional

documents): $
Did you fie n quafied amended retu with the IRS?

Yes __No
If yes, please atch ß copy.
Were you audited by the iR or a state ta authrity as a rest oftbe ta strtegy?

_Yes _No
If

yes, please attch copies ofsupporting documents evidencing the audit and the result

thereof (such as a' closing ageement).

Before me personaly appeared, , being fit duly sworn upon his
oath an sttes that the facts conta in IDe foregoing instnent are tr an corrct to th
best of

day

of_ ,2007. his knowledge, inonnation an belief.

IN TESTIONY WHREF, 1 have hereunto set my had and sea! th
NOTARY PUBLIC

My Commission Expirs:

1;1 , ',; 1 I.

d,
i'i
I:

369H

Case 1:05-cv-01223-FMA

Document 30-17

Filed 08/22/2007

Page 9 of 10

Representative Exchange Rates for Selected Currencies for December 2001

Currency
Euro(1 ) Japanese Yen

UK, Pound Sterling(1
U,S, Dollar

3-Dec-01 0,8925 123,7 1.4212
1

4-Dec-01 0,8902

5-Dec-01

6-Dec-01

08919
124,2 1.4228
1

12425
1 .4234
1

0,8889 124,7 1.4158
1

7-Dec-01 10-Dec-01 11-Dec-01 12-Dec-01 13-Dec-01 14-Dec-01 17-Dec-01 0,8911 0,885 0,8908 0,8938 0,8975 0,9016 0,9049 12493 12575 125,95 125,88 1261 127,35 127,8 1.4269 1.4304 1 .4327 1 .4424 1.4451 1.4521 1.458
1 1 1 1 1 1 1

Argentine Peso
Australian Dollar(1)
Bahrain Dinar

Botswana Pula(1)

Brazilian Real
Brunei Dollar Canadian Dollar

0,9995 0,5216 0,376 0,1523 2,5279

18335
1,576 543,3 8,277
NA

° 9995 0,516 0,376 0,1523 2.4664 1,8362 1,5723

0,9995 0,5147

0,9995

0,9995
0,148 2.4427 1,8306 1,5724 544,02 8,2772 2,314,89 1,5514 36,96

0376
0,14875
2.4281 1,8367 1,5714 543,55 8,2772

0,517 NA 0,376 0,376

0,9995 0,5158 0,376

09995
0,5147 0,376 0,1469 2,3571 1,8302 1,5778 544,34 8,2768 2,308.41 1,5508

0,9995 0,5188

0376
0,14635 2,3409 1,8309 1,5654 544,34 8,2768 2,306,56 1,55515 36,608 8,3332 276 106,02
47,81
NA
NA

0,9995 0,5195 0,376

0,9995 0,518

0376
0,13915 2,3839
1,5633 543,99 8,2768 2,312,00 1,56635

01471
2.4298 1,8324 1,5767 544,02 8,2773

01468 23997
1,8327 1,5783 544,51 8,277

01444
2,3543 1,8313 1,5677 543,96 8,2767

0,9995 0,5179 0,376 0,14105 2,3832
1,5646 543,88 8,2769

1832 NA

Chilean Peso
Chinese Yuan

54348
8,2771

Colombian Peso
Cyprus Pound(1) Czech Koruna Danish Krone

1,55655 37,069

2,304,13 1,5502 37,137

2,31476
1,554 37,024 8,3463 279,18

2,31536
1,5418

2,31090
1,545 37,074 8,372 281,52
107,91

2,30712
1,56165 36,331 8,2979 275,66

2,31867 15773
35,569 8,2161 271.49
NA

37156
8,3873 280.43

83322
280,58 106.74 47,93
NA

83535
280,04 107,3 47,94
NA NA

83456
279,22

Hungarian Forint Icelandic Krona

36841 8,3426 279,97
107

36191 82613
273 08

Indian Rupee
Indonesian Rupiah
Iranian Rial

108,31 NA NA 47,91 47,91 47,84
NA NA NA

103,99 NA

47,82
NA

47,82
1,750,98 4,223
NA

47,88
NA

47,87 NA
NA

Israeli New Sheqel Kazakhstani Tenge
Korean Won Kuwaiti Dinar

1,751,23 4,241
NA

1,753,54
4,251
NA
1,272 .40

1,752,93

4236
NA

1,757,29 4,224
NA

1,753,67 4,225
NA

1,755,64 4,22
NA

1,748,66 4,223
NA

1,751,20 4,229
NA

1,749,02 4,237
NA

1,750.42 4,232
NA

1,269.70 0,30627

Libyan Dinar(2) Malaysian Ringgit Maltese Lira(1)

081699
3,8 2,2112
NA NA

0,30643 0,81699
3,8

1,271,90 0,30643

1,271,00

1,268.40

0,30666 NA

1,273,30 0,3065

081699

38
2,212
NA NA

2,2102
NA NA

0,81699 3,8 2,2057
NA NA

0,81699
3,8

081699
3,8 2,2057
NA NA

2,2159
NA NA

1,280.40 0,3065 ° 81699 3,8 2,2141
NA NA

1,280,10 0,30627

1,274.40

1,274,00

1,281,10
NA

0,30627 NA

081699

0,81699

081699
3,8

081699

38
2,2222 NA
NA NA NA NA

38
NA NA

38
2,237
NA NA

22367

Mauritian Rupee
Mexican Peso

Nepalese Rupee
New Zealand Dollar(1
Norwegian Krone

76.475 0.41675 8 9653

Rial Omani

03845
60,86385 4,0485 3,64
NA

Pakistani Rupee
Polish Zloty

Qatar Riyal
Russian Ruble

76.4 75 76.475 NA 76.475 76.475 76.4 75 76.475 76.4 75 0.41305 0.41575 0.41645 0.41535 NA 0.41875 0.42025 0.41795 0.41845 89491 8,9696 8,9729 8,9519 9,0277 8,9829 89578 8,9398 NA 88816 03845 ° 3845 0,3845 0,3845 0,3845 0,3845 0,3845 03845 ° 3845 03845 60,86385 60,86385 60,86385 60,86385 60,86385 60,86385 60,86385 60,86385 60,86385 60,86385 4,0208 4,0334 4,0792 40482 40847 4,0717 4,0523 4,0312 4,0227 3 9893 364 364 364 3,64 3,64 3,64 3,64 364 3,64 364

76.475 NA

0.41295

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Saudi Arabian Riyal Singapore Dollar
Slovak Koruna

3.75

18335
NA NA

375 18362
NA

375
1,8367
NA

3,75 1,8324
NA

3,75 1,8306
NA

3,75 1,8327
NA

3.75 1,8302
NA

375
1,8309
NA

3,75 1,8313
NA

3,75 1,832 NA
NA

375

South African Rand Sri Lanka Rupee
Swedish Krona Swiss Franc
Thai Baht

Trinidad And Tobago U,A,E, Dirham
Venezuelan Bolivar

10.4515 93,2004 10,7225 1,65 43,978 6,222

10,3935 93,2742 10,685

10,7865 10,5775

11,0985

10,9265

11,1035

93,2255 NA

105525
1,6617

16525 NA 44,035 NA 6,2121 6,2081

43853
6,2348 3,6725 748,5

36725
747 NA

36725

36725
748

93,2 NA 10.475 10,505 1,6597 1,6644 43,801 NA 6,2236 62394 3,6725 3,6725

11,1785 93,2049 NA 10,5 10.485
1,6611

11,0915

1649
43,744 6,2277 3,6725 750

11.4565 93,1224 10.4525 1,6427

12,2865 NA 93,09 NA
1 0.465

10,525

1,6328
62596 NA

16293
43,802

43,803 6,2436 3,6725

43691 NA

62493 36725
750,75

7495

7495

7495

36725 7515

36725
752,25

z DEFENDANT'S

..

1 ;lO j EXIBIT
3691

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Page 10 of 10

Representative Exchange Rates for Selected Currencies for December 2001 Continued

Currency Euro(1)
Japanese Yen

18-Dec-01 19-Dec-01 20-Dec-01 21-Dec-01 24-Dec-01 25-Dec-01 26-Dec-01 27-Dec-01 28-Dec-01 31-Dec-01

U,K, Pound Sterling(1 U,S, Dollar

0,9012 0,8983 0,8973 08943 0,8798 NA NA 12825 128,2 128,7 12935 NA 130,8 1.4547 1.4473 1.4447 1.449 1.4336 NA NA

0,8823 0,8813 NA

Argentine Peso
Australian Dollar(1)
Bahrain Dinar

0,9995 0,9995 0,9995 0,9995 0,9995 0,9995 0,5178 0,5147 0,5101 0,5066 0,5091 NA

1 1 1 1 1

130,8

131,3 131,8 NA 1,4465 1,4489 1.4504

0,9995 0,9995 09995
0,508 0,5076 NA

1 1 1

Botswana Pula(1)

0,13925 0,13785 0,13275 0,1374 NA NA

0,376 0,376 0,376 0,376 0,376

0,376 0,376 0,376
0,1434 0,1431 0,1442 NA

0,376

Brazilian Real
Brunei Dollar Canadian Dollar

2,3572 2,3422 2,2922 2,3194 NA NA
544,22 544,54 544,64 545,2 546.46 NA

2,337 2,3137 2,3207 23196

1,839 1,8361 1,8347 1,8426 1,837 NA

1573 15742 1,5775 1,5846 15935 NA

Chilean Peso
Chinese Yuan

NA 1595 15956 1,5926
54661 546,7 546,71 NA 8,2766 82767 8,2768 NA

1,8435 1,8503 1,85 1,851

8,2768 8,2767 8,2766 8,2767 NA NA
2,31058 2,30682 2,307,10 2,306,88 2,30315 NA

Colombian Peso
Cyprus Pound(1) Czech Koruna Danish Krone

1,56695 1,55715 1,55905 1,56015 NA NA

Hungarian Forint Icelandic Krona

Indian Rupee
Indonesian Rupiah
Iranian Rial

Israeli New Sheqel Kazakhstani Tenge
Korean Won Kuwaiti Dinar

NA NA NA NA NA NA NA 48,13NA NA 48,18 NA NA 48,34 1,75579 1,75665 1,75318 1,75668 1,763.41 1,763.41 4,237 426 4,272 4,323 NA NA 4,371 NA NA NA NA NA 1,31100 NANA 4,3731,317,604,385 4.416 NA NA 1,308,00 NA NANANA 1,29250 1,29270 1,291.40 1,32610
1,763,90 1,75213 1,75052 1,75095

34836 35536 35,932 36,162 NA NA 8,2411 82768 82863 82951 NA NA 271,35 273,78 274,84 27466 NA NA 10178 101,79 101.47 101,52 NA NA 47,81 47,79 47,78 47,83 NA NA

NA 153535 1,53445 NA

2,297,59 2,29717 2,301,33 NA

NA 8.4248 8.429 8.4095 NA 27832 27903 NA
NA 101,97 103,63 NA

36162 36.468 36,259 36259

NA 0,30627 0,30655 NA 0,30698 0,30736 NA

Libyan Dinar(2) Malaysian Ringgit Maltese Lira(1) Mauritian Rupee

081699 081699 081699 081699 081699 0,81699 0,81699

0,30736 NA NA

Mexican Peso Nepalese Rupee
New Zealand Dollar(1
Norwegian Krone

NA NA NA NA NA NA NA NA NA NA NA NA NA NA
88698 8884 88978 8931 90071 NA NA
39557 39887 3972 39692 39888 NA NA

22332 2,2296 2,2267 2,2234 2,1994 NA NA

3,8 3,8 3,8 3,8 38 3,8 3,8

0,81699 0,81699 081699

3,8 3,8 38

76.475 76.475 76.475 76.475 76.475 NA NA 0.41675 0.41685 0.41515 0.41035 NA NA NA
0,3845 0,3845 0,3845 0,3845 03845 0,3845 03845

NA NA NA NA NA NA

2,2081 2,2052 2,2121

76.475 76475 NA
0.41525 0.4161 0.41535

9023 9,0225 90116
0,3845 0,3845 0,3845
60,86385 60,86385 60,86385

Rial Omani

Pakistani Rupee
Polish Zloty

60,86385 60,86385 60,86385 60,86385 60,86385 NA 60,86385

Qatar Riyal
Russian Ruble

NA

Saudi Arabian Riyal Singapore Dollar
Slovak Koruna

South African Rand Sri Lanka Rupee
Swedish Krona Swiss Franc
Thai Baht

NA NA NA NA NA NA 3,75 3,75 3,75 3,75 NA NA NA 1839 18361 18347 1,8426 1837 NA 18435 1,8503 1,85 NA NA NA NA NA NA NA NA NA 11,935511,8515121265
3,75 3,75 3,75 3,75 3,75 3,75
1,851

3,M 3M 3,M 3,M 3M 3M

3,64 364 3,64 3,64

3992 3,9601 39863

12,2545 12,5665 13,5445 12.4515 12,2065 NA

NA NA NA NA

93,0825 930556 930247 930548 93,0694 NA

10,4575 10,5125 10,5325 10,5125 NA NA
1,6349 16449 1,6346 1,6387 1,6719 NA

93,0654
44,042
3,6725
756 75

93,0568 93,1023 931587
10,7325 10,6675 NA

1,683 16773 NA
44,169 44,227 NA

43869 4382 43,858 43,94 43,936 44,01

Trinidad And Tobago

6,256 6,2389 626 62543 62241 NA NA

6,2445 6,2363 6,2427

UAE, Dirham
Venezuelan Bolivar

3,6725 3,6725 3,6725 3,6725 3,6725 3,6725 752,25 754,25 755,25 755,755 75575 NA

3,6725 36725 36725

7625 766,5 757,5

Notes: These representative exchange rates, which are reported to the Fund by the issuing central bank, are expressed in terms of currency units per U,S, dollar, except for those indicated by (1) which are in terms of U,S, dollars per currency unit, and those indicated by (2) which are expressed in terms of currency units per SDR

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