Is there a need to provide support evidence of exchange rate from the bank for funds remitted from ASARECA?
Yes, its very important for all USD funds received from ASARECA, the credit note from the bank is very crucial to keep and to prove the proceeds in other currencies received by sub-grantees. It is also that exchange rate that will be applied for conversion of the local currency expenditure during reporting to ASARECA in USD. If you do not apply that conversion exchange rate during your financial reporting, you may be prone to exchange losses or gains, which are unacceptable to ASARECA.
