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Savings on bank margins; Department of
Purchasing
The Department of Purchasing has foreign currency expenditure
of A$ 80 million p.a. It was getting direct access to the Treasury of a large bank
and being quoted by a Foreign Exchange dealer. It thought this guaranteed
inter-bank rates. Simply by changing to an electronic quoting system and getting
two quotes, Plus the Department of Procurement has written proof of quotes and much more transparent pricing system for their foreign exchange. They also saved about twleve hours a week in staff costs. Time taken to achieve these savings: one day. |