10 Where possible, WHO funds must be deposited in bank accounts in the name of the World Health Organization rather than in the name of individual staff members.
20 The Comptroller, through the Treasurer at headquarters, must authorize the operation of any bank accounts required by regional and other offices. These bank accounts are operated with a joint panel of signatories from headquarters and the regional or other offices concerned. Treasury at headquarters assigns to each bank account the applicable GSM bank code and General Ledger account number.
30 Regional directors may open such accounts as are necessary for the proper implementation of the field programme. In reporting the establishment of any account to Treasury at headquarters, regional directors must give the name and location of the bank; the exact title of the account and the account number, and the names of the persons authorized to operate it. Any subsequent changes in the panel of signatories in the regional and country offices should be shared with Treasury.
Currency conversion
40 As regional offices do not need to provide for long-term cash needs, currency conversions should be made only when necessary, taking into account the most favorable rates offered by local banks. Where possible at least three competitive bids should be obtained for all currency conversions greater than US$ 100,000. Currency conversions of amounts in excess of US$ 500,000 cumulatively per month should be discussed with Treasury at headquarters to establish whether more competitive foreign exchange conversion rates can be obtained centrally by Treasury. Large cash requirements in the regions are to be met by fund transfers that should be made as near as possible to the time they are required.
