Exemption from Deposit Insurance By-law (Foreign Currency Deposits)

1 For the purpose of paragraph 26.03(1)(b) of the Canada Deposit Insurance Corporation Act, the rate of exchange that shall be applied on any day in determining the amount in Canadian dollars of a deposit in a currency of a country other than Canada is the latest exchange rate at which the federal member institution that holds the deposit offered, before the day of the determination, to buy that currency with Canadian dollars.