Customs has announced a new system of recording and publishing exchange rates in a bid to allow importers to value their goods more easily.

As of Wednesday April 2, HM Customs will issue a list of Customs exchange rates once every week, and beginning the next day, all importers will be required to use the new weekly rates to convert the value of their goods on foreign currency invoices into Bermuda dollars to calculate the correct duty due on imports.

The new system will replace the current Customs practice of publishing exchange rates on a daily basis, and under the new system Customs will publish rates of exchange each Wednesday for use during the following seven days.

When recorded by Customs, the weekly exchange rates will reflect the most current value of foreign currency in commercial transaction in terms of Bermuda dollars.

In the event of a significant fluctuation (more than five percent) in any particular exchange rate, Customs will record the new value of the affected currency and publish a replacement rate for use the next day and during the remainder of the rate week.

The weekly rates system represents a simplification of the existing system of daily exchange rates. The move is intended to benefit both importers and Customs and is in line with international standards which call for the simplification of customs procedures wherever possible.

No longer will Customs and Customs Traders be expected to update their systems with new rates on a daily basis. It is further anticipated that the change will facilitate the advance preparation and submission of goods declarations and assist commercial importers in better forecasting expenses. Moreover, Customs expects a reduced number of exchange rate errors, thereby reducing the potential for delays in the release of imported goods from customs controls.

The weekly exchange rates will be published on the Customs website, www.customs.gov.bm Hard copies of the weekly exchange rates will be posted in the customer service reception area of the Hamilton Custom House and the Customs Long Room at the LF Wade International Airport.

The weekly rates will also be made available to arriving airline passengers and to customers visiting the General Post Office and Sub-Post Offices. A list of historical exchange rates will also be maintained on the Customs website for the public convenience.

Customs Traders and other importers can call 278 7449 with any questions they may have regarding the new Customs weekly exchange rate system.