The Company’s calculation of Commission due as a result of such investigation shall be final and conclusive for determination of disputes raised under Clause 3.5.1. Is there any change in the way Daraz does deliveries? Please note that the commissions below do not include payment fees and taxes, therefore, it may vary from the commissions on Seller Center. 4.2.3 Cookies dropped for the purpose of order tracking of Products by Customers under Clause 4.2.1 shall be valid and available for 7 days thereafter. 6.4 The following disclosures of the other Party’s Confidential Information shall not be deemed as authorized and shall not be a breach of any of the confidentiality obligations under this Clause 6: a. [2] [3] In May 2018, Daraz Group was acquired by the Chinese e-commerce company Alibaba … Phone Sign-in. 8.3 The Company shall not, under any circumstances, be liable to the Affiliate for any special, consequential, incidental, punitive, exemplary, or indirect costs or damages, including, but not limited to, litigation costs, installation and removal costs, or loss of data, production, profit, or business opportunities. English. If the Affiliate wishes to contest the contents of the Invoice, they may only do so to challenge any perceived discrepancies, under the provisions of Clause 3.5.1 and 3.5.2 hereunder (if applicable). DarazMall Trusted Brands 100% Authentic 14 Days Return Branded Products Brand Warranty. Local Post-Office: You will have to pack the return item, with the post office return tracking number and return number pasted on top of the package. 7.6.10 create, disclose, or sell any information or metrics about, or perform any statistical analysis of the Company’s content. Is cash safe to use? The Affiliate shall not use layers, add-ons, iFrames, pop-up, pop-under, site-under, Auto-redirect advertisements which automatically redirect the Customer to Advertiser websites without the Customer’s engagement or action (e.g. Habitat for Humanity Sri Lanka, an international non-profit organization dedicated towards providing every family in Sri Lanka with a safe and stable place to call home, appointed Rakhil Fernando, the Managing Director of Daraz as its Goodwill Ambassador. We have since grown to become Pakistan’s largest platform for online shopping with a network spread across Asia in Pakistan Bangladesh, Sri Lanka, Myanmar, and Daraz.com.np. Select Language. the first Party named above, who shall be engaged for the purpose of, and authorized by the Company to promote the Channels on the terms and conditions of this Agreement). Asia e University Sri Lanka. 0:00 / 0:00. Set danmaku type. Daraz Support Daraz Mall is Sri Lanka's best online shopping mall that has all the international brands & local Sri Lankan brands. 4.3 All orders for any Products on the Channels are subject to acceptance or rejection by an authorized officer of Company at its home office and to the approval of the Company's credit department. Agricultural exports: Export earnings from agricultural goods declined by 2.3 per cent in November 2020 compared to November 2019, due to a reduction in the export of seafood, minor agricultural products (fruits, edible nuts, betel leaves, etc.) If the Parties cannot reach an amicable settlement of such dispute within 15 days, then the matter shall be referred to mandatory and binding arbitration in accordance with the Arbitration Act No 11 of 1995 and arbitration rules then in force, and that the arbitration hearings shall be held in Colombo, Sri Lanka, in the English language, presided over by a single arbitrator. 7.6.6 Conduct any activities associated with the Promotion of the Channels that are in any way unethical and/or illegal and/or designed to mislead the Customers. Daraz University; Sell on Daraz; Code of Conduct; Join the Daraz Affiliate Program; Daraz. As part of their ‘Be the Change’ CSR initiative, Rainco donated hand washing stations that will be distributed by Rotary Club – Colombo Midtown to the locations in need of washing stations/units. Don’t have an account yet? DarazMall Trusted Brands 100% Authentic 14 Days Return Branded Products Brand Warranty. Daraz is a global online marketplace with ecommerce stores in Sri Lanka, Pakistan, Bangladesh, Nepal and Myanmar. PV 98179, with its registered office at No. The announcement significantly took place on December 1st 2020, widely known as ‘Giving Tuesday’ – a global […] Daraz 2018. The latter included; gems, diamonds and jewellery; rubber products (with increased exports of tyres and gloves); and plastics and articles thereof (with increased exports of personal protective equipment such as plastic clothing articles). Daraz Support Don’t have an account yet? Both Parties agree that the loss of such employee or independent representative would result in irreparable harm and grants to the other Party the right to seek damages and an injunction in a court of equity or other competent authority to enforce its rights hereunder. 7.6.12 cause any software to be downloaded or installed on a Customer’s systems, without that Customer’s prior affirmative consent. Made in Sri Lanka to Global’ invites exporters to register for the virtual exhibition by logging into www.ayubowansl.com. Please note that the commissions below do not include payment fees and taxes, therefore, it may vary from the commissions on Seller Center. Select Language. 2.3 The Channels within the Territory will be covered non-exclusively by Affiliate, and the Company is free to engage other affiliates to provide similar services to the Promotion with the Territory. 3.3.2 The Company reserves the right to withhold any Commission payments under an Invoice, where the aggregate Commission due and payable under such Invoice is less than the LKR equivalent of USD 25 (calculated in accordance with the prevailing exchange rate). Go; Email Sign-in. Daraz 2018. Bjarke Mikkelsen is the current CEO of Daraz. The logos and names are trademarks of the Company and are registered in certain jurisdictions. What is Daraz doing to prevent price hikes on products that reduce the risk of the COVID-19 virus? Forgot password. Sri Lanka. Secretary General and Chief Executive Officer of National Chamber of Exporters Shiham Marikar spoke about ‘Exploring opportunities in the Global Market through Technology’. However, after receiving such notice, the Party receiving same shall have 7 days to cure the alleged breach. Sell on Daraz and Get special rewards! Asia e University Sri Lanka. While exports of a number of smaller factory-based export sectors also declined, export earnings from some industrial export categories increased. 1.19 “Returns and Refunds Policy” shall mean the applicable Company policies which govern the procedure for returns and refunds of Products by Customers on the relevant Channels located at Returns and Refunds Policy of Sri Lanka. Measures imposed to combat the second wave of the pandemic locally affected production in key export sectors, garments in particular. Why don’t I see the collection point option to select when I try to place an order. 1.14 “Intellectual Property Rights” means all patent rights, copyright rights, mask work rights, moral rights, rights of publicity, trademark, trade dress and service mark rights, goodwill, trade secret rights and other intellectual property rights as may now exist or hereafter come into existence, and all applications therefore and registrations, renewals and extensions thereof, under the laws of any state, country, territory or other jurisdiction. In how many days I can pick my order from Pick-up Point? View these incredible stories of how Daraz can fulfill your business wishes. Thashma has 1 job listed on their profile. What is Daraz doing to prevent price hikes on products that reduce the risk of the COVID-19 virus? See the complete profile on LinkedIn and discover Ashaka’s connections and jobs at similar companies. Each Party hereby acknowledges and represents that in executing and entering into this Agreement, no other party nor any agent, attorney or other representative of any Party has made any promise, representation, warranty, covenant, warning or inducement whatsoever, express or implied, except as contained in this Agreement. The Future of e Commerce in Sri Lanka by Rakhil Fernando MD/CEO DARAZ.LK. 3.4.6 To set-off any amounts due to the Company from the Affiliate, for any reason whatsoever. Or sign in with. View Thashma Haththotuwegama’s profile on LinkedIn, the world’s largest professional community. View these incredible stories of how Daraz can fulfill your business wishes. 3.2 The Parties hereby agree, acknowledge and confirm that Commission shall not be payable against Net Sales of any Products (a) which were subsequently returned and/or refunded in accordance with the Company’s Returns & Refunds Policy; (b) against which there was a Chargeback; (c) which were part of a transaction against which any form of fraudulent activity has been suspected or found by the Company, (d) where the order transaction was cancelled by the Customer after placing it; (e) where the Customer purchased the Product with the intention of reselling it; and (f) where the order was linked to the Affiliate’s conduct of any of the prohibited actions specified in Clause 7.6.1-7.6.15 hereunder (hereinafter collectively referred to as “Commission Exemptions”) . The announcement significantly took place on December 1st 2020, widely known as ‘Giving Tuesday’ – a global day of generosity and charity. • Free trainings and educational resources Sellers can also get all the assistance they need by visiting ‘Daraz University’ which is a website dedicated to educate sellers through tutorials as well as presentations. Furthermore, no Commission shall be payable on any Net Sales generated through violation of this Clause 7.6.14, and any such violations shall constitute a material breach of this Agreement. and tea. 11.4.2 Save for the provisions under Clause 11.4.4 hereunder, should either Party be in material breach of its obligations and responsibilities under this Agreement, then the other Party may terminate this Agreement by giving 7 days advance written notice of termination to the other Party setting forth the material breach upon which the termination is based. Daraz is a global online marketplace with ecommerce stores in Sri Lanka, Pakistan, Bangladesh, Nepal and Myanmar. 1.16 “Net Sales” shall mean sales revenue received by the Company for the sale of any Product to the Customer which involves the (1) Customer’s Click of a Hyperlink; and/or (2) input of a Voucher Code at checkout on the Channel; and where such sale is not directly or indirectly caused by a Commission Exemption; minus all the corresponding applied discounts (whether through Voucher Code, or otherwise applied by the seller of the Product or the Company at checkout). Marketplace Commission Structure. [2] [3] In May 2018, Daraz Group was acquired by the Chinese e-commerce company Alibaba … In 2018, we launched Daraz Express (DEX) - South Asia’s first fully-integrated and digitised logistics company. Staedtler Sri Lanka Official Store | Staedtler - daraz.lk (3 days ago) Shop online for staedtler sri lanka products at daraz.lk as we bring you official online store of staedtler. CSE gains nearly three-and-half-year high, Your email address will not be published. Any prices, terms, conditions, deals, offers, competitions, campaigns, and lotteries for the Products are to be established solely by the Company, with immediate effect. 6.1 Unless otherwise specified in the Agreement, all information exchanged during the course of the Agreement (“Confidential Information”) shall be regarded as confidential between the Parties and shall not be disclosed to any unauthorized person or used by the recipient other than for the purpose to which it relates. The event was also held to update buyers and sellers on the proposed virtual exhibition ‘Ayubowan! View More Stories. these Affiliate Terms and Conditions). In order to track your order you can go to my orders and follow below steps: If the order is delayed for more than 3 days, please contact our delivery partner. 7.6.9 Utilize any Company Content to update or create the Affiliate’s own database of business listings information or use the to build an email list for the Affiliate’s own (or any third party’s) commercial purposes. Phone: 011 7575600 Any authorized disclosure to another person(s) shall be on the same terms as to confidentiality as contained in this clause. Don’t have an account yet? Being the largest online shopping site in Sri Lanka, Daraz is home to endless products featured in consumer electronics, home appliances, fashion and everything in between. The information is in the public domain, other than through a breach of this clause; c. For the purposes of any arbitration or legal proceedings arising from this Agreement; and. The Affiliate shall indemnify, defend, and hold harmless Company, and its directors, officers, employees, representatives, and agents (each an “Indemnified Party”) from any and all claims, damages, liabilities, costs, losses, and expenses (including, but not limited to, reasonable attorneys’ fees and all related costs and expenses) arising from or relating to any claim, suit, proceeding, demand, or action brought by the Affiliate or any third party against an Indemnified Party relating to: (a) publishing and/or use of the Advertising Material in any unauthorized manner, or tampering them or any part thereof; (b) the Affiliate’s failure to comply with the Agreement; (c) Affiliate’s failure to comply with applicable law(s) and/or regulation(s); (d) Affiliate’s negligence, willful misconduct, or fraud; and (e) defamation, libel, violation of privacy rights, unfair competition, or infringement of Intellectual Property Rights or allegations thereof to the extent caused by the Affiliate. These Affiliate Terms and Conditions (the “Agreement”) shall constitute an Agreement between you (“You” or “Affiliate”) and the Company, for the registration and appointment of the Affiliate to provide the Company with Promotion of the Channels. In order to track your order you can go to my orders and follow below steps: If the order is delayed for more than 3 days, please contact our delivery partner. Earnings from tea exports declined by 5.2 per cent, with declines in volumes of black and green tea exported, while unit prices of both types marginally increased. Daraz Hub: You can note down the Return Tracking Number and Order Number of your package on a paper and secure it on top of the package or you can attach the Return Label on your package. Is there any change in the way Daraz does deliveries? Or sign in with. Daraz first made waves in Pakistan’s e-commerce market after its introduction in 2012. 1.8 “Commission” shall have the meaning given to the term in Clause 3.1 hereunder. What is a Daraz Pickup Location? Each Party shall, without further consideration, execute and deliver such additional documents and instruments and perform all such other and further actions as may be necessary or reasonably requested in order to carry out the purposes and intents of this Agreement. Or sign in with. Daraz Group operates e-commerce platforms and logistics service in Bangladesh, Myanmar, Nepal, Pakistan and Sri Lanka. The Company’s aggregate liability towards the Affiliate under this Agreement, whether in contract, tort, or otherwise shall not exceed the amount of aggregate Commission paid to the Affiliate in the 6 months preceding such claim. Daraz University. Earnings from exports declined by 16.3 per cent to US dollars 819 million in November 2020, compared to November 2019. The Company shall be not be obligated to accept any orders from the Customers and may reject such orders in its whole and sole discretion, with no liability towards the Affiliate for such rejections. We have since grown to become Pakistan’s largest platform for online shopping with a network spread across Asia in Pakistan Bangladesh, Sri Lanka, Myanmar, and Daraz.com.np. View Thashma Haththotuwegama’s profile on LinkedIn, the world’s largest professional community. 11.4.4 By Company, with immediate effect upon serving a written notice of termination to the Affiliate, in the event that the Merchant is found, in the absolute discretion and sole opinion of the Company, to have committed any fraudulent activity whatsoever, in pursuance of the Affiliate’s obligations under this Agreement. 3.5.2 Where the Affiliate raises a dispute under Clause 3.5.1, the Company shall conclusively investigate the dispute to determine whether or not there is any merit to the dispute, and if so, the Company shall adjust the Commissions payable in favour of the Affiliate on the following Invoice. 106, 4th Floor, Anagarika Dharmapala Mawatha, Colombo 07. Top Rolling Bottom. 0:00 / 0:00. The Affiliate must read, agree to, and accept all of the terms and provisions contained in this Agreement, by clicking “I Accept” button, and the Parties hereby agree, acknowledge and accept that clicking such button shall instantly form a valid, effective and legally binding agreement for good consideration between the Parties. 7.6.11 engage in cookie stuffing or fraudulent activity. Solution by. Our association through Daraz Cares has been effective in channeling worthy contributions to the organization’s efforts, and we will continue to drive this more effectively with this partnership, leveraging on our position as a business leader in e-commerce.”. d. To any governmental authority at their request. Go; Email Sign-in. Any notice to be given or served upon any Party to this Agreement must be in writing and shall be deemed to have been given (i) upon receipt in the event of personal service by actual delivery (including by telecopy or delivery service); (ii) upon posting if deposited in the local post office with proper postage and dispatched by certified mail; or (iii) upon receipt if notice is given otherwise than by personal service or by certified mail. Your order number: For any other inquiries, Click here LOGIN Recognizing the need of the hour to support the SME sector, Daraz Sri Lanka initiated their seller stimulus programme under the theme of Eksathwa Shakthimathwa, drawing from the need to stand together and support each other at the face of this … It is necessary to remain vigilant and adapt to the new norms that have been thrust upon the country. The Company shall be entitled to make deductions from the Commissions for the following reasons: 3.4.1 To adjust any erroneous overcalculation of Commissions due in a previous Invoice; 3.4.2 For Commissions paid against a previous Invoice, for a Product against which a Commission Exemption under Clause 3.2 (b), (c), (e), or (f) occurred after that corresponding Invoice was issued (or if the Company became aware of such Commission Exemption after the corresponding Invoice was issued); 3.4.3 For any applicable withholding taxes (including VAT if applicable) that the Company is required to withhold as per the law; 3.4.4 For Commissions which are linked to any breach of the Affiliates obligations or representations under this Agreement; 3.4.5 For any processing fees and/or bank charges incurred by Company with respect to the transferring the relevant Commission payments to the Affiliate; and. Made in Sri Lanka to Global’ virtual exhibition which is to be held from Feb. 19-21. All rights reserved. Select Language. The Parties further hereby agree, acknowledge, and confirm: 4.2.1 that tracking and reporting on the Channels, of orders, Clicks, and sales of Products through the Hyperlink and Voucher Code in conducted by the Company, by which a cookie is dropped on the Customer’s browser to track transaction back to the Affiliate and by which the device ID is used to track transactions generated from the Channels. In the event no merit is found that dispute shall be resolved in favour of the Company. The announcement significantly took place on December 1st 2020, widely known as ‘Giving Tuesday’ – a global […] The unenforceability (or the modification necessary to conform with such law and public policy) of any part of this Agreement shall not be deemed to render unenforceable any other part of this Agreement. Throughout its 26 years of operations in Sri Lanka, Habitat for Humanity has sought to build ‘Partnerships with Purpose’ with socially conscious corporates, businesses and educational institutions. Go; Email Sign-in. The Keynote Address on the topic of ‘Challenges of Sri Lankan Exports in the Global Market’ at the webinar was delivered by the immediate past president of National Chamber of Exporters Ramal Jasinghe. 1.11 “Confidential Information” shall have the meaning given to the term in Clause 6.1. All rights reserved. 5.1 Nothing in this Agreement shall be construed to constitute Affiliate as the partner, joint venture, employee, or agent of the Company nor shall either Party have any authority to bind the other in any respect, it being intended that each shall remain an independent contractor responsible only for its own actions. 1.15 “Invoice” shall mean the monthly invoice issued by the Company, on behalf of the Affiliate which specifies the Commissions that accrued in favour of the Affiliate in the preceding calendar month, minus any applicable deductions. 1.6 “Chargeback” shall mean a charge that is returned to a Customer’s payment card (whether a debit, credit, or charge card as the case may be) after the Customer successfully disputes an item on their card’s account statement or transactions report with that Customer’s bank. Get onboard with Daraz and grow your business rapidly by joining special campaigns organized to promote specific products. There was a notable decline in merchandise exports in November compared to previous months due to disturbances to domestic production processes with the second wave of the COVID-19 pandemic. 3.3.1 The Parties hereby agree, acknowledge and confirm that once an Invoice has been issued, the Affiliate cannot request any changes to the contents or form of such Invoice, for any reason whatsoever. Earn With Daraz. Don’t have an account yet? Recognizing the need of the hour to support the SME sector, Daraz Sri Lanka initiated their seller stimulus programme under the theme of Eksathwa Shakthimathwa, drawing from the need to stand together and support each other at the face of this adversity that has affected industries across all categories. 1.7 “Click” shall mean a Customer’s click on a Hyperlink provided by the Affiliate, which routes that Customer directly to the Channel(s). 1.5 “Channels” shall mean the online marketplace operating under the style and name of ‘Daraz’, through collectively through the (1) mobile application of the same name and (2) the web portals located at www.daraz.lk owned and operated by the Company. Why don’t I see the collection point option to select when I try to place an order. Recognizing the need of the hour to support the SME sector, Daraz Sri Lanka initiated their seller stimulus programme under the theme of Eksathwa Shakthimathwa, drawing from the need to stand together and support each other at the face of this … Merchandise imports continued to decline supported by the continuation of restrictions on non-essential imports and low global oil prices. WHEREAS, the Company is engaged in the provision of advertising services and Affiliate is willing and able to provide promotional services and content of the Channels to Customers, for the Company, for the purpose of increasing the user traffic on those Channels. Speaking at the event, Fernando commented, “I am honoured to be taking up the role of Goodwill Ambassador of Habitat for Humanity Sri Lanka, and thereby actively promoting their vision and mission of creating a better society. Local Post-Office: You will have to pack the return item, with the post office return tracking number and return number pasted on top of the package. Daraz 2018. Sri Lanka. Terms of trade, i.e., the ratio of the price of exports to the price of imports, improved by 0.6 per cent in November 2020, compared to November 2019, with import prices declining more than export prices. 1.21 “Territory” shall mean the geographical region of Sri Lanka. Let us walk you through our upgraded DU with exciting new features! 7.6.14 not purchase any Products from any Channels through the Promotion, nor through using a Hyperlink, nor through use of any Voucher Codes linked to the Promotion under this Agreement. 11.3 Upon termination of this Agreement, the Affiliate is entitled to Commissions on all orders solicited prior to the effective date of termination/expiration (which are not subsequently returned/refunded), regardless of when the Company accepts, invoices, or ships such orders. SIGN IN. The Future of e Commerce in Sri Lanka by Rakhil Fernando MD/CEO DARAZ.LK. Phone Sign-in. Through Daraz University, we educate 50,000 new and existing sellers every month on ecommerce operations. Following termination, the Company shall be entitled to withhold Commissions accrued up to the effective date of termination for a reasonable period after said Commissions become due and payable, to ensure all corresponding Commission Exemptions have been accounted for prior to paying said Commission. Any such deletion or amendment shall apply only where the court rendering the same has jurisdiction. Bjarke Mikkelsen is the current CEO of Daraz. Furthermore, no Commission shall be payable on any Net Sales generated through violation of this Clause 7.6.15, and any such violations shall constitute a material breach of this Agreement. The Open University of Sri Lanka. All headings set for in this Agreement are intended for convenience only and shall not control or affect the meaning, construction, or effect of this Agreement or of any of the provisions thereof. Set danmaku type. 7.3 The Affiliate shall not, without the Company’s prior written approval, make any representations or guarantees concerning the Products or accept the return of, or make any allowance for such Products. View More Stories. Required fields are marked *. 7.1 The Affiliate shall ensure that all individual representatives, personnel, staff of the Affiliate that are involved in the Affiliate’s performance of its obligations under this Agreement, have the requisite access to any equipment and amenities required to enable the Affiliate to perform its obligations under this Agreement (and that the Company shall not be responsible for providing the same). To comply with the mandatory provisions of applicable law or the rules of any recognised jurisdiction; b. DPR Global Business Networks Private Limited joined with Digital Media Solutions (Australia) that owns the ‘O2O Events Portal’ to host a webinar recently with regard to Ayubowan! 7.6.5 Cause, encourage, or endorse any transactions to be made with the Company that are not in good faith. Through Daraz University, we educate 50,000 new and existing sellers every month on ecommerce operations. Save my name, email, and website in this browser for the next time I comment. Daraz 2018. 1.20 “Term” shall have the meaning given to the term in Clause 11.1 hereunder. 1.4 “Agreement” shall have the meaning given to the term in the Preamble above (i.e. The Parties hereby agree, acknowledge and affirm that the Company and its licensors retain all right, title, and interest in and to all Intellectual Property Rights related in and to the Channels and the Advertising Materials. 1.2 “Affiliate” or “You” shall have the meaning given to the term in the Preamble above (i.e. 4.1 In performance of its obligations under the Agreement, the Affiliate shall not quote any prices, terms, conditions, deals, offers, competitions, campaigns, nor lotteries for any of the Products on the Channels, other than those expressly specified in writing by the Company. 8.2 The Company shall not, under any circumstances, be liable for any disruptions, unavailability, glitches, downtime or delays in functionality of its Channels, nor does the Company guarantee, represent or warrant in any way that the Channels shall function free of the same. Or sign in with. According to the latest external trade data released by the Central Bank, country’s trade deficit narrowed in November 2020 by US $ 198 million to US $ 565 million, from [US $ 762 million] recorded in November 2019, due to a larger decline in imports compared to the decline in exports. Become A Seller View More Stories. 11.1 This Agreement shall come into full force and effect upon the Affiliate’s acceptance of this Agreement in the manner prescribed hereinabove, and shall continue to remain valid and in force, unless otherwise terminated in accordance with this Agreement (“Term”). daraz.lk Mobile Phone Price in Sri Lanka 2021 Daraz.lk offers you a shopping experience that is unparalleled in Sri Lanka. 7.2 The Affiliate shall conduct all of its performance of its obligations under this Agreement, in its own name and in such manner as it may see fit. 4.2.2 The Company credits a sale of the Product to the Affiliate, if the Affiliate is in the last position of the Click chain preceding the purchase of that Product by the Customer. Rainco hopes that the distribution and location of washing stations in prime locations around Colombo might encourage people to regularly wash and sanitize their hands. Set danmaku type. 10Bn to help govt. See the complete profile on LinkedIn and discover Thashma’s connections and jobs at similar companies. Habitat for Humanity Sri Lanka, an international non-profit organization dedicated towards providing every family in Sri Lanka with a safe and stable place to call home, appointed Rakhil Fernando, the Managing Director of Daraz as its Goodwill Ambassador. View these incredible stories of how Daraz can fulfill your business wishes. Phone Sign-in. Top Rolling Bottom. 7. View Ashaka Ranaweera’s profile on LinkedIn, the world’s largest professional community. In such event, the Company shall carry over the accrued Commission onto the Invoice for the following calendar month, and pay the same out only once the total Commission due on a subsequent Invoice crosses the LKR equivalent of USD 25 (calculated in accordance with the prevailing exchange rate).