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Grants that are awarded in a foreign currency will be converted to sterling at activation stage, using the University’s foreign exchange policy. The preferred currency for research grants is sterling.

For US Dollar and Euro denominated grants the budget is prepared using a lifetime rate. Any gains or losses are taken by the Chest.  Please contact your School Team in the Research Operations Office for advice on proposed awards in other currencies. Any gain or loss in other currencies is the responsibility of the Department.