I can't seem to easily find this figure for 2007. Now, that we are on the subject, is there a source for this info for previous years at well?

Hmmm, maybe there isn't an official rate for the year, but I think i saw that posted in the US embassy website for 2006 but can't find for 2007.

On Oanda.com you can get the average for the year, perhaps that is good enough:

Average (365 days): 32.53008

High: 36.10000

Low: 29.05500

I just go to the Bank of Thailand website http://www.bot.or.th and use their exchange rate page to download the daily rates for the entire year. I account with an immediate THB->USD conversion for the date of each transaction.

For several years, I ave used te Federal Reserve annual list of foreign excange rates (www.federalreserve.gov/release/G5a/current) but for tis year, tey used to offsore rate, wic seems too low.

Instead, I took te rate from Bank of Tailand's web site, as it seems more realistic for tose living ere.

Te Federal Reserve rates ave been posted at te US Embassy, so it would be safe to use. I believe tat Bank of Tailand's rates will be just as acceptable.

Anyone know what the IRS policy is towards rates. Previously, I thought there was an official annualized rate that they expected us to use, but then I found a web page saying there are no official IRS annual rates. I would assume the Federal Reserve rate would be acceptable.

BTW, how do you find these annualized rates on the Fed reserve and BOT websites?

The IRS has always accepted the Federal Reserve rates. ACS at the US embassy has posted these rates in the past.

However, for 2007 the Fed rate is just 32.203 -- way too low for anyone dealing with Thai banks. That's why I will be using the Bank of Thailand's average rate - 34.3509. A much more realistic rate.