text: (c) We observed that, since 1979, the “Operational reserve” is held with 50 per lent United States dollars and 50 per cent non-United States dollars. -37- However, the United States dollar accounts for only approximately 45 per cent of expenditures, currenoies of developing countries, for approximately 39 per cent, and those of developed countries other than the United States dollar, for approximately 16 per cent. This disbursement profile has remained the same for the past five years. The ratio between United States-dollar and non-United States dollar holdings si~ould be adjusted so as to reflect the present disbursement profile of UNDP a;3 far as United States dollars and the currencies of developed countries are concerned, Thus, the number of exchange transactions and the exchange risk involved could be reduced. The Administration stated that, in the revised cash management guidelines, provision had been made for a review of the oomPosition of the operational reserve in terms of currencies to be included. The recommendation of the Board had been noted and would be discussed with the Investment Committee in due course) (d) In 1987 and 1988, UNDP obtained bids in 70 to 80 per cent of all currency transactions. That percentage increased to almost 90 per cent during the period from January to September 1989. In our view, bidding is a fundamental requirement for exchange transactions and, therefore, a waiver of bidding should be limited to exceptional cases. The guidelines should clearly specify the circumstances under which bidding may be foregone in order to restrict the margin for discretion. The Administration agreed with this recommendation and incorporated it into the draft guidelines) (e) UNLP currently deals with 70 banks for investment accounts and 68 banks for foreign exchange transactions. Therefore, it was recommended that the number 
analysis: The text appears to be discussing the financial management of the United Nations Development Programme (UNDP), specifically the operational reserve, currency transactions, and banking relationships. The language used is technical and focused on financial management, which suggests that the text is related to economic development or international trade.