Wednesday, September 25, 2013

When Every Penny Counts, Spend Them Wisely

Jolene Nechiporenko

Smyth, Sheila. (2010). Currency trends and collection building. College & Research Libraries News. , 71(10), 547-566.

Smyth's article caught my interest as I am currently employed in the library division of acquisitions and purchasing.  The last two years have been very difficult for my library as we have undergone severe budget cuts both years.  There has probably never been a better time to learn more about stretching our spending dollars.

Smyth bases her article on the concept of international purchasing and the fluctuation of the value of the American dollar.  She explains to her readers that as the dollar rises on the international market, so does our purchasing power.  Smyth suggests that the purchasing power acquired from harnessing the currency value is comparable to an increase in our budget. 

The author also advises us that keeping track of the currency exchanges, and purchasing at the proper time to take advantage of these exchanges, does require some extra work.  Smyth (2010) reminds us, "It is always our responsibility to maximize our purchasing power in order to provide more quality foreign resources needed for scholarship in the United States.  This is even more vital in times of very tight budgets."

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