Explorer 45 (S 3 -A) measurements during the recover y phase (,f a moderate magnet;; storm have confirmed that the char g e exchange decay mechanism can account f or the decay of the storm-time proton ring current. The moderate mannetic storm of 24 February 1972 was selected for study since a svi mccric ring current hr , developed and effects due to asymmetric rin g current losses ^o!-a eliminated.In this study it was found that after the initial rapid deca y of the p roton flux, which is a consequence of the dissipation of the asymmetric ring current, the equatorially mirroring protons in the energy range 5-30 keV decayed throu q hout the L-value ran g e of 3.5 to 5.0 at the r '-arge exchange decay rate calculated by Liemohn (1961).After several days of decay, the proton fluxes reached a lower limit where an ap p arent equilibrium was maintained, between weak particle source mechanisms and the loss mechanisms, until fresh protons were injected into the rinq curr-nt renion durin q substorms. blhile other proton loss mechanisms may also be operating, the results indicate that charge exchange can entirely account for the storm-time proton ring current decay, and that this mechanism must be considered in all studies involving the loss of proton rinq current particles.