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Currency risk


Currency risk is defined as the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The Group is exposed to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows.


The Group controls currency risk by management of the open currency position. The Treasure Department performs daily monitoring of the Group’s open currency position.

The Group’s exposure to foreign currency exchange rate risk is presented in the table below:

PUBLIC FUND “ASIAN CREDIT FUND” Notes to the consolidated financial statements

For the year ended 31 December 2009

(in Kazakhstani Tenge and in thousands, unless otherwise stated)








KZT




USD
USD 1 = KZT 148.36





31 December
2009
Total























ASSETS:

















Cash and cash equivalents




7 581




59 098




66 679

Due from banks




-




165 243




165 243

Loans to customers




291 185




-




291 185

Property, equipment and intangible assets




19 276




-




19 276

Deferred income tax assets




8 000


-





5 976

Prepaid income tax




2 313




-




2 313

Other assets




14 709




-




14 709






















Total assets




343064




224 341




565 530

LIABILITIES:

















Due to banks and Loans to other organizations




207 559




279 996




487 555

Current income tax liabilities




-




-




-

Other liabilities




4 220




-




4 220






















Total liabilities




211 779




279 996




491 775






















OPEN BALANCE SHEET POSITION




131 285




(55 655)




-



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