The second quarter also included a $2.8 million favorable impact from currency revaluation
Compared to P1.9 billion distributed to government in 2017, he said in 2018, P4.8 billion was distributed to government, 'after transfer of P5.9 billion and P4 billion from or to fair value and currency revaluation
BANKING AND CREDIT NEWS-January 14, 2019--Uzbekistan central bank denies national currency revaluation
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M2 EQUITYBITES-January 14, 2019--Uzbekistan central bank denies national currency revaluation
Interest and other expenses decreased by $4.2 million, driven primarily by an $8 million favorable impact from currency revaluation
, partially offset by higher interest expense due to higher debt levels and an increase in variable interest rates.
Pre-impairment profitability was healthy in 2017 (estimated at 10% of average loans at IY and TB, 7% at UB; local GAAP), supported by sound net interest margins of 10%-14%, solid commission income and foreign currency revaluation
The Treasury primarily attributed the month-on-month rise in combined local and external debt to 'domestic securities issuance for the month which more than offset the effect of currency revaluation
on foreign currency debt.'
According to the respondents, three main triggers drove this shift to foreign currency: a currency revaluation
implemented in July 1992, the July 1 Economic Management Improvement Measure of 2002, and a flash currency reform measure in November 2009.
Analysts say that decline of the ROE and ROA is connected with deepening negative balance of currency revaluation
The company said the results were aided by a net reduction in restructuring costs of $2.1 million and income tax adjustments of $600,000, and were hurt by foreign currency revaluation
losses of $1.6 million.
'foreign currency revaluation
', net income would have grown slightly," the