The bank said Friday that the rise in the value of the franc had resulted in a loss of some 26 billion francs on its foreign currency positions for the 2010 financial year.
About two-thirds of Koc Holding's sales are not sensitive to the domestic economy: the businesses that export cars and domestic appliances gain slightly from a weaker lira.Sabanci recently reported a net short foreign-currency position of €409m ($558m).
Turkey's 80 banks have an estimated $18 billion in open foreign-currency positions.
In a Court of Federal Claims lawsuit challenging the decision, lead entity JZ Buckingham Investments LLC acknowledges that during a 36-day period in late 1999 huge foreign currency option positions were taken with Deutsche Bank, shifted around and then unwound, helping to save $11 million in federal taxes.
Because a large slice of government debt is in foreign currency, its fiscal position has been worsened by the collapse of Bulgaria's currency, the lev.
According to the FFAJ, they held a net long position in foreign currency of ¥15 trillion at the end of 2005 almost as big as Japan's current-account surplus and more than foreigners have in Japanese stocks.
Ghodsi: Our group's biggest change recently has been to close all positions in foreign currency ETFs and reduce by a third our foreign stock exposure.
Official reserves include foreign currency, special drawing rights and reserve positions at the IMF, but exclude gold.
FOREIGN RESERVES Japan has the world's biggest official reserves (including foreign currency, special drawing rights and reserve positions at the IMF, but excluding gold).
In March their market value including foreign currency, special drawing rights and reserve positions at the IMF was $355 billion.In this section Stockmarkets Trade, exchange rates and budgets Money and interest rates Overview Output, demand and jobs Prices and wages World music sales Official reserves The Economist commodity price index Reprints.
