PT Elnusa Tbk book derivative transaction losses, one of which on foreign currency exchange rate hedging transactions against fluctuation. Who is the counter party in this transaction ??
Ahaa, Bank Danamon, the only bank reporting its profit declined 29% to IDR1.5 trillion on foreign currency sales and purchase contracts. Several parties estimate other banks will experience the similar thing. Now, Danamon and Elnusa still negosiate the final scheme for derivative transaction.
Since August 22, 2008, the rupiah exchange rate has been depreciated by 20% following huge cash withdrawal by US and European investors. Such an exchange rate fluctuation had inflicted losses on corporations relying on US dollar as a means of transaction.
Wednesday, January 28, 2009
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