Instability of Belarusian, Bulgarian Sample Clauses

Instability of Belarusian, Bulgarian. Croatian, Macedonian and Serbian currencies may adversely affect the Group's earnings. Since 2001, the Serbian RSD has (more and more loosely) been allowed to float against the EUR, with occasional interventions by the NBS. Croatia has, already in the 1990s, implemented a tightly managed float (with the Euro as reference) for its HRK. A steady depreciation of HRK against the major currencies is expected on the back of a weak economic outlook and wider risk aversions towards frontier market assets. Given the high degree of external obligations of both, public and private Croatian debtors in Croatia, the stability of the HRK, particularly against the EUR, will remain key for Croatia. The Bulgarian BGN is pegged to the Euro (replacement of the BGN by the Euro is planned, but may be delayed due to inflation problems), as (de facto) is the Macedonian MKD. With effect from 2 January 2009, Belarus pegged the Belarusian BYR to a basket of currencies made up of USD, EUR and RUB in equal proportion. In May 2011, the Belarusian government devalued the nation's currency by approximately 35%. The introduction of a floating exchange rate in September was followed by a further devaluation of approximately 40%. Furthermore, in December 2011, Belarus was classified as a hyperinflationary economy according to IAS 29 due to its inflation rate in excess of 100% and other facts. The pegging of currencies means that those currencies are susceptible to changes to the currency to which they are pegged. In addition, should the relevant authorities choose to remove completely or change the level of the pegging of their country's currency, as it was the case with the BYR recently, greater volatility in that currency's exchange rates with other currencies would arise, which in turn may have a negative impact on the Group's results of operations and financial conditions. Furthermore, as Telekom Austria Group is preparing its consolidated financial statements in EUR, the Group is exposed to currency translation risks, i.e. the risk deriving from the effects which currency rate changes between the relevant cut-off dates for the financial statements may have on the valuation of certain assets of the Group denominated in other currencies than EUR when translated into EUR for the Group's consolidated financial statements.
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