Q.10
CONFIDENTIAL
Unrealised
exchange
and
investment gains fell
by over 14% in 1988 and by another 7% in 1989.
What were the reasons for these huge losses?
A.10
The reductions were mainly due to the overall
appreciation of the US dollar. The realisation
of exchange gains through,switching back into
the US dollar also explains the reductions as
can be seen by the substantial increase in the
accumulated investment surplus.
CONFIDENTIAL
$23