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MTN: Iran currency devaluation could hit results

August 8 2012 at 11:51am
By Reuters

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MTNStore1

Reuters

A customer leaves an MTN shop in Johannesburg.

A devaluation of the Iranial rial could have a “severe impact” on MTN Group's second-half earnings, the South African telecom's chief financial officer said on Wednesday.

Nazir Patel made the comment at a presentation following the release of the company's first-half results. MTN owns 49 percent of local mobile operator MTN Irancell.

The Iranian rial has tumbled against the US dollar in free market dealings as traders have anticipated a devaluation in the official exchange rate.

The rial has been under pressure this year because of international sanctions against Iran's economy imposed over its disputed nuclear programme. - Reuters


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