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