Notes to the Group financial statements l Note 7.6

7.6 Exchange rates to South African rand
 

The Group uses derivative financial instruments, such as forward exchange contracts and interest rate swaps, to hedge its foreign currency risks, and interest rate risks, respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

All gains and losses from changes in the fair value of derivatives are recognised immediately in profit or loss.

All remaining derivatives are accounted for in accordance with the accounting policy disclosed in note 7.1.

      Closing rates   Average rates  
      2015   2014   2015   2014  
United States dollar US$   0,06   0,09   0,08   0,09  
Uganda shilling UGX   217,67   239,02   253,16   240,06  
Rwanda franc RWF   47,84   58,02   55,33   63,12  
Cameroon Communauté Financière Africaine franc XAF   39,02   46,94   46,67   45,77  
Nigerian naira NGN   12,88   15,93   15,63   15,27  
Iranian rial1 IRR   1 947,05   2 341,99   2 265,98   2 389,54  
Botswana pula BWP   0,73   0,82   0,80   0,83  
Côte d’Ivoire Communauté Financière Africaine franc CFA   39,81   46,94   47,00   45,81  
Congo-Brazzaville Communauté Financière Africaine franc XAF   39,81   46,94   46,56   45,81  
Zambian kwacha ZMK   0,71   0,55   0,65   0,57  
Swaziland lilangeni E   1,00   1,00   1,00   1,00  
Afghanistan afghani AFN   4,42   5,05   4,81   5,31  
Euro EUR   0,06   0,07   0,07   0,07  
Ghanaian cedi GHS   0,25   0,28   0,30   0,27  
Benin Communauté Financière Africaine franc XOF   39,81   46,94   47,10   45,71  
Guinean franc GNF   502,98   612,70   579,71   643,39  
Sudanese pound1 SDG   0,39   0,52   0,47   0,53  
Syrian pound1 SYP   21,76   17,15   21,64   15,43  
Guinea-Bissau Communauté Financière Africaine franc XOF   39,81   46,94   47,34   45,97  
Yemen rial YER   13,89   18,62   17,80   19,93  
Ethiopian birr ETB   1,36   1,74   1,64   1,79  
1 The financial results, positions and cash flows of foreign operations trading in hyperinflationary economies are translated as set out in note 1.3.3. Iran ceased to be hyperinflationary with effect from 1 July 2015.