“The upgrade reflects a decrease in risks associated with the bank's unhedged short open currency position (OCP), which, nevertheless, continues to put pressure on the results and capitalization of the IBA. OCP was reduced to $ 0.5 billion (77% of regulatory capital) at the end of Q1 2021 from $ 0.8 billion (114%) at the end of Q1 2020. We believe that the IBA's capital buffer is sufficient to withstand a serious foreign exchange shock, given the...
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In a significant diplomatic move, President Kassym-Jomart Tokayev of Kazakhstan embarked on an official visit to Armenia, marking a pivotal moment in the relationship between the two nations. The meeting between President Tokayev and Armenian Prime Minister Nikol Pashinyan resulted in the signing of a joint statement aimed at fostering cooperation and easing tensions that had simmered between the two countries.
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