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4.2 Inflation
Qatar National Bank (QNB) wrote down a $204mn net monetary loss on its 1H22 income statement after applying hyperinflationary accounting rules, in accordance with IAS 29 accounting standards, while consolidating Turkish subsidiary QNB Finansbank (QNBFB).
In June, BBVA (Madrid/BBVA), which controls Turkey's Garanti BBVA (GARAN), and Unilever (London/ULVR), which has a unit in Turkey, wrote down losses on their Turkey operations in accordance with hyperinflationary accounting rules.
In January, the Turkish government delayed the implementation of hyperinflationary accounting rules for local companies to end-2023.
15 TURKEY Country Report August 2022 www.intellinews.com