Mobinil chairman Osman Sultan also said that the company had taken a £E 40 million ($7.4 million) charge from the 29 January currency flotation, ‘as a foreign exchange loss, restating all monetary assets and liabilities using the year-end market rate’. The pound fell about 14 per cent on flotation, affecting Mobinil’s dollar-denominated debts and hard-currency capital expenditures. ‘Our total debt-related foreign currency exposure is now in line with our annual roaming revenues,’ said Sultan. ‘This significantly reduces one of the main concerns of our shareholders and investors.’