Gains from foreign currency transactions

RUB million 2011 2010 Change, %
Net gains from trading in foreign currencies 5,503 8,081 (31.9)
Net gains / (net losses) from operations with foreign currency derivatives 2,612 (9,175) (128.5)
Net foreign exchange translation gains 1,411 15,166 (90.7)
Total 9,526 14,072 (32.3)

Total gains from foreign currency transactions amounted to RUB 9.5 billion in 2011 (RUB 14.1 billion in 2010). The financial result from operations with foreign currency derivatives is primarily due to the Group using derivatives to manage liquidity, being mainly the result of transacting in foreign currency swaps. The above transactions are treated collectively with foreign exchange translation gains. In the reporting period, the Group also increased the volume of derivative transactions as part of customer business expansion.

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