Incredimail 2011 Annual Report Download - page 82
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Since 2006 we’
ve engaged a firm to analyze our exposure to the fluctuation in foreign currency exchange rates and are implementing their recommendations
since then. However, due to the market conditions, volatility and other factors, its proposals and their implementation occasionally prove to be ineffective or can cause
additional finance expenses.
Interest Rate Risk
. The primary objective of our investment activities is to preserve principal while maximizing the interest income we receive from our
investments, without increasing risk. Our current investment policy is to invest in dollar denominated or linked debentures, of limited sums, rated "A" or higher and
with an average maturity of no more than 3 years. We are exposed to market risks resulting from changes in interest rates relating primarily to our financial
investments in cash, deposits and marketable securities. We do not use derivative financial instruments to limit exposure to interest rate risk. Our interest gains may
decline in the future as a result of changes in the financial markets. However, as interests rates are already very low, we believe any such potential loss would be
immaterial to us.
ITEM 12. DESCRIPT I ON OF SECURITIES OTHER THAN EQUITY SECURITIES
Not applicable.
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