128 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 88 25 Financial Risk Management …continued 25.5 Interest rate risk…continued An interest rate sensitivity analysis was performed to determine the impact on profit of reasonable possible changes in the interest rates prevailing as at March 31, 2024, with all other variables held constant. The impact is illustrated and shown in the table below: 2024 $ 2023 $ Increase/decrease of 100 bps Impact on profit + 100 bps (690,939) (4,566,748) Impact on profit - 100 bps 685,390 4,253,664 25.6 Currency risk Currency risk arises when future commercial transactions, recognised assets and liabilities are denominated in a currency that is not the Group’s functional currency. The Group is exposed to foreign exchange risk primarily with respect to EC dollars. Management monitors economic and political conditions in the countries in which the Group operates for risks of currency fluctuations.
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