That debt would quickly become more expensive to pay, in local currency terms.

Net revenue in local currency terms was higher.

If exports are priced in pounds, they will now be cheaper in foreign currency terms for foreigners to buy.

In local currency terms, the gain was 25.5 percent.

Revenues at shipyards, usually another strong market for Polish steel, dropped 12 percent in local currency terms last year.

When the dollar loses value, he explained, "it takes more dollars to pay for your contract in foreign currency terms."

Morgan's Mexico index is up 265 percent in local currency terms for the years.

Sales would have been 3 percent lower in local currency terms, Sony said.

In local currency terms, operating profit rose 17 percent, the company said.

A positive effect is expected as an appreciation of sterling will generate capital gains in foreign currency terms.