Siam Cement Siam Cement, the Bangkok-based cement manufacturer, suffered enormous losses with the coming of the Asian crisis in 1997 . The company had been pursuing a very aggressive growth strategy in the mid-1990s, taking on massive quantities of foreign-currency-denominated debt (primarily U.S.dollars). When the Thai baht (B) was devalued from its pegged rate of B24.8/\$ in July 1997 , Siam's interest payments alone were over $900 million on its outstanding dollar debt (with an average interest rate of 8.84% on its U.S. dollar debt at that time). Assuming Siam Cement took out $50 million in debt in June 1997 at 8.84% interest, and had to repay it in one year when the spot exchange rate had stabilized at B 41.6/$, what was the foreign exchange loss incurred on the transaction? The amount of the foreign exchange loss incurred on the transaction is B