Foreign Subsidiary constantly devaluing

The company I work for has several foreign subsdiaries in a country with a high inflation rate (though not high enough to be hyperinflationary). The coutries currency is consistently weakening against GBP.

As a result at each year end when these subs are consolidated the assets are worth less and less (in the books but not if sold). As a result I post a larger and larger number in the consolidated translation reserve at each year end. The owner of the company is concerend about agressive takeover -. potentially exaserbated by a bargain price as a result of net assets of the foreign subs being devalued.

Does anyone have any throughts on this situtation - are there any clever solutions to mitigating the constant decline of the net assets due to weakening of the foreign currency. I've revalued fixed assets but can't think of any clever ideas other than this - any thoughts?
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