July 13, 2021
San Diego, CA – July 13, 2021 — Kyriba’s Currency Impact Report (CIR), a comprehensive quarterly report detailing the impacts of foreign exchange (FX) exposures among 1,200 multinational companies based in North America and Europe, revealed a negative impact from currency volatility of $9.54 billion. North American companies experienced greater headwinds than their European counterparts in the first quarter of 2021, reporting $5.87 billion in FX-related negative impact -- a staggering increase of 322% from the last quarter. By comparison, European corporations reported $3.67 billion in negative impact.
“Despite warnings that currency volatility would be on the rise, many companies were unprepared to manage FX exposures, according to the data. As businesses experience a post-pandemic surge in activity, CFOs were unable to keep up with currency movements, unnecessarily risking corporate liquidity,” said Wolfgang Koester, Chief Evangelist for Kyriba. “With nearly $10B in preventable losses, CEOs need their finance chiefs to understand the currency exposures within their balance sheet and take action to retain profits and maximize liquidity to sustain growth.”
Highlights from the Q1 2021 Kyriba Currency Impact Report include:
The Kyriba Currency Impact Report is a comprehensive report detailing the impact of foreign exchange exposures among publicly traded companies. All companies analyzed in the report’s findings conduct business in more than one currency, with at least 15% of their revenue coming from nations that are located outside of their headquarters.
To learn more about specific industries affected and which currencies were most impactful to multinationals, download the full Q1 2021 Kyriba Currency Impact Report here.
About Kyriba Corp.:
Kyriba empowers CFOs, Treasurers, and their IT counterparts to transform how they optimize financial technology solutions, de-risk ERP cloud migration, and activate liquidity as a dynamic, real-time vehicle for growth and value creation. With 2,000 clients worldwide, including 25% of Fortune 500 and Eurostoxx 50 companies, Kyriba’s pioneering Connectivity as a Service platform integrates internal applications for treasury, risk, payments and working capital with vital external sources such as banks, ERPs, trading platforms, and market data providers. Kyriba is a secure, scalable SaaS platform that leverages artificial intelligence, automates payments workflows, and enables thousands of multinational corporations and banks to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce operational costs. Kyriba is headquartered in San Diego, with global offices in the Americas, Europe, Asia Pacific, and other major locations. For more information, visit www.kyriba.com.
Daniel Shaffer, [email protected] +1 858-263-2218
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