SAN DIEGO, April 28 (Bernama-BUSINESS WIRE) — Kyriba’s Currency Impact Report (CIR), a comprehensive report detailing the impacts of foreign exchange (FX) exposures among 1,200 multinational companies based in North America and Europe, revealed negative impact from currency volatility of $6.16 billion. European companies experienced greater headwinds than their North American counterparts in the fourth quarter of 2020, reporting $4.77 billion in FX-related negative impact. By comparison, North American corporations reported $1.39 billion in negative impact. Kyriba is a global leader of treasury, finance and IT cloud software.
“Without additional U.S. Government stimulus spending in the foreseeable future, North American CFOs are now on notice that this quarter was their last chance to address currency exposure risks,” said Wolfgang Koester, Chief Evangelist for Kyriba. “The losses North American companies suffered in this quarter were preventable. In order to manage currency exposure and reduce negative impacts from inevitable spikes in volatility to come, CEOs are expecting their finance chiefs to be better prepared.”