SAN DIEGO–(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.
Highlights from the Q4 2020 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 in the report do business in more than one currency, with at least 15 percent of their revenue coming from nations that are located outside of their headquarters.
To learn about specific industries affected and which currencies were most impactful to multinationals, download the full Q4 2020 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 percent of Fortune 500 and Eurostoxx 50 companies, Kyribas 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 offices in Dubai, Frankfurt, London, Minsk, Paris, Shanghai, Singapore, Tokyo, Warsaw and other major locations. For more information, visit www.kyriba.com.
Contacts
Media Contact:
Daniel Shaffer, dshaffer@kyriba.com +1 858-263-2218
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