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Kyriba Report Shows Importance of Foreign Exchange Management to Business
Kyriba, a cash and foreign exchange management company, reveals that US companies experienced the most dramatic losses from foreign exchange in the first quarter for 2019, U$23.4 billion.
The average negative FX impact per company in the US increased 12% during the quarter.
European companies lost U$3.3 billion in the first quarter of 2019.
The report cites growing political uncertainty and escalating trade wars for the increasing losses.
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The Kyriba report serves as a strong reminder that the continued globalization of business and trade results in an equivalent growth in US corporate exposure to foreign exchange movements. While mitigation of all exposure is difficult to achieve and possibly prohibitively expensive, use of cash management applications such as Kyriba can help companies to better recognize and manage their exposure.
As global politics become increasingly tense and trade wars continue to escalate without any apparent path to reconciliation, applications such as Kyriba become increasingly important to corporations to manage their FX risk.