Le Lézard
Classified in: Science and technology
Subject: Economic News/Analysis

Kyriba's Quarterly Currency Impact Report: FX Volatility Spikes to $29.14 Billion in Earnings Impacts


Kyriba's latest Currency Impact Report (CIR) shows multinational companies experienced over $29bn in total impacts to earnings from currency volatility in the second quarter of this year. The CIR studies the quarterly impacts of foreign exchange (FX) exposures among 1,700 multinational companies based in North America and Europe with at least 15 percent of overseas revenue. The combined pool of corporations reported $20.15 billion in FX-related headwinds and $8.99 billion in tailwinds in the second quarter of 2023, with North American companies reporting $14.43 billion in headwinds, and European companies reported $5.72 billion in headwinds.

"Currency impacts are a global phenomenon and no geographic region is immune, demonstrated by the massive increase in European headwinds from last quarter," said Melissa Di Donato, Chair and CEO at Kyriba. "This data is a clear signal to global organizations with significant overseas exposure that currency volatility continues to erode value. Quantifying the impacts of FX on their businesses is critical for CEOs and CFOs to execute data-driven risk management programs."

Highlights from the November 2023 Kyriba Currency Impact Report include:

"CFOs have a long way to go to cost effectively manage FX risk to protect balance sheets, earnings and cash flow from currency swings," shared Di Donato. "Staying vigilant for the remainder of the year and into next year should be a top priority to mitigate the currency effects from geo-political events, economic volatility and financial market concerns."

To learn more about FX impacts to specific industries and which currencies were most impactful to multinationals, download the November 2023 Kyriba Currency Impact Report here.

About Kyriba Corp.

Kyriba empowers CFOs, Treasurers and IT leaders to transform liquidity performance and drive value creation through data-driven financial decisions. Kyriba is a secure, scalable SaaS platform that delivers intelligence and financial automation enabling thousands of multinational corporations and banks to maximize growth, improve financial resilience and increase operational efficiency. For more than 2,500 clients worldwide, including 25% of Fortune 500 and Euro Stoxx 50 companies, Kyriba manages more than 2.5 billion bank transactions and $15 Trillion in payments annually.

Kyriba is headquartered in San Diego, with offices globally. For more information, visit www.kyriba.com.


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