Currency Volatility Costs Companies Nearly $12B in FX Losses, Concludes Kyriba’s Q1 2020 Currency Impact Report
Summary
“Multinational corporations simply can’t afford to lose revenue to currency volatility as the global economy contracts,” said Wolfgang Koester, Chief Evangelist for Kyriba. According to Koester, payments fraud risk is also a significant challenge to corporate governance and balance sheets, and will only increase under the current economic climate. The Euro traded places with the Dollar as the currency most mentioned as impactful by European companies during Q1 2020 earnings calls, followed by the Brazilian Real, the Chinese Yuan and the Mexican Peso, as shown in the report. Based on a secure, highly scalable SaaS platform that leverages artificial and business intelligence, Kyriba enables thousands of companies worldwide to maximize growth opportunities, protect against loss from fraud and financial risk, and reduce costs through advanced automation. Kyriba is headquartered in San Diego, with offices in New York, Paris, London, Frankfurt, Tokyo, Dubai, Singapore, Shanghai and other major locations.
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