KUALA LUMPUR, Oct 18 — Global currency swings were responsible for deep cuts into the revenues of the United States-listed multinational corporations, costing them more than US$21 billion in the past quarter, says Kyriba Currency Impact Report (CIR).

The report unveils the impact of foreign exchange (FX) among 1,200 companies in North America and Europe. This is the third consecutive quarter of over US$20 billion in losses for North American companies (the longest such stretch in at least a decade). (US$1 = RM4.19)

The CIR is the most comprehensive report of its kind, detailing the impact of FX exposures among publicly traded companies, whereby all companies in the report do business in more than one currency, with at least 15 per cent of their revenue coming from other nations.

For the 10th consecutive quarter, North American companies indicated the euro as the most impactful currency, with 44 per cent of companies mentioning it during their second-quarter earning calls, according to the report.

Medical equipment and supplies and the business services industries experienced the greatest impact from currencies, as those industries continue to be affected by Brexit and other volatile geopolitical events worldwide.

Kyriba will showcase its FX risk management solution at AFP in Boston for four days, beginning Oct 20. The solution is part of a larger cloud platform designed to help CFOs and their teams better activate and protect their global cash and liquidity.

More information at https://www.kyriba.com.

— BERNAMA

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