With currency shifts continuing to significantly impact company profits, more than half (51%) of respondents to the 2023 inaugural Argentex CFO survey reported that the biggest challenge in managing foreign exchange (FX) risk is a lack of visibility against a backdrop of ongoing market volatility.
The survey polled over 500 CFOs, Treasurers and Financial Controllers across the UK, France, Spain, Canada and Australia, from businesses with more than £1m foreign currency exposure per year, on the challenges they face in managing currency risk.
The lack of visibility, which the survey found to be a critical challenge for respondents, could derive from the fact that nearly 9 out of 10 (89%) of corporations rely on at least two to three different sources to monitor exposures, with around half (48%) admitting they find it a drain on resources to manage various suppliers.
Argentex Group plc (LON:AGFX) is a leading provider of bespoke currency risk management and payments solutions for businesses and financial institutions