Glosario

Periódicamente, las empresas repatrían sus beneficios de sus filiales en el extranjero, lo que requiere convertir la divisa local en la moneda de la sede central.

La expansión internacional proporciona a las empresas la posibilidad de aumentar sus ventas y sus beneficios mediante el acceso a mercados extranjeros, pero sin una gestión eficiente del riesgo derivado de la volatilidad del tipo de cambio, estos beneficios pueden disminuir rápidamente.

Dependiendo del número de oficinas involucradas, un gran número de divisas pueden entrar en juego. Operar en un número mayor de países países facilita el acceso a más clientes, y, por tanto, implica mayores ventas y beneficios. Sin embargo, en el momento de la repatriación, estos beneficios, sin una gestión del riesgo adecuada, podrían disiparse rápidamente y perderse en el tipo de cambio.

Ejemplo de repatriación de capitales

Un fabricante mundial de automóviles japonés repatría sus beneficios obtenidos alrededor del mundo y los cambia a yenes. Como vende coches a escala global, está muy expuesto al riesgo asociado a los mercados de divisas.

En mayo de 2015, este fabricante informó de un aumento de sus beneficios en el anterior año fiscal, debido en gran medida a la devaluación del yen frente al dólar con respecto al año fiscal previo. Al devaluarse el yen, el volumen total de sus ventas en dólares, al cambio, produjeron un mayor volumen de yenes y, por lo tanto, un mayor margen de beneficios.

Se trata de un ejemplo del modo en que la fluctuación inherente al mercado de divisas puede ser positiva y, del mismo modo, devastadora si implica pérdidas.

Se entiende como riesgo de transacción los efectos negativos potenciales de las variaciones en el tipo de cambio durante el periodo comprendido entre la suscripción de un contrato y su posterior liquidación.

Riesgo de transacción en el comercio internacional

Cuando dos empresas que trabajan en divisas diferentes se comprometen a una transacción mediante un contrato, el intervalo entre la suscripción de dicho contrato y la liquidación del pago representa un periodo de riesgo, que viene dado por la volatilidad del tipo de cambio, puesto que los tipos de cambio pueden fluctuar de forma considerable en un breve espacio de tiempo, perjudicando a una de las partes del contrato.

Para evitar ese perjuicio, las empresas a menudo recurren a productos de cobertura del riesgo, como son los seguros de cambio –forward– o las opciones.

Los efectos potencialmente adversos del riesgo de transacción pueden causar verdaderos estragos; la variación repentina de un tipo de cambio puede provocar que una empresa tenga que pagar mucho más para satisfacer el pago de una compra en la divisa de su proveedor. Asimismo, tienen el potencial de que los beneficios disminuyan o se desplomen, e incluso pueden llegar a provocar el impago.

Realised FX gains or losses reflect the change in the value of foreign currency denominated sales/purchase transactions that have been settled prior to the close of the accounting period. For example, a U.S.-based company sells EUR 100,000 worth of motor vehicle parts to a European distributor. When the invoice was recognised, the spot EUR-USD rate was 1.10. When the customer settles the invoice the rate has moved to 1.20. Accordingly, there is a $10,000 realised FX gain, which is recorded in the income section of the income statement.

Reconciliation is an accounting concept that refers to the process of confirming that a set of two records are in agreement.Payment reconciliation is an important task for accounting teams. It involves comparing an account payable with what has actually been paid or, in the case of an account receivable, with the actual incoming payment, to report any possible discrepancies.This process is generally performed at the close of each financial period and entails a thorough examination of all account balances, which in the case of international businesses working with different currencies, can become complex and time-consuming.To minimise manual reconciliation and free up the accounting department from administrative tasks, software tools like Kantox currency accounts make it possible to automate some steps in the collection and reconciliation processes.Currency accounts and virtual IBANs are a cost-efficient solution for international businesses to design a streamlined collection process, with one IBAN per currency or even per client. This facilitates payment originator identification and simplifies reconciliation.

Reference exchange rates are a set of daily foreign exchange rates published by leading central banks. Reference exchange rates are used by companies and other participants in FX markets. They are based on a regular daily concertation procedure between the central bank and leading commercial banks. Reference exchange rates are published for information, not trading, purposes. They are often used as a valuation tool, or in annual financial statements and tax reports of corporations, as well as in statistical publications and economic analyses.

The reporting currency is the monetary unit used by a firm to record its transactions and to present its financial statements. The reporting currency is also known as the accounting currency or presentation currency. In most cases, the reporting currency is also the firm’s ‘functional currency’, i.e. the currency in which it primarily generates and expends its cash. A company can decide to present its financial statements in a currency different from its functional currency, for example when preparing a consolidated report for its parent in a foreign country. While a company can choose its reporting currency, it cannot change its functional currency.

A reserve currency is a currency that central banks hold as part of their foreign exchange reserves. This currency is often used for their international transactions. There are several features of an international reserve currency: a large transaction area, stable monetary policy, absence of controls, a strong central state, some significant backing in terms of precious metals, a sense of permanence, and low interest rates.

A restricted currency, also known as ‘blocked’ or non-convertible currency, is the monetary unit of a country where holders of the currency do not have the right to convert it freely at the going exchange rate into any other currency. A currency is considered to be restricted if it fulfills one or more of the following three criteria about usability, exchangeability and market value: it cannot be used for all purposes without restrictions; it cannot be exchanged for another currency without limitations; It cannot be exchanged at a given exchange rate.

A revolving credit is a financial arrangement in which a bank or other lending institution allows a business or individual to borrow funds for purchases or investments as they require them.Revolving credits work like credit cards. The lending bank guarantees the maximum amount that can be loaned to the customer. Whenever the customer draws on this credit, the amount that they borrow is subtracted from the maximum amount. Periodically, and normally at the end of each month, the customer is obliged to pay off their debt, plus the interest rate, and then they are free to borrow up to the maximum amount again.The business or individual pays a commitment fee to the lending institution for this kind of credit.If the borrower fails to repay the debt by the scheduled deadline, the lending institution applies interest rates to the unpaid amount. These can range from 10-30% and can create a considerable snowball of debt and a possible credit risk.

In FX management, risk diversification refers to foreign exchange risk being managed centrally on a portfolio basis. This approach allows the firm to manage FX exposures in several currency pairs by taking advantage of natural offsets and currency correlations existing within the portfolio. When it is considered practical, the remaining exposures are hedged with forward contracts. In general terms, the lower the correlation between changes in currency values, the higher the benefits of diversification and the lower the hedging requirements.

In FX risk management, a Risk Management Framework (RMF) is the structured process used to identify the sources of currency risk and to define the goals of a hedging program aimed at eliminating or minimising the impact of this risk. The Risk Management Framework should allow management to achieve the goals of a hedging program in a systematic way, meaning: (a) targets must be consistently accomplished over time; (b) the goals of the program must be clearly communicated across the enterprise in as much detail as possible. A Risk Management Framework takes into account a number of variables, starting with the firm’s pricing parameters. Budget-related programs also take into account the company’s sources of information, IT systems, degree of cash flow visibility, and key decision makers (their risk tolerance, their familiarity with different risk management styles, etc.) Thanks to Currency Management Automation solutions, a wide array of programs is available for firms to tackle the needs formulated in their Risk Management Framework.