Join one or all of the following webinars to keep on top of all-things-mobility. If the date/time doesn't work you can still register to receive a copy of the recording.
The COVID-19 pandemic continues to wreak havoc in global markets. In addition to the economic impacts of national lockdowns, travel restrictions, rampant unemployment, slack demand for consumer goods and sharply reduced business activity, the volatility of the oil market has reached crisis levels. While OPEC members agreed to cut production in May and June by 23% earlier this month, oil futures have continued to fall and darken outlooks for the global market this month. Crude oil prices went negative for the first time in history this month due to deficient demand for oil and looming lack of global storage capacity.
AIRINC has been providing weekly updates to spot rates of major currencies on our COVID-19 landing page. The global spread of the COVID-19 pandemic and its economic impacts landed a major blow to the global economy last month, made worse in light of volatility in oil markets sparked by controversy within OPEC+. The result has been historic depreciation in even traditionally stable currencies and unprecedented uncertainty. The last week of March saw unprecedented depreciation. While year-to-date depreciation of many currencies remains high, several major currencies saw an appreciation bump last week between April 6-13.
The Coronavirus crisis is spurring economic uncertainty around the globe. Exchange rate volatility is just one example. Access our 30-minute webinar to learn about how to address this volatility for your international assignees.
For years, Venezuela’s currency (currently the VES, was VEF) was the only currency legal to use within the country. However, with hyperinflation and a rapidly depreciating currency, using the VES was often difficult. Although not technically legal, transactions would often still occur using U.S. dollars, as it is a stable currency.
On August 11th, Argentina held primary elections ahead of the general election scheduled for October 27th. Center-left candidate Alberto Fernandez and running mate former President Cristina Fernandez de Kirchner defeated center-right President Mauricio Macri. This result created uncertainty about the future of Argentina’s economic policy. Many investors pulled their money out of Argentina, and ratings agencies such as Fitch and Standard & Poor’s downgraded their credit rating. The peso experienced rapid and significant devaluation against the dollar, losing roughly 20% of its value in a matter of days. In an effort to stabilize the peso, Macri re-instituted currency controls that had been eliminated in 2015.
During the August survey of Harare, our visit found the Zimbabwean economy in a state of transition. This June, after a decade of using a mix of approaches but primarily relying on the U.S. dollar for transactions, the Reserve Bank of Zimbabwe announced that a new Zimbabwean dollar (ZWL), also known as the Zimdollar, was the only acceptable form of payment.
Control program costs while meeting assignee needs via well-designed policies that address economic changes over time. Access the recording to learn how to:
Understanding how and when to use different compensation approaches is key to achieving global mobility goals. Join us to learn more about:
The Meeting The Challenges of Change: Global Mobility Assignments webinar grants attendees one general HR Certification Institute credit. Global mobility is rapidly changing and increasingly becoming a point of emphasis for employers. In fact, almost half of employers expect the demand for global assignments at their organization to increase during the next year, according to Envoy Global’s 2019 Immigration Trends report. Learn more and register today!