Rising currencies could hit Irish businesses

IRISH businesses will be hit by rising currencies and bad debts, according to a survey of exporters.

A survey for the Institute of International Trade of Ireland found that because many Irish firms are dealing in non-euro transactions they are at risk of losing out to fluctuating currencies. The institute’s president, Jim Somers, said less than half of Irish firms are carrying out transactions in euro.

“Most disturbing is the fact that 10% of those surveyed do absolutely nothing to manage foreign exchange risks,” he said.