COVID-19 & Global Mobility

In this unprecedented time, AIRINC has created this landing page to serve as a hub to help you learn more about how your peers in global mobility are responding to the impact of COVID-19. In addition we will share advice from our team, upcoming events, blog posts related to the crisis, and plans for the COVID-19 recovery.

Please take a few moments to complete the Pulse Survey below. Results from this survey will be posted on this page and updated weekly.

We hope by sharing this information AIRINC can help Global Mobility teams across the globe.

Pulse Survey

This survey focuses on how Global Mobility is supporting expatriates on temporary, international assignments in response to the COVID-19 pandemic. AIRINC will update and publish the results on a regular and frequent basis to track changes over time, and identify trends as conditions evolve.

Key Pulse Survey Findings

61%

of companies report that most expatriates are still on assignment in the host location

64%

have put all new expat assignment initiations on hold

59%

of companies are still using the corporate travel policy for airfare when evacuating expats

30%

of companies are providing temporary living in the home location for expat-initiated evacuations

87%

of companies are not paying an additional, temporary hardship for expats remaining in the host location

Additional Resources

Addressing Allowances during COVID-19

March 24, 2020 | By Morgan Crosby

(Global Tax Network) COVID‐19 and Global Mobility Tax Issues

March 6, 2020 | By David Livitt

Exchange Rate

One thing we have learned from past crises is to expect economic volatility, including wide exchange rate swings and abnormal patterns of inflation. While these are early days, we have already measured significant fluctuations in major currencies. Here is a list of currencies with the largest fluctuations (USD is base currency used).

Country
CurrencyApril 2020March 2020ChangeAppreciation/Depreciation
Mexico

The value of the Mexican peso is at all-time low amid global COVID-19 uncertainty, exacerbated by global oil price volatility amid failed OPEC talks in early March. The inability for OPEC+ parties to agree to whether to cut production prompted retaliatory actions between Russia and Saudi Arabia that washed over the global market. Mexico’s central bank, Banxico, stepped in to slow depreciation, but has limited mitigation options in the current market. The currency remains under pressure as investors are pulling money from emerging markets.
MXN21.218.610.8778-12.2170
Colombia

The Colombian peso’s fall is attributed to global COVID-19 uncertainty as well as the poor outlooks for global energy markets.
COP384033900.8828-11.7188
Russia

The value of the Russian ruble has fallen amid global COVID-19 uncertainty, as well as the global oil price volatility amid failed OPEC+ talks in early March, which set off a price war between Russia and Saudi Arabia. The Central Bank is increasing its sales of foreign currencies, and the government has pledged support to oil companies, in hopes these steps will stabilize the currency.
RUB71.663.50.8869-11.3128
BrazilBRL4.754.310.9074-9.2632
South AfricaZAR16.114.90.9255-7.4534
KazakhstanKZT4003770.9425-5.7500
AustraliaAUD1.5721.4890.9472-5.2799
CanadaCAD1.3731.3250.9650-3.4960
United KingdomGBP0.7920.7690.9710-2.9040
MalaysiaMYR4.254.140.9741-2.5882
KoreaKRW120611850.9826-1.7413
ChinaCNY6.996.980.9986-0.1431
Euro CountriesEUR0.8950.9191.02682.6816
JapanJPY106.3109.71.03203.1985
SwitzerlandCHF0.9480.9791.03273.2700

Currency exchanges are updated monthly. Above update is from the week of March 22.

Special COVID-19 Business Continuity Notice

AIRINC is taking every precaution to keep our workforce safe in this unsettling time. Our entire staff are fully functional working from home and are doing so at this time in order to remain healthy. At this time, there is no impact to our services to our clients and we do not expect there to be any. We are here for you, as the pandemic impacts global currencies and prices, please reach out if you need any help. Contact Us

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