Staying Ahead in Volatile Times: How Treasurers Can Navigate 2026 with Confidence

Corporate treasurers have entered 2026 with more uncertainty than ever: shifting central bank expectations, persistent geopolitical tensions, and increasingly complex cross‑border cash flows are reshaping financial decision-making across Europe and Central and Eastern Europe (CEE). In such an environment, effective risk management is no longer just a safeguard – it is a strategic differentiator. Treasurers are expected to protect margins, secure funding stability, and ensure operational efficiency, often across multiple markets and volatile currency environments.

To understand what lies ahead and how corporates can prepare, we spoke with Christian Skopek, Head of Corporate Sales at RBI. With his team at the front line of FX and interest rate risk management for multinational companies, he offers a clear view on the challenges treasurers will face in 2026 – and the concrete steps they can take today to strengthen their financial resilience. From hedging strategies to digital transformation and the growing role of AI, his insights show how RBI can support clients in navigating uncertainty and assist turning market complexity into opportunity.

In our view, in 2026, corporate treasurers will be confronted with ongoing geopolitical risks, trade disputes, and sanctions. Among the two central banks most relevant to our customers – the ECB and the Federal Reserve – expectations are fluid: while further Fed cuts are anticipated, the market has recently shifted its view on the ECB – from “unchanged for longer” to a possible hike. Developments such as the Hungarian elections will also most likely influence regional dynamics in the CEE region.

We, as RBI’s Corporate Sales team, support our customers through a comprehensive range of FX and interest rate risk‑management tools, helping corporates protect margins against market swings. Our offering spans hedging solutions that cover FX exposure and interest rate risks as well as attractive short-term deposit opportunities for surplus liquidity.  We see it as a vital part of our mission to ensure that our customers take informed decisions here, as – of course – any investment in financial instruments carries chances and risks. Combined with deep insights from Raiffeisen Research, clients gain access to a true one stop shop for market analysis, payment services, and hedging instruments.

Our mission is to remain highly accessible to clients – five days a week ensuring fast execution and seamless handling of hedging requests. Around‑the‑clock monitoring of take‑profit and stop‑loss orders helps clients avoid missing key market levels, even overnight.

Equally important is our advisory approach: together with clients, we review budgeted interest expenses, FX pricing assumptions, and market views to identify the most suitable hedging strategy. Peer group insights additionally support benchmarking of individual positioning.

Finally, we are continuing our high‑demand training program for newcomers in corporate treasury. It provides participants with practical knowledge on hedging products, regulatory aspects, and derivative limit management – ultimately strengthening the financial resilience of the companies they represent. 

Join us for our 2026 session: It additionally provides an excellent platform for professional exchange with finance departments across various industries.

FX forwards and FX swaps will once again play a central role in managing currency risk and intragroup financing. With the ECB’s easing cycle now appearing completed, interest rate swaps are becoming the primary tool for corporates to assist in stabilizing interest expenses over the coming years. For liquidity management, RBI remains a strong partner for multinational clients placing wholesale-level liquidity at attractive rates.

Corporate FX exposures originate from cross‑border cash flows – and this is where RBI’s network delivers significant value. Corporates using RBI both centrally and locally benefit from fast, seamless intragroup payments within our banking network. This eliminates the need for transfers via third‑party banks, reducing costs, and settlement‑related operational risks.

For corporates with decentralized treasuries, our local sales teams across all network bank units provide proximity, language alignment, and deep market knowledge. This combination – local presence backed by regional research insights – sets RBI apart from global competitors.

Effective FX management must be continuous. It enables corporates to offer competitive pricing while protecting margins against market volatility. Consistency in executing a defined hedging policy is essential.

On the interest‑rate side, the shorter end of the curve can currently be hedged at levels only slightly above the actual 3M Euribor. For many clients, this presents a compelling opportunity to secure budgeted interest costs for the next two to three years and avoid unexpected volatility in the P&L.

Large multinationals already rely on sophisticated treasury systems, multi‑bank platforms, and automated confirmation matching. The tier below often still works with Excel, CSV files, and manual processes – especially in areas such as cross‑border payment conversions or FX hedging workflows.

For these clients, the next leap forward will be integrating pre‑trade, trade, and post‑trade activities directly into banking applications. AI will undoubtedly become an integral part of the hedging process, though its precise impact on onboarding, advisory, execution, and confirmation is still evolving.

One emerging trend to watch closely is the increasing use of stablecoins for cross‑border payments – and the corresponding need for seamless conversion into fiat currencies. Keep an eye on this topic. We will do as well.

Stay agile. The past few years have shown how quickly market shifts can affect profitability. There are many open questions for 2026: What can we expect from Trump? What about Russia, Ukraine and Iran? Will the AI 'bubble' burst, and is it a bubble at all when the massive investments start to generate returns? How will markets react to the refinancing of US government debt at higher rates, combined with bondholders potentially reducing their exposure to US Treasuries?

Safeguard your budget and ensure your protection: Partner with RBI, the leading provider of active FX and interest rate risk management solutions. Make hedging happen.