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As we move into the second half of 2021, the light at the end of the tunnel draws nearer. After the disruption of the past 18 months, signs of normalcy are returning to both our workplaces and the broader economy. Businesses are reopening, and global trade corridors are stirring back to life—WTO figures suggest merchandise trade volumes will grow 8 percent this year, compared with a 5.3 percent decline in 2020. Now businesses face important decisions about which of the practices and adaptations they embraced during the pandemic are here to stay, and which simply reflect transient, short-term changes.

Against this backdrop, companies need to remain agile, listen to the data and insights, and make informed decisions. Treasury and cash management teams' key role in closely monitoring cash reserves and liquidity, adapting business operating models, and responding to international supply-chain challenges is vitally important as the recovery takes hold. It will remain so into the future. The remit of the corporate treasurer has become more strategic since early 2020: Treasury groups are expected to add value by driving business decisions that free up previously locked cash, identifying lower-cost sources of funding, and even engaging in new market operations such as sourcing and providing best-in-class local payment options for commercial benefit.

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