Sterling's departure from the Exchange Rate Mechanism (ERM) in September 1992 precipitated a crisis for the Irish economy. This problem was resolved 5 months later (for the time being at least) by the decision of Irish policy makers to devalue their currency at the end of January 1993. The currency crisis took its toll on all aspects of Ireland's economic stability. Like most small open economies the Republic of Ireland is heavily dependent on International trade, an area where the country found difficulties during the crisis. The United Kingdom is Ireland's major trading partner, accounting for 31.5% of Irish exports. The resulting effect of Ireland's dependence on the UK import market was fully realised when the punt strengthened against sterling: Irish goods became more expensive in the UK and sales volumes and revenues started to decrease. When a company is considering importing or exporting, major emphasis should be placed on treasury management. At an international level this involves knowledge of terms, business credit, collection of bad debts abroad, matching foreign currency to receipts and payments and awareness of exchange rates. The purpose of this report is to investigate the response of Irish companies involved in foreign trade to currency fluctuations especially during the recent crisis. The method used for this investigation involved an analysis of four companies which partake in international trade. In evaluating the effect the currency crisis had on these companies and trade figures in general, primary and secondary data were used. The assessment also looked at how foreign treasury was managed during the crisis. In conclusion, companies are not made aware of the importance of the 'treasury management function'. The Irish economy is still highly dependent on the UK for foreign trade. This high dependency left the country's exporters vulnerable during the crisis. The author recommends a rethink on the part of companies and government on their treasury management function, combined with an aggressive marketing campaign to new and varied international markets.