TCX is a specialized vehicle that provides currency derivatives (swaps and forwards) to hedge the currency and interest rate mismatch that is created in cross-border financing transactions between international investors and developing country borrowers. The 10 years evaluation of TCX provided an independent in-depth assessment of the added value of the activities of TCX to better understand the difference that local currency finance makes for end clients and to demonstrate the impact of TCX’s interventions on local entrepreneurs and local financial institutions in developing countries, including job creation, availability of local-currency interest rates for longer tenors, and collateral.
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The Currency Exchange Fund (TCX)
