This site uses functional cookies and external scripts to improve your experience. My settings Accept The global solution for local currency TCX can hedge over 100 currencies worldwide Currencies Careers The TCX effect TCX shields international lenders and their local borrowers in emerging and frontier markets from exchange rate volatility. By swapping hard currency funding into a local currency loan, TCX makes debt financing predictable for the borrower. TCX enables lenders to offer the right product, allowing local counterparties to focus on growing their business rather than managing exchange rate risk. Read more about TCX Our impact Facilitating investment flows into microfinance in Myanmar Read more Interested in finding out what TCX can do for you? Start a conversation Follow us Careers Contact Frequently Asked Questions Investor login Your settings Privacy statement Cookie policy Disclaimer

This site uses functional cookies and external scripts to improve your experience. My settings Accept About the fund Who we are By hedging currency risk, TCX contributes to more sustainable development in emerging and frontier markets. Its aim is to develop local capital markets, while protecting its shareholders’ investments and their clients. The Currency Exchange Fund (‘TCX’) was founded in 2007 by a group of development finance institutions (DFIs), specialized microfinance investment vehicles (MIVs) and donors to offer solutions to manage currency risk in developing and frontier markets. These solutions consist of financial instruments – swaps & forward contracts – that enable TCX’s investors and clients to provide their borrowers with financing in their own currency, while shifting the currency risk to TCX. They are therefore protected from any currency volatility. Share this page Interested in finding out what TCX can do for you? Start a conversation Follow us Careers Contact Frequently Asked Questions Investor login Your settings Privacy statement Cookie policy Disclaimer

This site uses functional cookies and external scripts to improve your experience. My settings Accept Investors The institutions behind the fund TCX shareholders and counterparties include most major Development Finance Institutions (DFIs) and several privately managed Microfinance Investment Vehicle (MIVs). The Government of Netherlands, though the Minister for Development Cooperation, and the German Government, through the Federal Ministry for Economic Cooperation and Development (BMZ) and the Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMU), are the anchors of the fund as they provided support in the form of subordinated convertible debt, and a first loss loan. Please find below a complete overview of current investors in TCX. Share this page Interested in finding out what TCX can do for you? Start a conversation Follow us Careers Contact Frequently Asked Questions Investor login Your settings Privacy statement Cookie policy Disclaimer