Jonas Enrico Luini started his career at Credit Access Grameen, and after roles at various other institutions, for the last five and a half years he has been a vice president at The Currency Exchange Fund (‘TCX’), founded in 2007 by a group of development finance institutions (DFIs), specialised microfinance investment vehicles (MIVs) and donors. TCX offers 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. In this episode, Jonas describes clearly and simply how hedging for MFIs works, what TCX does, and discusses market conditions. Further descriptions of cross currency hedges can be found in TCX’s last annual report (https://www.tcxfund.com/reports/). Jonas can be contacted via LinkedIn or at TCX’s website (https://www.tcxfund.com/). This podcast is brought to you by Financial Due Diligence Associates, a multilingual consulting partnership founded by Guy Rodwell and Zinaida Vasilenko, specialised in holistic, relevant and concise analysis of financially inclusive companies. FDDA also helps impactful asset managers access French institutions through an alliance with Oxondo, a leading Paris-based third party marketer. You can reach FDDA by contacting Guy Rodwell or Zinaida Vasilenko on LinkedIn, or by emailing us at [email protected].