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1、原文:TheManagementofForeignExchangeRiskbyMicrofinanceInstitutionsandMicrofinanceInvestmentFundsTheterm"MFI"isusedbroadlyinthischaptertoencompassinstitutionsthatprovidesmall-scalefinancialservices,suchasloans,savings,insurance,remittancesandotherservices(generallyinamountslessthan250%ofGNPp
2、ercapita).Thetermencompassesawidevarietyoforganizations:NGOs,creditunions,non-bankfinancialintermediaries,ruralbanks,etc.Mostmicrofinanceinvestmentfunds(MFIFs)andotherfunderssuchasofficialdevelopmentagenciesfinancetheiractivitiesinUSdollars(USD)orEuros(EUR),whichmaybecalleduhardcurrencie
3、s.vHowever,mostmicrofinanceinstitutions(MFIs)operateinnondollarisedornon-Euro-basedeconomiesandlendlocalcurrencytotheirclients.Fundinginonecurrencyandlendinginanother,andtheprobabilitythattherelativevaluesofthetwocurrencieswillalter,createsforeignexchange(FX)risk.Volatilecurrencyexchange
4、ratefluctuationsinmanycountrieswhereMFIsoperatemakeFXriskaseriousissue,butonethathasoftenbeenaccordedlittleurgencyinmicrofinance.Theaccelerateddevelopmentofmicrofinancethroughaccesstocapitalmarketsmakesitimperativethatforeignexchangebemanagedinwaysthatareconsistentwithbestpracticeinfinan
5、ce.Untilthisiswidelyachieved,accesstocapitalmarketsforthebenefitofmicrofinancewillberetarded.ForeignexchangeriskisoneofmanyrisksthatMFIFsface.InterestrateriskisanadditionalriskthatisrelatedtoFXrisk.Ascurrencyvalueschange,interestexpenseorincomewillalsochange.And,spreadsbetweeninterestrat
6、esonbothsidesofthebalancesheetmaychange,thatis,interestratesonmoneyborrowedinonecurrencybyamicrofinanceinstitution,forexample,maydivergefrominterestratesonmoneyloanedtomicroentrepreneursbytheMFI.EachoftheseeffectshasimplicationsforMFIFandMFIprofitability.Forpurposesofeconomy,thesesecondo
7、rderexchangerisksarenotdiscussedfurtherherein.ThischapterexploresthenatureofFXriskindebtfundingbyfocusingonwhichpartyislikelytobeartheriskofexchangeratefluctuationsindifferentsituationsatdifferentpointsinafundingtransaction.Theimportanceofhedgingisnoted,andmechanismsareli