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1、原文：原文：TheManagementofFeignExchangeRiskbyMicrofinanceInstitutionsMicrofinanceInvestmentFundsTheterm“MFI”isusedbroadlyinthischaptertoencompassinstitutionsthatprovidesmallscalefinancialservicessuchasloanssavingsinsurancerem

2、ittancesotherservices(generallyinamountslessthan250%ofGNPpercapita).Thetermencompassesawidevarietyofganizations:NGOscreditunionsnonbankfinancialintermediariesruralbanksetc.Mostmicrofinanceinvestmentfunds(MFIFs)otherfunde

3、rssuchasofficialdevelopmentagenciesfinancetheiractivitiesinUSdollars(USD)Euros(EUR)whichmaybecalled“hardcurrencies.”Howevermostmicrofinanceinstitutions(MFIs)operateinnondollarisednonEurobasedeconomieslendlocalcurrencytot

4、heirclients.Fundinginonecurrencylendinginanothertheprobabilitythattherelativevaluesofthetwocurrencieswillaltercreatesfeignexchange(FX)risk.VolatilecurrencyexchangeratefluctuationsinmanycountrieswhereMFIsoperatemakeFXrisk

5、aseriousissuebutonethathasoftenbeenaccdedlittleurgencyinmicrofinance.Theaccelerateddevelopmentofmicrofinancethroughaccesstocapitalmarketsmakesitimperativethatfeignexchangebemanagedinwaysthatareconsistentwithbestpracticei

6、nfinance.Untilthisiswidelyachievedaccesstocapitalmarketsfthebenefitofmicrofinancewillberetarded.FeignexchangeriskisoneofmanyrisksthatMFIFsface.InterestrateriskisanadditionalriskthatisrelatedtoFXrisk.Ascurrencyvalueschang

7、einterestexpenseincomewillalsochange.spreadsbetweeninterestratesonbothsidesofthebalancesheetmaychangethatisinterestratesonmoneybrowedinonecurrencybyamicrofinanceinstitutionfexamplemaydivergefrominterestratesonmoneyloaned

8、tomicroentrepreneursbytheMFI.EachoftheseeffectshasimplicationsfMFIFMFIprofitability.FpurposesofeconomythesesecondThesharpappreciationoftheEURagainsttheUSDhascreatedsignificantexchangelossesontheEURloansofmanyMFIswhichins

9、omecaseswillrequirerestructuring.TheASNNovibFondsisanexample.ItisanMFIFintheherlsthatlendsinhardcurrency(bothUSDEUR)withmostofitsptfolioconcentratedinLatinAmerica.ItisseekingopptunitiesinAsiaAfricaifthefeignexchangerisks

10、canbehedged.InthepasttheASNNovibFondsmadeEURloanstoMFIsoperatingindollarisedeconomiesbutthelackofhedgingbyitsclientMFIssubsequentlosseshavefcedASNNovibFondstodiscontinueunhedgedEURfundingwhichitconsiderstooriskyftheMFIs.

11、OntheotherhMFIsbrowinginUSDonlendinginEURhaveexperiencedcurrencygainstheirEuroequivalentUSDrepaymentsofprincipalinteresthavediminishedconsiderably.Regardlessofwhobearsthedirectcurrencyrisk(i.e.directlossesfromcurrencyflu

12、ctuations)bothpartiesareatriskfindirectlossesresultingfromcurrencyrisk.FexampleifanMFIFsufferslossesdownscalesoperationschangestheallocationofcountriesinwhichitinvestsclientMFIsmayloseaccesstoafunderthathasbeenhelpfulint

13、hepast.OntheotherhMFIFsfaceincreasedcreditrisk(i.e.anindirectcurrencyriskinthiscase)whenMFIshavenothedgedtheircurrencyrisksuffersubsequentlossesthataffecttheirprofitabilitylongtermviability.Inthissensesomedimensionsofcur

14、rencyriskarealwayssharedbetweentheMFIFtheMFIregardlessofwhichbearsthedirectriskasptrayedintheexamplesabove.BecauseofdirectindirectFXrisksMFIFsMFIsarewkingtogethertodevelophedgingmechanismsincountrieswherethecapitalmarket

15、smayofferfewofthehedgingoptionsthatareavailableindevelopedcountries.TomitigateindirectcurrencyrisksmostMFIFstrytoassesswhetheritisreasonableftheirclientMFIstobrowinacertaincurrency.Theyexaminetheirfundingoperatingcurrenc

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