1、原文THEMANAGEMENTOFFOREIGNEXCHANGERISKBYMICROFINANCEINSTITUTIONSANDMICROFINANCEINVESTMENTFUNDSTHETERM“MFI”ISUSEDBROADLYINTHISCHAPTERTOENCOMPASSINSTITUTIONSTHATPROVIDESMALLSCALEFINANCIALSERVICES,SUCHASLOANS,SAVINGS,INSURANCE,REMITTANCESANDOTHERSERVICESGENERALLYINAMOUNTSLESSTHAN250OFGNPPERCAPITATHETERME
2、NCOMPASSESAWIDEVARIETYOFORGANIZATIONSNGOS,CREDITUNIONS,NONBANKFINANCIALINTERMEDIARIES,RURALBANKS,ETCMOSTMICROFINANCEINVESTMENTFUNDSMFIFSANDOTHERFUNDERSSUCHASOFFICIALDEVELOPMENTAGENCIESFINANCETHEIRACTIVITIESINUSDOLLARSUSDOREUROSEUR,WHICHMAYBECALLED“HARDCURRENCIES”HOWEVER,MOSTMICROFINANCEINSTITUTIONSM
3、FISOPERATEINNONDOLLARISEDORNONEUROBASEDECONOMIESANDLENDLOCALCURRENCYTOTHEIRCLIENTSFUNDINGINONECURRENCYANDLENDINGINANOTHER,ANDTHEPROBABILITYTHATTHERELATIVEVALUESOFTHETWOCURRENCIESWILLALTER,CREATESFOREIGNEXCHANGEFXRISKVOLATILECURRENCYEXCHANGERATEFLUCTUATIONSINMANYCOUNTRIESWHEREMFISOPERATEMAKEFXRISKASE
4、RIOUSISSUE,BUTONETHATHASOFTENBEENACCORDEDLITTLEURGENCYINMICROFINANCETHEACCELERATEDDEVELOPMENTOFMICROFINANCETHROUGHACCESSTOCAPITALMARKETSMAKESITIMPERATIVETHATFOREIGNEXCHANGEBEMANAGEDINWAYSTHATARECONSISTENTWITHBESTPRACTICEINFINANCEUNTILTHISISWIDELYACHIEVED,ACCESSTOCAPITALMARKETSFORTHEBENEFITOFMICROFIN
5、ANCEWILLBERETARDEDFOREIGNEXCHANGERISKISONEOFMANYRISKSTHATMFIFSFACEINTERESTRATERISKISANADDITIONALRISKTHATISRELATEDTOFXRISKASCURRENCYVALUESCHANGE,INTERESTEXPENSEORINCOMEWILLALSOCHANGEAND,SPREADSBETWEENINTERESTRATESONBOTHSIDESOFTHEBALANCESHEETMAYCHANGE,THATIS,INTERESTRATESONMONEYBORROWEDINONECURRENCYBY
6、AMICROFINANCEINSTITUTION,FOREXAMPLE,MAYDIVERGEFROMINTERESTRATESONMONEYLOANEDTOMICROENTREPRENEURSBYTHEMFIEACHOFTHESEEFFECTSHASIMPLICATIONSFORMFIFANDMFIPROFITABILITYFORPURPOSESOFECONOMY,THESESECONDORDEREXCHANGERISKSARENOTDISCUSSEDFURTHERHEREINTHISCHAPTEREXPLORESTHENATUREOFFXRISKINDEBTFUNDINGBYFOCUSING
7、ONWHICHPARTYISLIKELYTOBEARTHERISKOFEXCHANGERATEFLUCTUATIONSINDIFFERENTSITUATIONSATDIFFERENTPOINTSINAFUNDINGTRANSACTIONTHEIMPORTANCEOFHEDGINGISNOTED,ANDMECHANISMSARELISTEDTHATMFIFSANDMFISUSETOADDRESSTHEIRRESPECTIVEFXRISKSTHERELATIONSHIPSBETWEENCURRENCYANDRISKDESCRIBEDBELOWAPPLYTOEQUITYFUNDS,WHILEINTH
8、ECASEOFGUARANTEEFUNDSTHESITUATIONISREVERSEDEQUITYINVESTMENTS,ASCAPITAL,AREALWAYSINTHECURRENCYOFTHEMFIFORTHEFOREIGNEQUITYINVESTOR,“FOREIGNEXCHANGERISKBECOMESONEOFSEVERALRISKSASSOCIATEDWITHANINVESTMENTRATHERTHANACENTRALFACTORINMAKINGALOAN”EQUITYANDGUARANTEEFUNDS,WHILENOTTHEFOCUSOFTHISCHAPTER,AREINCLUD
9、EDINTHEAPPENDICESWITHEXAMPLESTOIDENTIFYWHENTHEYFACEACURRENCYRISKANDTHEHEDGINGMECHANISMSTHEYUSETHEMOSTCOMMONFOREIGNEXCHANGERISKPOSSIBILITIESARESUMMARIZEDINTABLETHESECOMBINATIONSINVOLVEPOSITIONSINEUROSEURANDLOCALCURRENCY,USDOLLARSUSDANDLOCALCURRENCY,ANDBETWEENEURANDUSD,THATCOMPRISETHECURRENCIESINWHICH
10、ASSETSANDLIABILITIESAREHELDBYMFISANDMFIFSGENERALIZING,WEASSUMETHATBEFORETHEMFIRECEIVESFUNDING,ITHASNOCURRENCYMISMATCHITS“OPERATINGCURRENCY,”THECURRENCYINWHICHITSASSETSAREDENOMINATED,ISTHESAMEASITS“FUNDING”CURRENCY,WHICHISTHECURRENCYINWHICHITSLIABILITIESAREDENOMINATEDTHEEXAMPLEOFCHANGEINVALUEOFTHEEUR
11、AGAINSTTHEUSDISANINTERESTINGONETOEXAMINEOVERA2YEARPERIOD,THEEURGAINEDCLOSETO40OFITSVALUEAGAINSTUSDTHISLARGECHANGEINTHERELATIVEVALUESOFTWO“HARD”CURRENCIESWASUNDERESTIMATEDBYMANYMFISANDMFIFSTHEEURWASLAUNCHEDIN2002ATUSD117,ANDSUBSEQUENTLYFELLTOLESSTHANUSD090RECENTLY,HOWEVER,THEEURHASAPPRECIATEDCONSIDER
12、ABLYAGAINSTTHEUSD,ANDMANYEUROPEANMFIFSOPERATINGINEURANDLENDINGINUSDINDOLLARIZSEDCOUNTRIESINLATINAMERICAHAVEINCURREDSIGNIFICANTLOSSESFROMTHETRANSACTIONSTHESHARPAPPRECIATIONOFTHEEURAGAINSTTHEUSDHASCREATEDSIGNIFICANTEXCHANGELOSSESONTHEEURLOANSOFMANYMFIS,WHICHINSOMECASESWILLREQUIRERESTRUCTURINGTHEASNNOV
13、IBFONDSISANEXAMPLEITISANMFIFINTHENETHERLANDSTHATLENDSINHARDCURRENCYBOTHUSDANDEUR,WITHMOSTOFITSPORTFOLIOCONCENTRATEDINLATINAMERICAITISSEEKINGOPPORTUNITIESINASIAANDAFRICAIFTHEFOREIGNEXCHANGERISKSCANBEHEDGEDINTHEPAST,THEASNNOVIBFONDSMADEEURLOANSTOMFISOPERATINGINDOLLARISEDECONOMIES,BUTTHELACKOFHEDGINGBY
14、ITSCLIENTMFISANDSUBSEQUENTLOSSESHAVEFORCEDASNNOVIBFONDSTODISCONTINUEUNHEDGEDEURFUNDING,WHICHITCONSIDERSTOORISKYFORTHEMFISONTHEOTHERHAND,MFISBORROWINGINUSDANDONLENDINGINEURHAVEEXPERIENCEDCURRENCYGAINSTHEIREUROEQUIVALENTUSDREPAYMENTSOFPRINCIPALANDINTERESTHAVEDIMINISHEDCONSIDERABLYREGARDLESSOFWHOBEARST
15、HEDIRECTCURRENCYRISKIE,DIRECTLOSSESFROMCURRENCYFLUCTUATIONS,BOTHPARTIESAREATRISKFORINDIRECTLOSSESRESULTINGFROMCURRENCYRISKFOREXAMPLE,IFANMFIFSUFFERSLOSSESANDDOWNSCALESOPERATIONSORCHANGESTHEALLOCATIONOFCOUNTRIESINWHICHITINVESTS,CLIENTMFISMAYLOSEACCESSTOAFUNDERTHATHASBEENHELPFULINTHEPASTONTHEOTHERHAND
16、,MFIFSFACEINCREASEDCREDITRISKIE,ANINDIRECTCURRENCYRISKINTHISCASE,WHENMFISHAVENOTHEDGEDTHEIRCURRENCYRISKANDSUFFERSUBSEQUENTLOSSESTHATAFFECTTHEIRPROFITABILITYANDLONGTERMVIABILITYINTHISSENSE,SOMEDIMENSIONSOFCURRENCYRISKAREALWAYSSHAREDBETWEENTHEMFIFANDTHEMFI,REGARDLESSOFWHICHBEARSTHEDIRECTRISK,ASPORTRAY
17、EDINTHEEXAMPLESABOVEBECAUSEOFDIRECTANDINDIRECTFXRISKS,MFIFSANDMFISAREWORKINGTOGETHERTODEVELOPHEDGINGMECHANISMSINCOUNTRIESWHERETHECAPITALMARKETSMAYOFFERFEWOFTHEHEDGINGOPTIONSTHATAREAVAILABLEINDEVELOPEDCOUNTRIESTOMITIGATEINDIRECTCURRENCYRISKS,MOSTMFIFSTRYTOASSESSWHETHERITISREASONABLEFORTHEIRCLIENTMFIS
18、TOBORROWINACERTAINCURRENCYTHEYEXAMINETHEIRFUNDINGANDOPERATINGCURRENCIESANDMONITORTHEIROVERALLFOREIGNCURRENCYEXPOSUREONAREGULARBASISASPARTOFTHEIRDUEDILIGENCEPROCESSMFIFSTHATHAVEADOPTEDTHESEPROCEDURESINCLUDEBIO,CORDAID,ETIMOS,INCOFIN,LUXMINTADA,RABOBANKANDTRIODOSEXPOSUREANALYSISVARIES,ANDISNOTUSEDINEV
19、ERYCASEINFORMALCROSSCHECKINGAMONGMFIFSALSOHELPSRAISETHEIRAWARENESSOFTHEFOREIGNEXCHANGEEXPOSUREOFTHEIRAFFILIATESSOMEMFIFSSUCHASASNNOVIBFONDSHAVECHANGEDTHEIRPOLICIESTOREDUCEMFICURRENCYRISKSINTERVIEWSCONDUCTEDBYADA,CGAP,ANDTHEMIXFORTHEKFWSYMPOSIUMIN2004SHEDSOMELIGHTONMFIFSPERCEPTIONSOFFXRISKTHESTUDYFOU
20、NDTHATPERCEPTIONSOFTHEDEGREEOFRISKLINKEDTOCURRENCYFLUCTUATIONSDEPENDLARGELYONDIRECTCURRENCYEXPOSURE,ALTHOUGHMOSTMFIFSINTERVIEWEDEXPRESSEDGREATCONCERNFORTHELARGERISSUEWHETHERORNOTTHEYDIRECTLYFACEDARISKBECAUSEOFTHEPOTENTIALREPERCUSSIONSOFALOSSINCURREDBYMFISASARESULTOFTRANSACTIONSWITHANMFIFWHENASKED“IS
21、FOREIGNEXCHANGERISKABIGISSUEFORTHEMFISTHATYOUINVESTIN”,MFIFSWEREALMOSTUNANIMOUSINSAYINGTHATFOREIGNEXCHANGERISKISAMAJORISSUEINLENDINGTOMFISBECAUSEITINCREASESTHERISKOFLOSSES,REGARDLESSOFWHOASSUMESTHERISKMFIFSTHATSHAREDTHISVIEWINCLUDEDBIO,CORDAID,LUXMINTADA,RABOBANK,ANDTRIODOSSOMEMFIFS,INCLUDINGBIO,COR
22、DAID,ANDPLANETFUND,WERENEVERTHELESSWILLINGTOASSUMEGREATERFXRISK,ORWEREGENERALLYLESSCONCERNEDABOUTIT,FORSEVERALREASONSTHEPOTENTIALCURRENCYLOSSESLINKEDTOCURRENCYRISKDISCUSSEDPREVIOUSLYCONTRASTWITHTHERESPONSESREGARDINGRISKMITIGATIONWHILELEVELSOFRISKVARY,NOTENOUGHISBEINGDONEFROMTHEPERSPECTIVESOFBOTHMFIF
23、SANDMFISMANYMFIFSANDMFISTHATSHOULDHEDGEBECAUSEOFTHELEVELOFTHEIREXPOSUREDONOTHAVEHEDGINGMECHANISMSINPLACE,FORAVARIETYOFREASONSEXPLOREDBELOWOFTHE64MFIFSANALYZEDFORTHEKFWSYMPOSIUMANDTHROUGHTHEMIXMARKET,49PROVIDEDTHECURRENCYBREAKDOWNOFTHEIRMICROFINANCEINVESTMENTPORTFOLIOSOFTHESE,46PROVIDEDINFORMATIONABO
24、UTTHEIRHEDGINGPOLICIESORLACKTHEREOFONLYALITTLEOVER4019OFTHEMFIFSTHATGAVEDETAILSOFTHEIRHEDGINGPOLICIESINDICATEDTHATTHEYHADAHEDGINGPOLICYINPLACEASNOTEDPREVIOUSLY,NOTALLMFIFSNEEDTOHEDGEMFIFSTHATOFFERFUNDINGINTHEIRCURRENCYOFOPERATIONSHAVENOFXRISKANDTHEREFOREDONOTHAVEHEDGINGPOLICIESINPLACEEXCEPTINGTHE7MF
25、IFSTHATWERENOTEXPOSEDTODIRECTCURRENCYRISK,20MFIFS,ABOUT50OFTHE39THATFACEDEXPOSUREFROMCURRENCYRISK,DIDNOTHAVEHEDGINGMECHANISMSINPLACE,ASILLUSTRATEDINTABLEFAILURESTOHEDGEADEQUATELYCREATEDLOSSESFORSEVERALOFTHEMFIFSSTUDIED,INCLUDINGMANYEUROPEANMICROFINANCEINVESTORS,SUCHASNOVIBONLOCALCURRENCYLOANSANDPART
26、ICIPATIONSINETHIOPIA,KENYA,MEXICO,MOZAMBIQUE,PERU,SENEGAL,SRILANKA,TANZANIAANDUGANDA,CORDAIDONLOANSINBANGLADESH,BOSNIAANDHERZEGOVINA,BRAZIL,COLOMBIA,THEDOMINICANREPUBLIC,GHANA,INDIA,INDONESIA,MOROCCO,PERU,PHILIPPINES,ETC,ANDOTHERSHOWAREEXCHANGERATELOSSESTREATEDINACCOUNTINGINFORMATIONSOMEMFIFSSHOWRET
27、URNSPRIORTOEXCHANGERATELOSSESWHILEOTHERSSHOWRETURNSAFTEREXCHANGERATELOSSESLACKOFSTANDARDISATIONPRODUCESIMPORTANTDIFFERENCESINTHEOVERALLRETURN,OFTENTURNINGAPOSITIVERETURNINTOANEGATIVEONETHISDIFFERENCESHOULDBETAKENINTOCONSIDERATIONWHENEXAMININGTHEFINANCIALSTATEMENTSOFMFIFSAFORTHCOMINGEDITIONOFTHEMICRO
28、BANKINGBULLETIN,FOCUSINGONTHESUPPLYSIDEOFMFIFUNDING,WILLPROVIDEMOREDETAILSOFISSUESARISINGFROMTHELACKOFSTANDARDISATIONANDTRANSPARENCYINMFIFREPORTINGMFIFSTHATREPORTEDHAVINGHEDGINGMECHANISMSINPLACEINDICATEDDIFFERENCESINTHEIRDEGREEOFHEDGINGSOMEFULLYHEDGEDCURRENCYRISK,WHILEMANYHEDGEDHARDCURRENCYRISKBUTNO
29、TTHEIRLOCALCURRENCYEXPOSURETHEMOSTCOMMONREASONFORNOTHEDGINGCURRENCYRISKISTHATMFIFSAREWILLINGTOASSUMETHERISKMFIFSTHATHADNOTHEDGEDTHEIRCURRENCYEXPOSUREAREIDENTIFIEDINAPPENDIX5OTHERMFIFSTHATWERENOTHEDGINGSIMPLYBECAUSETHEYDIDNOTFACEDIRECTCURRENCYRISKARELISTEDINAPPENDIX6SOMEMFIFSALSOCHOSETOBEARTHEFXRISKA
30、NDNOTHEDGE,INORDERNOTTOINCREASETHECOSTSOFTHEIRLOANSANDFACETHERISKOFLOSINGPOTENTIALCUSTOMERSAPPENDIX3INDICATESTHATAFEWINVESTMENTFUNDS,PRIMARILYSOCIALFUNDS,AREWILLINGTOASSUMEDIRECTCURRENCYRISKBYOFFERINGLOCALCURRENCYLOANSTOMFISHOWEVER,MOSTMFIFSINVESTINMFISINHARDCURRENCY,PASSINGTHEFXRISKTOTHEMFIS,WHICHT
31、HENBEARTHERESPONSIBILITYFORHEDGINGBYOBTAININGAHARDCURRENCYGUARANTEEORBUYINGADERIVATIVESECURITYTHATNEUTRALISESTHEIRRISKANUMBEROFMFIFSARELENDINGINHARDCURRENCIES,SOMETIMESRECKLESSLY,INCOUNTRIESWHERETHEDEVALUATIONRISKISHIGHANDMFISDONOTHEDGESIMILARTOTHEMFIFS,MFISFACEVARYINGLEVELSOFRISKTHATDEPENDNOTONLYON
32、THEMIXOFCURRENCIESTHEYBORROWANDONLENDTOTHEIRCLIENTS,BUTALSOONTHEVOLUMEOFFUNDSBORROWEDAND/ORONLENTINDIFFERENTCURRENCIESARECENTSURVEYCONDUCTEDBYCGAPANDTHEMIXIDENTIFIEDTHEFUNDINGSTRUCTUREANDFUTUREFUNDINGPROJECTIONSOFMFISOFTHE216MFISTHATRESPONDEDTOTHESURVEY,80INDICATEDTHATTHEYWERECURRENTLYUSINGHARDCURRE
33、NCYFUNDINGUSDOREURANDINDICATEDTHEAMOUNTOFTHESE80MFIS,8OPERATEDINDOLLARISEDECONOMIESECUADORANDELSALVADORORINEUROSKOSOVOTHEREMAINING72WEREEXPOSEDTOEITHERUSDOREURCURRENCYRISK61HADANAVERAGEEXPOSUREOFUSD26MILLIONAND11HADANAVERAGEEXPOSUREOFEUR38MILLIONANAVERAGEOF48OFUSDLOANSANDANAVERAGEOF36OFEURLOANSWEREH
34、EDGEDNEVERTHELESS,THESEAVERAGESHIDEIMPORTANTDIFFERENCESINHEDGINGPRACTICESAMONGSTMFISMOREINTERESTINGISTHEDISTRIBUTIONOFHEDGINGTABLE4INEITHERUSDOREUREXPOSURES,72MFISSHOULDHAVEHEDGED54WERENOTHEDGINGATALL,WHILE24WEREFULLYHEDGEDTHEREMAINING16MFISOR22PARTIALLYHEDGEDTHEIRCURRENCYRISKFORMOREDETAILSONEXPOSUR
35、ESANDTHEPERCENTAGEOFHEDGINGBYTHEMFISINTHESURVEYTHATWEREOPERATINGINANONUSDORNONEURCOUNTRY,SEEAPPENDICES9,10AND11MOSTOFTHE216SURVEYEDMFISHADSOMEEXPOSURETOCURRENCYRISKTHROUGHTHEIRTRANSACTIONSWITHANAVERAGEOFONEFOREIGNLENDER,AND/ORDESIREDTOINCREASETHEIRFUNDINGFROMFOREIGNSOURCESINADDITION,68OR31OFTHE216MF
36、ISSURVEYEDINDICATEDTHATFOREIGNFUNDERSDIDNOTWANTTOASSUMEFOREIGNEXCHANGERISKANDTHATTHISWASACHALLENGEINOBTAININGFOREIGNLOANSANDEQUITYINADDITION,THESAMPLERESULTSSUGGESTTHATTHEREISAHIGHPROBABILITYTHATMFISTHATHAVEACCESSTOFOREIGNLOANSARENOTHEDGINGPROPERLYTHEHEDGINGISSUEISTHEREFOREIMPORTANTHELPINGMFISREDUCE
37、CURRENCYRISKWILLINCREASETHEIRINTERESTINOBTAININGFOREIGNLENDINGANDREDUCINGFXLOSSESSIMILARTOTHEMFIFS,THEPERFORMANCEOFMFISISAFFECTEDNOTONLYBYTHEACTUALGAINSORLOSSESINCURREDFROMFOREIGNEXCHANGE,BUTALSOINTHEWAYTHESEAREACCOUNTEDFORADJUSTMENTMETHODSUSEDBYEXTERNALANALYSTSSUCHASRATINGAGENCIESALSOCONTAINCONSIDE
38、RABLEDIFFERENCESITISIMPORTANTTOEXAMINETHESPECIFICACCOUNTINGTREATMENTSWHENCOMPARINGTHEPERFORMANCEOFMFISALTHOUGHFXRISKOCCURSINALMOSTEVERYTRANSACTIONBETWEENMICROFINANCEINVESTORSESPECIALLYFOREIGNINVESTORSANDMFIS,TOOMANYMFIFSANDMFISARENOTHEDGINGAPPROPRIATELYHEDGINGISSELDOMUSEDBECAUSECOMMONHEDGINGMECHANIS
39、MSARENOTAVAILABLEINTHECOUNTRIESWHEREMFISOPERATE,ORPROHIBITIVELYCOSTLYFORTHESMALLAMOUNTSOFTHETRANSACTIONSINVOLVEDWHILEHEDGINGINCREASESTRANSACTIONCOSTS,LACKOFHEDGINGRESULTSINLOSSESTHATCANBESIGNIFICANT,ESPECIALLYFORMFISANDMFIFSTHATDONOTHAVEWELLDIVERSIFIEDPORTFOLIOSINADDITION,MFIFSOFTENCOMPENSATEFORFXRI
40、SKBYINCREASINGTHEIRINTERESTRATESTOMFISTOCOVERPOTENTIALLOSSESFXRISKTHEREFOREINCREASESTHELENDINGCOSTSFORTHEMFISANDULTIMATELY,FORTHEIRCLIENTS,REGARDLESSOFWHETHERORNOTTHEYHAVEACCESSTOLOCALCURRENCYLOANSUNLESSMFIFSAREABLETOASSUMEMOREOFTHEFXRISKLINKEDTOTHEIRLENDINGTOMFIS,OTHERFUNDINGINSTRUMENTSSUCHASGUARAN
41、TEESMAYBEMOREAPPROPRIATEFORMFISTHATFACESMALLMARGINS“BESTPRACTICES”FORHEDGINGBYMFIFSSHOULDINCLUDESTRATEGIESOFWHENTOHEDGE,HOWMUCHTOHEDGE,HOWTOHEDGESHARINGEXPERIENCESWITHSUCCESSFULANDINNOVATIVEHEDGINGMECHANISMS,SUCHASFXINSURANCEFUNDS,WOULDGREATLYENCOURAGEMFIFSTOABSORBMOREOFTHEFXRISKTHATMFISARESOILLEQUI
42、PPEDTOADDRESS,REDUCINGCOSTSFORMFIFSANDMFISSOURCEISABELLEBARRES“MFIDEMANDFORFUNDING“HARVARDBUSINESSREVIEW,2004（8）P5658译文小额贷款机构外汇风险管理和小额信贷投资基金术语“多边投资框架”在这一章中使用广泛，包括机构（一般金额小于人均国民生产总值250）提供的小规模金融服务，如贷款，储蓄，保险，汇款和其他服务。这个术语包括了各种组织非政府组织，信用合作社，非银行金融中介机构，农村银行等。大多数小额信贷投资基金（MFIFS）和机构或者其他出资者的官方融资倾向于美元或欧元，可能称这些货币
43、为“硬货币”。然而，大多数小额信贷机构却在经营非美元或者非欧元为基础的经济和本地货币贷款的客户。资金的货币和贷款随着利率的改变相对价值也将改变，造成外汇（FX）的风险。挥发性是许多国家的货币兑换汇率波动引起的，也是小额信贷机构经营面临的严重外汇风险问题，而且经常给予小额信贷紧迫性。小额信贷进入资本市场的加速发展迫切需要好的外汇方式，最好的做法是一致的金融管理。直到这个被广泛实现，准入，有利于资本市场的小额信贷就将受到阻碍。外汇风险是MFIFS面对的很多风险之一。利率风险是一个额外的，与其相关的外汇风险。由于货币价值的变化，利息支出或收入也将发生变化。而且，由于利差，资产负债表可能也会改变。也就
44、是由小额贷款机构借入一种货币利率，脱离有关钱的利率跟由MFI所作的微企业家贷款。这些效果对MFIF和MFI的赢利有暗示性。出于经济目的，这些二阶汇率风险在这里不进一步讨论。本章探讨的重点放在资金在一个交易的不同点的汇率波动风险，在不同情况下的外汇债务融资风险的性质。套期保值的重要性指出，使用机制和小额信贷机构列出的MFIFS外汇，以解决它们各自的风险。货币和风险之间的关系如下所述，适用于股票基金，对基金而言，情况正好相反。股权投资，资本，总是小额信贷机构MFI投资的货币。对于外国投资者的权益，“外汇风险成为与投资有关，而不是在作出贷款时出现的风险因素之一”公平与担保资金，不是本章的重点，而是在
45、包含的例子中确定当他们面对货币风险的对冲机制和他们使用的回避机制。最常见的外汇风险是TABLETHESE组合中涉及欧元和当地货币的部分，美元（USD）和当地货币，欧元和美元之间的关系，这其中包括货币资产和负债通过小额信贷机构和MFIFS反映。概括地说，我们假设小额信贷机构获得资金之前，它没有任何的货币配置，其“经营货币”的是其资产的计价货币，是作为其“融资”的货币，负债均与货币相同。欧元兑美元价值变化的例子是一个有趣的研究。通过2年期间，欧元上涨近40，其兑美元的价值。这两种“硬”货币的相对估值的大变化是由许多小额信贷机构和MFIFS发现的。欧元在2002年发起了117美元，其后跌幅超过不足0
46、90美元。然而，最近欧元对美元大幅升值，许多欧洲MFIFS欧元营运和在拉丁美洲美元化的国家美元贷款已经发生了的重大交易损失。欧元兑美元大幅升值创造了许多小额信贷机构对欧元的贷款，这在某些情况下需要重组重大汇兑损失。ASNNOVIB全宗就是一个例子。这是一个在荷兰MFIF的例子，在硬通货（包括美元和欧元）出现与拉丁美洲最集中的投资组合。它正在寻求如果外汇风险可以对冲，在亚洲和非洲投资的机会。在过去的ASNNOVIBFONDS的小额信贷机构取得贷款，以欧元在美元化的市场上进行经济运作，但其客户小额信贷机构和由此造成的损失，迫使对冲缺乏的ASNNOVIB全宗停止套期保值欧元的资金，因为他们认为这是很
47、大的冒险小额信贷机构。另一方面，小额信贷机构以美元和欧元贷款的借款，相当于欧元货币收益的本金和利息，偿还美元有大幅度减少。无论谁承担直接货币的风险（即，货币波动的直接损失），双方都得承担货币风险造成的间接损失。例如，如果一个MFIF遭受损失或许会改变它的国家投资，小额信贷机构的分配可能会失去一个已经在过去访问过的客户端或出资人。另一方面，MFIFS面临更大的信用风险（即，在这种情况下的间接货币风险）时，微型金融机构没有对冲汇率风险，并受到他们的影响其盈利能力和长期的生存能力由此造成损失。在这个意义上说，货币风险的一些方面总是和小额信贷机构与MFIF之间共享，无论谁有直接的风险，正如上面的例子描
48、绘的。因直接和间接外汇风险，MFIFS和小额信贷机构合作开发的国家机制在对冲资本市场可能提供的对冲期权是在发达国家中的少数几个。为了减轻间接货币风险，MFIFS试图借他们的客户的一定货币评估它们是否是合理的小额信贷机构。他们以审视自己的资金，经营货币和监督作为其尽职调查过程的一部分。他们整理的定期外汇风险，已通过MFIFS这些程序，包括生物，CORDAID，ETIMOS，INCOFIN，LUXMINT，荷兰合作银行和TRIODOS。曝光的分析各不相同，并非在任何场合都能使用。非正式MFIFS之间相互检查也有助于提高对他们的分支机构外汇风险的意识。如ASNNOVIB全宗已经改变其政策，以减少小额
49、信贷机构的一些MFIFS货币风险。由阿达和扶贫协商小组混合进行的专题讨论会，在2004年德国复兴信贷银行采访了一些对外汇研究的MFIFS，观念主要是货币波动的风险程度依赖于直接感知的货币风险，虽然大部分MFIFS采访表示更关注他们是否直接面对风险的损失，小额信贷机构实施与MFIF交易可能产生的影响。当问道“外汇风险，为什么是小额信贷机构的大问题”时，MFIFS表示，外汇风险几乎是一致的，是小额信贷机构的贷款主要问题，因为它增加了亏损的风险，不管是谁承担风险。MFIFS，共享这一观点，包括生物，CORDAID，LUXMINT，荷兰合作银行和TRIODOS。有些MFIFS，包括生物，CORDAID，基金和行星，但仍不愿意承担更大的外汇风险，或者是一般较少关注它。有以下几个原因与外币挂钩的潜在风险损失和有关缓解货币风险的讨论。虽然风险程度不同，但还不够从MFIFS和小额信贷机构两方面说明观点。许多MFIFS和微型金融机构，并没有由于其风险水平对对冲机制做以下各种原因的探讨。德国复兴信贷银行研讨会，通过市场分析的MIX提供了小额信贷投资组合的货币崩溃。其中，46条规定超过40的MFIFS有关其对冲政策信息，对冲政策细节表明，他们有一个适当的对冲政策。如前所述，并非所有MFIFS需要对冲。MFIFS，提供在经营人民币资金时没有外汇风险，因此，也没有对冲的地方政策。面对货币风险，没
