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1、原文：TheManagementofForeignExchangeRiskbyMicrofinanceInstitutionsandMicrofinanceInvestmentFundsTheterm“MFI”isusedbroadlyinthischaptertoencompassinstitutionsthatprovidesmall-scalefinancialservices,suchasloans,savings,insurance,remittancesandotherservices(ge
2、nerallyinamountslessthan250%ofGNPpercapita).Thetermencompassesawidevarietyoforganizations:NGOs,creditunions,non-bankfinancialintermediaries,ruralbanks,etc.Mostmicrofinanceinvestmentfunds(MFIFs)andotherfunderssuchasofficialdevelopmentagenciesfinancetheira
3、ctivitiesinUSdollars(USD)orEuros(EUR),whichmaybecalled“hardcurrencies.”However,mostmicrofinanceinstitutions(MFIs)operateinnondollarisedornon-Euro-basedeconomiesandlendlocalcurrencytotheirclients.Fundinginonecurrencyandlendinginanother,andtheprobabilityth
4、attherelativevaluesofthetwocurrencieswillalter,createsforeignexchange(FX)risk.VolatilecurrencyexchangeratefluctuationsinmanycountrieswhereMFIsoperatemakeFXriskaseriousissue,butonethathasoftenbeenaccordedlittleurgencyinmicrofinance.Theaccelerateddevelopme
5、ntofmicrofinancethroughaccesstocapitalmarketsmakesitimperativethatforeignexchangebemanagedinwaysthatareconsistentwithbestpracticeinfinance.Untilthisiswidelyachieved,accesstocapitalmarketsforthebenefitofmicrofinancewillberetarded.Foreignexchangeriskisoneo
6、fmanyrisksthatMFIFsface.InterestrateriskisanadditionalriskthatisrelatedtoFXrisk.Ascurrencyvalueschange,interestexpenseorincomewillalsochange.And,spreadsbetweeninterestratesonbothsidesofthebalancesheetmaychange,thatis,interestratesonmoneyborrowedinonecurr
7、encybyamicrofinanceinstitution,forexample,maydivergefrominterestratesonmoneyloanedtomicroentrepreneursbytheMFI.EachoftheseeffectshasimplicationsforMFIFandMFIprofitability.Forpurposesofeconomy,thesesecondorderexchangerisksarenotdiscussedfurtherherein.This
8、chapterexploresthenatureofFXriskindebtfundingbyfocusingonwhichpartyislikelytobeartheriskofexchangeratefluctuationsindifferentsituationsatdifferentpointsinafundingtransaction.Theimportanceofhedgingisnoted,andmechanismsareli
