The global solutionfor local currency
TCX helps international lenders provide financing in local currency (terms) across emerging and frontier markets.
By absorbing currency risk that the market cannot readily take, we make debt service more predictable for borrowers and help development finance go further.
Figures as of Q3 2026
Currencies hedged
Countries
USD total volume hedged
USD FX risk transferred to private investors
Most international lending is funded in hard currency, while borrowers earn and repay in local currency.
TCX manages the exchange rate risk between the two, enabling lenders to offer predictable local currency financing and borrowers to focus on growth instead of currency volatility.
Powering Côte d’Ivoire
Reducing currency risk to build Rwanda's local currency bond market
Looking back at eight years of frontier local currency debt performance
Stabilizing long-term investment in Zambia's agri-food sector
Creating financial stability to support sustainable energy access in Malawi
TCX provides FX Forwards and Cross-Currency Swaps in markets where commercial hedging is unavailable or does not offer the required size or tenor.
Products can be structured around the cash flows of a load, bond, or investment.
TCX currently hedges more than 90 currencies across Sub-Saharan Africa, Eastern Europe and Central Asia, the Middle East and North Africa, Asia, and Latin America.
Search by country or currency to explore available markets and view pricing status.
The Exchange brings together TCX Insights, Spotlights, and Perspectives exploring currency risk, local currency finance and the markets in which we work.
TCX is backed by 19 multilateral and bilateral development finance institutions, the European Commission, and the governments of the Netherlands, Germany, the UK, Switzerland, and France.
Together, they provide the capital and shared commitment needed to expand access to local currency finance in emerging and frontier markets.
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