Access the report here.
Development finance succeeds when its capital reaches the places commercial markets avoid. In 2025, TCX continued to grow its operations where others cannot, or will not, at greater scale than ever.
A few headlines from the year:
- 54 currencies hedged across 59 countries – up from 41 and 45 in 2024
- USD 2.84 billion in hedged volume – the highest in the Fund’s history
- USD 1.76 billion in FX risk transferred to private investors – another annual record
- Four currencies hedged for the first time: Ethiopian birr, Fijian dollar, Bosnian convertible mark and Bhutanese ngultrum
- African Development Bank (AfDB) returned as a shareholder
- Local Currency Academy launched with support from the European Commission
This report provides a detailed account of what 2025 looked like at the Fund
The 2025 and previous impact reports can be found on the Publications page
For questions about the Impact Report, please contact Thomas Oostheim