In 2017, TCX celebrated its 10th year of operation. To highlight this occasion, as well as to report to the donors on the use of their funding, TCX commissioned Carnegie Consult to conduct an evaluation of this period.

The evaluation was concluded in September 2017 and provides an independent in-depth assessment of the added value of TCX’s activities. It clearly demonstrates the impact of TCX’s interventions on the direct and indirect recipients of development finance provided in local currency with support from TCX: entrepreneurs and financial institutions and their borrowing clients in developing countries.

The conclusions presented in the report are based on academic literature on currency risk in developing markets and its consequences, on analysis of various independent data sources, and on three field missions, to Azerbaijan, Kenya, and Ghana. Please find a copy of the report here.