Our Modeling Supports TCX's First Deal in Sierra Leone


June 2, 2017

A macroeconomic model for Sierra Leone co-designed by OGResearch was instrumental in allowing The Currency Exchange Fund (TCX) to provide a hedge in this West African country for the first time. The macro model was developed by TCX and OGResearch as its research partner.

As TCX informed its clients in a newsletter, the hedge allowed a fund to offer its client a loan in leones (SLL), directed toward the microfinance sector in the country. Through the hedge, a currency mismatch between the borrower’s funding and revenues has been avoided.

"In the absence of a developed financial market, this model is an important input in the pricing of cross-currency swaps," the TCX newsletter said.

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