The FX Hedge That Was Never Actually Hedged

Treasury reported being fully hedged all year, but USD/COP exposure grew to 8,000,000 by month 6 while zero hedge notional was ever booked against USD/COP. Instead, 500,000/month sits booked against USD/CUP — Colombian Peso confused with Cuban Peso — where it does nothing, since there's no real CUP exposure. USD/MXN, a similarly-named pair, is genuinely and fully hedged every month.