Assume you are the head of the treasury in a big Medical Device Company. You need to increase production of ventilators globally for the healthcare industry. You have transaction exposure, mainly receivables and payables coming in and out of your company and you want to hedge yourself against the movements in exchange rates. Majority of your payables are in USD and your receivables are in TL. You also need capital to increase capacity. You might want to consider that receivables may not be paid at their due date. Knowing that this is a temporary situation that will be resolved in the long run, but you need to produce those ventilators in the short run, how would you go about hedging your receivables and payables in the short run?

When answering this question, you are free to look at values on equity indices, bond indices, spot prices of exchange rates, think about forwards, futures, options, swaps, parity relationships, etc. Please consider the topics we learned and apply them to this hypothetical case. Be creative.