House of the Year, Indonesia: CIMB Niaga
Structured product capability enables CIMB Niaga to win Indonesia award
This year has seen the return of foreign exchange volatility and Indonesia has been harder hit than most, with a 7% slide leaving the rupiah close to 14,000 to the US dollar – its lowest rate since 1998 during the dark days of the Asian Financial Crisis. In a bid to protect the currency, Bank Indonesia, the country's central bank, expanded its previous policy of compulsory forex hedging to corporates while clarifying that such hedges will be treated as risk management, rather than investment
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