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Bank Negara has moved forward from 1990s forex losses

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Syndicated News
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Cabinet to seek opinion from  central bank

KUALA LUMPUR — January 27, 2017: Bank Negara (BNM) says it has moved forward, is stronger, more transparent and accountable from the point of foreign exchange losses which happened almost 25 years ago.

The central bank said this in response to a media report today on the forex losses which had occurred in the early 1990s.

“Under the current challenging and uncertain global environment, it is important that we focus on ensuring our financial system and the economy remain resilient and stable,” said its statement.

A local daily quoted former BNM assistant governor Datuk Abdul Murad Khalid as claiming that the central bank had suffered forex losses of up to US$10 billion in the early 1990s.

In another response to the news report, Prime Minister Datuk Seri Najib Razak said the Cabinet will seek an opinion from Bank Negara before next deciding what to do.

While stating that the government takes a serious view of this, Najib said he and members of the administration need to get the opinion and comments of BNM and other parties. — Bernama

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