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Bank Negara 'basically insolvent' in 1993/94 after forex losses

Mimi Sabreena 5:41:00 PM Informasi

PUTRAJAYA (Aug 30): Bank Negara Malaysia was "basically insolvent" in the early 1990s after suffering losses from foreign exchange trading, the five-member Royal Commission of Inquiry formed to investigate the alleged losses at the central bank was told today.

"About late 1993, or early 1994 Tan Sri Lin See Yan, who was the Deputy Governor of BNM, met me at my office and told me that BNM was basically insolvent largely due to forex losses," said former Ministry of Finance (MoF) deputy secretary-general Tan Sri Clifford Francis Herbert.

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