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Malaysia RCI affirms Bank Negara's RM31.5b forex loss

Mimi Sabreena 4:41:00 PM Informasi

KUALA LUMPUR (Nov 30): Malaysia's Royal Commission of Inquiry (RCI) affirmed that Bank Negara Malaysia (BNM) incurred RM31.5 billion worth of foreign exchange (forex) losses due to the central bank's forex dealings in the 1990s.

According the RCI's report, the commission alleged that BNM's forex dealings then were excessive and speculative for profit and contravened Section 31(a) of the Central Bank Ordinance 1958.

The RCI alleged that there was deliberate concealment as BNM's annual reports did not state the actual losses incurred for its forex dealings from 1992 to 1994.

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