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BNM moves forward despite forex losses

by Jonathan Adams

Bank Negara Malaysia (BNM) says it has moved forward, stronger, was more transparent and accountable from the point of foreign exchange losses which happened almost 25 years ago.

The central bank said this in a statement in response to a media report today on the foreign exchange 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,” it added.

A local daily quoted former BNM Assistant Governor Abdul Murad Khalid, as claiming that the central bank suffered foreign exchange losses of US$10 billion (£7.97 billion) in the early 1990s.

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