SINGAPORE (Sept 7): Over the hearing which took place at the Royal Commission of Inquiry (RCI) yesterday, Malaysia’s former second finance minister Tan Sri Nor Mohamed Yakcop, who served as adviser to Bank Negara Malaysia (BNM) from 1998 to 2000, admitted to having made the “mistake” of hedging 100% against currencies.

The hearing is part of ongoing investigations into BNM foreign exchange (forex) trading losses from 1988 to 1994, which is now estimated to stand at RM32.07 billion ($10.2 billion).

See: BNM forex scandal investigation reveals unreported RM31.5 bil in trading losses

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