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

SINGAPORE (Aug 22): After hearing witnesses’ testimonies on the very first day of hearing, the Royal Commission of Inquiry (RCI) has concluded that Bank Negara Malaysia (BNM) lost about RM31.5 billion in foreign exchange (forex) trading losses in the 1990s.

The inquiry was set up in February after former BNM assistant governor Datuk Abdul Murad Khalid alleged that Malaysia’s central bank had incurred an estimated RM25 billion in forex losses at the time – and not RM9 billion as previously reported.

The first day of hearing was held on Monday at the Palace of the Justice, where RCI chairman Tan Sri Mohd Sidek commented that the loss ought to have been reported in BNM’s annual reports during the relevant period.

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