Umno Youth wants RCI on 90s forex losses

 |Feb 6, 2017
File pic credit Facebook Khairul Azwan Harun.
File pic credit Facebook Khairul Azwan Harun.

The government has been urged to set up a Royal Commission of Inquiry (RCI) to look into Bank Negara Malaysia’s (BNM) foreign exchange market losses which happened in the early 90s.

According to the New Straits Times, the call was made by Umno Youth, with its deputy chief Khairul Azwan Harun citing the revelation made by former BNM assistant governor Abdul Murad Khalid in January.

Previously the New Straits Times reported Abdul Murad as having said that BNM suffered losses amounting to USD10 billion in the foreign exchange losses. The figure given was higher than the disclosed losses of RM9 billion.

Khairul Azwan, at a press conference today, said Umno Youth viewed the issue seriously, calling for those responsible to be identified quickly.

“Umno Youth also wants an investigation to confirm that there was an attempt to cover up the forex trading exposures amounting to USD150 billion (RM664.13 bil) and forex trading loss of more than USD30 billion (RM132.83 bil),” he was quoted as saying.

He added that Umno Youth had also carried out their own initiative to check on the exact amount and said they were informed it was more than USD10 billion.