PETALING JAYA: Second Finance Minister Datuk Seri Johari Abdul Ghani (pic) has written an open letter to Tun Dr Mahathir Mohamad over Bank Negara Malaysia's (BNM) foreign reserve losses between 2013 and 2015. Many of my friends who are readers of Tun’s blog, have contacted me for clarification regarding Tun’s latest writing entitled “Dear Mr Johari” on the issue of speculative foreign exchange transaction. It is very important for the public at large to understand the difference between speculative foreign exchange activities and orderly management of foreign exchange market. The speculative foreign exchange activity, to put it in simpler words, is a kind of “gambling” activity with the hope of quick returns. If these speculative foreign exchange losses were not real, the Government would not have taken these drastic actions in order to cover the BNM losses at that material time.

Source: The Star December 26, 2017 03:45 UTC