PUTRAJAYA: The first session of the Royal Inquiry Commission (RCI) on Bank Negara Malaysia's (BNM) foreign exchange market losses in the 1980s and 1990s began today. Local and foreign media members had gathered inside and outside the courtroom as early as 8am, in the hopes of being able to speak to the RCI panel members, as well as the attendees. The RCI was set up following a Cabinet meeting soon after the New Straits Times published an interview with former Bank Negara Malaysia (BNM) assistant governor, Datuk Abdul Murad Khalid, in which he claimed that the central bank had suffered forex losses of around US$10 billion in the early 1990’s. BNM was reported to have lost billions of ringgit between 1991 and 1994, before it had to be rescued by the Finance Ministry. The RCI has three months from the date of its setting up on July 15 to complete its probe and thereafter, submit its report to the Yang di-Pertuan Agong.

Source: New Strait Times August 08, 2017 02:48 UTC