Because of the scale of these foreign exchange speculative activities losses, the Government was forced to transfer its shares in Telekom and Tenaga Nasional Berhad to BNM at the nominal
Because of the scale of these foreign exchange speculative activities losses, the Government was forced to transfer its shares in Telekom and Tenaga Nasional Berhad to BNM at the nominal
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were carried out by the Foreign Exchange Division of the Banking Department of BNM, headed by its then-advisor/manager Nor Mohamed Yakcop, whom later became the Minister of Finance II of the country.
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The Audit Report also stated that the voluminous speculative foreign exchange trading activities that the central bank had undertaken during that time
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These speculative activities had caused BNM to suffer foreign exchange transaction losses amounting to RM31.5 billion during the period under review
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fund of BNM was only RM4.4 billion and the country’s international reserves were merely RM43.98 billion at that material time.
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The Internal Audit Report, he added, also highlighted that the magnitude of such foreign exchange speculative transactions was considered very excessive given that the shareholders
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of the foreign exchange market as per Section 4 of the Central Bank of Malaysia Ordinance 1958,” he said.
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The substantial portion of such transactions was very speculative in nature and did not reflect BNM’s mandate to maintain orderly conditions
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This occurred to the point that the monthly maturing buy and sell foreign exchange transactions which amounted to an average of RM140 billion in 1992 had increased to a staggering RM750 billion in 1993, he said.
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1994 that the Foreign Exchange Operation Division of the Banking Department in BNM was involved in voluminous foreign exchange trading activities.
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