30 Nov '17, 8am

Three dominant thoughts when ploughing through RCI Report on Bank Negara Forex Losses

I had three dominant thoughts when ploughing through the Royal Commission of Inquiry Report into the Bank Negara Forex Losses in the 1990s, tabled in Parliament today. Let me share these three dominant thoughts before I have gone through the 830-page report. Firstly, how accurate I was when I spoke in Parliament about a quarter of a century ago in 1993 and 1994 about the Bank Negara Forex Losses. In my speech in Parliament in the debate on the Royal Address in April 1994, I estimated that the Bank Negara forex losses in the early nineties could exceed RM30 billion. This has now been vindicated by the RCI Report, which said that the total amount of Bank Negara forex losses was RM31.5 billion – comprising RM12.35 billion in 1992, RM15.29 billion in 1993 and RM3.86 billion in 1994. In my speech in Parliament the following month, on the debate on the 1994 Supplementary Estimat...

Full article: https://blog.limkitsiang.com/2017/11/30/three-dominant-th...

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