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BNM Welcomes Formation Of RCI To Probe Into Forex Incident

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KUALA LUMPUR – Bank Negara Malaysia (BNM) welcomes the government’s move to set up the royal commission of inquiry (RCI) to independently investigate the foreign exchange losses amounting to billions of ringgit in the 1980s and 1990s.

The central bank said on Thursday it hoped the RCI’s probe into the forex incident and put to rest the events that occurred more than 25 years ago.

“The central bank will extend full cooperation to the Commission in providing information as required by the law,” it said.

BNM pointed out that it is important to note that in any country, the legitimacy, integrity and credibility of the central bank is paramount in preserving public confidence in maintaining a sound financial system and a stable economy.

“Bank Negara Malaysia would like to assure the public and the financial market that we shall not be distracted from discharging our national duty in delivering our mandates.

“We shall be steadfast in safeguarding the nation’s monetary and financial stability, as well as the smooth functioning of the payment systems,” it said.

BNM issued the statement after the Prime Minister’s Office said the RCI would investigate foreign exchange losses amounting to billions of ringgit suffered by BNM in the 1980s and 1990s.

The Prime Minister’s Office said preliminary findings by the special task force, which was set up in February to look into the matter, showed that the actual losses were greater than what was reported to the Cabinet and Parliament at the time.

The task force also found indications that facts were withheld with the intention of misleading the Cabinet and Parliament, the statement said.

The Cabinet “unanimously agreed” with the recommendation of the task force on the need to set up the RCI so that investigations into the losses could continue, it added.

The task force found that a prima facie case existed to merit in-depth investigations. – The Star Online

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