BNM: We’ve come a long way from US$10 billion losses in ’92

bnmKUALA LUMPUR: Bank Negara Malaysia (BNM) says it has moved forward, become stronger, more transparent and more accountable as a result of the foreign exchange losses it suffered almost 25 years ago.

The central bank said this in a statement in response to a media report today on the foreign exchange losses that occurred in the early 1990s.

“Under the current challenging and uncertain global environment, it is important that we focus on ensuring our financial system and the economy remain resilient and stable,” it added.

A local daily quoted former BNM assistant governor Abdul Murad Khalid, as claiming that the central bank suffered foreign exchange losses of RM44 billion (US$10 billion) in the early 1990s.