BANK NEGARA TO WORK CLOSELY WITH CABINET ON FOREX LOSSES

KUALA LUMPUR – Bank Negara Malaysia (BNM) had given its assurance to the government that it would work closely with the Cabinet’s taskforce to probe into the foreign exchange losses which occurred more than 25 years ago.

The central bank said on Thursday it would extend its full cooperation to the special taskforce to probe the losses suffered in the 1990s.

The Prime Minister’s Department issued a statement on Wednesday the Cabinet had agreed to form a task force to carry out preliminary investigations into the foreign currency losses.

The formation of the task force represented the first step in getting all the relevant facts.This task force will analyse Parliamentary Hansards from back then, minutes of Cabinet meetings, Auditor-General reports, Bank Negara reports as well as other reports from relevant agencies, the PM Department said.

In the latest development, BNM said it had continuously upheld the highest standard of disclosure and transparency in its activities.

“The Bank (BNM) has also significantly strengthened its balance sheet, governance and accountability, especially with respect to reserves management.

“Under the current challenging and uncertain environment, it is important that we remain focused and not be distracted from our efforts to ensure that the economy and financial system remain stable and resilient to support the country’s economic activities,” BNM said.

– ANN

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