Thursday 28 Mar 2024
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PUTRAJAYA (Aug 30): Bank Negara Malaysia (BNM) former deputy governor Tan Sri Lin See-Yan claims former BNM governor the late Tan Sri Jaffar Hussein admitted that the latter had led the central bank into a "mess", due to the regulator's alleged foreign exchange (forex) losses in the 1990s.

Lin told Malaysia's Royal Commission of Inquiry (RCI) here today that BNM had taken large open positions in its multiple-currency trades, which went against the central bank’s general practice.

“The bank has established very small open [trading] positions when necessary, but as a general rule, all positions have to be closed as soon as possible.

“Tan Sri Jaffar’s parting words to me were I got the bank into this mess and I will fix it," said Lin, who was testifying at the RCI's fourth hearing today on BNM's alleged forex losses. The RCI's hearing began on Aug 21 this year. 

Lin claimed Jaffar agreed BNM should cease effective immediately, all future currency-trading commitments.
 

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