PUTRAJAYA: Bank Negara's foreign exchange (forex) trading losses of the 1990s has to be classified as “deferred expenditures” in its annual financial report as it was getting too big for the Other Reserve accounts to handle. However, she did remember that the loss was too big to be charged to the Other Reserve accounts. Saleha explained that the modifications consisted of putting the losses in either the Investment Fluctuation Reserve account and/or the Exchange Rate Fluctuation Reserve account, instead of the Other Reserve account. “I do remember that we presented the draft to Bank Negara Governor Tan Sri Jaafar Hussein by way of his Advisor, who was Tan Sri Nor Mohamed Yakcop. Led by chairman Tan Sri Mohd Sidek Hassan, the five-man panel is tasked with finding the cause of Bank Negara’s forex scandal of 1990s with losses amounting to some RM31 billion.

Source: New Strait Times August 29, 2017 05:48 UTC