Convincing Features
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Discuss whether it is the rationale for the Royal Commission of Inquiry (“RCI”) to revisit the allegations on the matter in 2017? Examine whether the request from Bank Negara’s inquiry for the trial to be closed-door was fair to the public?
GROUP ASSIGNMENT
Case Study #3 – Bank Negara Malaysia Forex Scandal 1991
In the early 1990s, the Bank Negara Malaysia (BNM) began to dabble in speculative currency trading and foreign exchange trading with large sums of money, alarming other banking institutions worldwide. BNM lost almost RM30 billion between 1991 and 1994, with maximum exposure in the foreign exchange markets reaching as high as RM270 billion – three times the country’s GDP and more than five times the country’s foreign reserves at the time! before being rescued by the Ministry of Finance. None of the top executives in Bank Negara was accused of trading activities as the government fully absorb losses. After that, Bank Negara is no longer involved in any high-risk business to prevent it from recurring.
After 25 years, in June 2017, a Royal Commission of Inquiry (RCI) was finally established to investigate the FOREX scandal.
Tasks:
Students are required to undertake an in-depth study of the Bank Negara foreign exchange losses, which has been a controversial issue in the foreign exchange markets.
Your investigation and outcomes should cover the following:
Objectives of the Task:
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