Govt backs inquiry into forex losses

PETALING JAYA: The Government has agreed to form a Royal Com­mission of Inquiry (RCI) to investigate foreign exchange losses amount­ing to billions of ringgit suffered by Bank Negara in the 1980s and 1990s, the Prime Minister’s Office said.

It said in a statement that preliminary findings by the special task force, which was set up in February to look into the matter, showed that the actual losses were greater than what was reported to the Cabinet and Parliament at the time.