BNM Forex: Congratulations, Lim Kit Siang
SeaDemon Says
For two decades DAP’s Supremo, Emperor Lim Kit Siang, fought to bring to justice those responsible for the loss of RM30 billion (RM45.25 billion in today’s terms) through foreign gambling exchange by the Bank Negara Malaysia (BNM) back in the early 1990s. The greed of those responsible saw the BNM increase its trading volume to USD50 million lots (RM74.46 million or RM205.65 million today) compared to the market norm then of USD5 million (RM7.45 million or RM20.56 million today) to USD10 million (RM14.90 million or RM41.12 million today), amounting to billions of Dollars per day!
BNM’s maximum exposure in the foreign exchange markets then reached as high as RM270 billion – three times the country’s GDP and more than five times the country’s foreign reserves at the time!
Imagine what would have happened had we lost all that! But imagine what RM30 billion then could have done to arrest the massive fall of the Ringgit from RM2.4765 to the USD on 1 April 1997 to RM4.88 to the USD in early January 1998.
But despite pressing for someone to be accountable, Kit Siang is far from happy. In September of this year he Tweeted this:
Now Lim Kit Siang plays innocent saying he has nothing to do with wanting a Royal Commission of Inquiry into the BNM Forex scandal. Is it because he and Mahathir are good friends now? Or is it because Mahathir’s involvement means that the DAP has lost one of its Malay political mules?
