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Sunday, February 19, 2017

Kadir: Why not probe dwindling foreign reserves?



An investigation on the rapidly depreciating value of the ringgit should take precedence over the probe on Bank Negara's losses the foreign exchange market in the 1990s, said veteran newsman A Kadir Jasin.
He said that Bank Negara's foreign reserve has dropped by US$45 billion (RM202.5 million) between 2015 and 2016 as compared to the reported RM30 billion losses suffered by Bank Negara in the 1990s.
During the 1990s, the ringgit did not depreciate nor was Malaysia struck with high inflation, unlike now, wrote Kadir in his blog today.
"But under Prime Minister Najib Abdul Razak's 'transformation' plans, the ringgit is depreciating and prices are going up. People are suffering.
"The kembung fish, which was once the staple for the poor, now costs RM20 a kilogram. That was what Utusan Malaysia reported from Sungai Petani," wrote Kadir, who is now a Parti Pribumi Bersatu Malaysia committee member.
According to Bank Negara, its reserve as of Jan 13, 2017 stood at US$95 billion, down from a peak of US$139.7 billion in 2012.

Should Putrajaya be steadfast in their pursuit of the truth behind Bank Negara's forex losses in the 1990s, Kadir urged them to expedite investigations because there are only a few people left who are in the know.
"I believe there are just two left (who know all the details) - Nor Mohamed Yakcop and Abdul Murad Khalid. Nor Mohamed was in charge of Bank Negara's forex department while Murad was in charge of compliance.
"Zeti Akhtar Aziz might know something as well. All three of them were senior Bank Negara officers at the material time," he said.-Mkini

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