PUTRAJAYA, Sept 7 — Malaysia’s central bank had traded in foreign exchange currencies possibly worth billions of US dollars in a single day, a former dealer testified today.
Azman Mat Ali, who worked as a forex dealer with Bank Negara Malaysia (BNM) for 10 years between 1988 to 1998, also told the Royal Commission of Inquiry (RCI) on the forex losses that there was no limit to the amount set by the chief dealer or upon the instruction of then BNM assistant governor Tan Sri Nor Mohamed Yackop.
“I don’t remember the highest trade value I have made but it could be worth up to billions of US dollars in a day,” Azman said.
He also said that there was no supervision of the forex trading activities for four years between 1990 to 1994.
“There is no system of check balance for forex trading in BNM between 1990 to 1994,” he said.
He said that there was an opportunity for anyone to conduct forex trades for their “personal benefit”, but stressed that no individual thought to do so.
“The opportunity existed by way where someone could have obtained profits by using insider information to conduct trading with other parties,” he added.
