Forex Rate Bank Negara - Bank Negara Malaysia, Monthly ...

Malaysia, a nation who became a trader in the forex market

I just wanted to share what I've read. It made me realize that anything can happen in the forex market.
It was today that I learned that my country's central bank called Bank Negara was involved in forex trading back in 1992. It was all done by the bank Governor and also Finance Minister at that time. Basically the central bank and the government were in cahoots to make a profit trading in the forex market. I've read that they used Bank Negara employee computers as well as their own to execute their HUGE position. In the range of billions of dollars.
In the year 1992, they went into the market buying sterling pounds in hopes that they go up. During that time, the Bank of England (BOE) was in the European Exchange Rate Mechanism (ERM) and was basically playing the cat and mouse game and trying to one up the Deutsche Mark. This resulted in low interest rate and very high inflation in the UK.
Enter George Soros, a hedge fun manager at that time who saw that the pound was severely overvalued and decided to short it. His position was fairly large, in the range of tens of millions of dollars. Bank Negara was basically on the other end of that trade, in their mind there's no way some small hedge fund could bring down a CENTRAL BANK. So they kept their long position on the pound until Wednesday September 16th 1992 came when BOE had to pull the pound out of the ERM because of the financial pressure that had built up from within. This made the pound plummet and cemented two things in history. That day is known today as Black Wednesday and George Soros was crowned "The man who broke the Bank of England" by making a profit of US$1 billion in a single day.
As for Bank Negara? Investigations were conducted within my country and the estimated loss of that trade was around US$10 billion. In other words, a lot of our nation's money went into Soros' pocket. Bank Negara was also reported to be insolvent after that loss and had to be bailed out by our Ministry of Finance. They did that by selling shares of MAS (national airline company), Telekom (national telecommunications company) and Tenaga (national utilities company). MAS had been struggling in the airline industry ever since. Both the bank Governor and the Finance Minister were relieved of their duties.
The losses had since been recovered but the whole incident effectively pushed the advancement and development of the country by a few years. Bank Negara had stopped their trading for profits activities ever since and sticking to only regulating the money supply, as it was intended in the first place.
That's a piece of my country's history and how it was tied to the forex trading world and the rest of the world events. Thank you and hope you had a pleasure reading.
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As Malaysia's Central Bank, Bank Negara Malaysia promotes monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy. Jalan Dato' Onn, 50480 Kuala Lumpur, Malaysia; 1300 88 5465 (BNMTELELINK) +603 2698 8044 (General line) [email protected] Illegal Foreign Exchange Trading Scheme. Illegal Foreign Exchange Trading Scheme refers to the buying or selling of foreign currency by an individual or company in Malaysia with any person who is not a licensed onshore bank or any person who has not obtained the approval of Bank Negara Malaysia under the Financial Services Act 2013 or Islamic Financial Services Act 2013. The Bank Negara Malaysia (BNM) is forecasted to keep the policy rate unchanged at its meeting on Tuesday, noted Economist at UOB Group Lee Sue Ann. Key Quotes “The lower bound of the BNM’s GDP projections of -3.5% to -5.5% for this year does assume downside risks including a setback in global growth, prolonged COVID-19 outbreak, and targeted Movement Control Order (MCO) in high risk areas.” Home. News. Announcement; Press Release; Tender Announcement; Foreclosure Auction; Job Opening; Promotion & Events. Promotion; Prime Lending Rate; Personal. Savings Bank Negara Jun 22, 2017 - The losses from BNM's forex trading, alleged to be more than to have forex rate bank negara happened between 1987 and entry signals forex trading 1992 when the exchange rate had Dec 2, 2016 - Bank Negara Malaysia announces measures to boost forex market FMC said all ringgit proceeds from exports can earn a higher rate The role and function of Bank Negara Malaysia ... Analysts at ANZ note that as per the expected lines, Bank Negara Malaysia (BNM) has cut its Overnight Policy Rate (OPR) by 25 basis points to 3.00%. Key Quotes “The BNM noted that the rate cut is intended to preserve a suitable degree of monetary accommodation given some tightening of domestic financial conditions.” Bank Negara Malaysia, the Malaysian central bank, has often intervened in the currency market to stabilise the USD/MYR exchange rate, which can sometimes trend notably over time. These currency valuation shifts can cause foreign exchange uncertainty for traders and businesses looking for a more stable environment to operate in.

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