Malaysia's Bank Negara Suffers Reserves Fall On Forex Losses
BANKS
Market analysts are baffled by a massive M$9.3 billion drop in reserves at Bank Negara, Malaysia's central bank, equivalent to $5.9 billion, attributed by market sources to huge foreign exchange losses, the sharp appreciation of the ringgit and damaging money-market operations aimed at cooling the local economy.
In a statement, the bank says cryptically that the fall in its "other reserves" account at the end of 1992 was "the end result of these operations and other transactions." Bank Negara
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