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Bank Negara FX losses a 'bitter lesson, but helped overcome Asian financial crisis'

Ex-adviser says Malaysia drew from it to formulate policies to defend against currency speculators

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Former Bank Negara Malaysia (BNM) adviser and ex-second finance minister Nor Mohamed Yakcop - the individual believed to be largely responsible for the colossal foreign exchange (FX) losses suffered by the central bank in the early 1990s - contended that the "bitter lesson" from the sorry episode had a silver lining.

Kuala Lumpur

FORMER Bank Negara Malaysia (BNM) adviser and ex-second finance minister Nor Mohamed Yakcop - the individual believed to be largely responsible for the colossal foreign exchange (FX) losses suffered by the central bank in the early 1990s - contended that the "bitter lesson"...

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