The first two para in Bank Negara Malaysia's description of "About the Bank" in their website [read here] explains their role, crystal clear:
The role of Bank Negara Malaysia is to promote monetary and financial stability. This is aimed at providing a conducive environment for the sustainable growth of the Malaysian economy.Do the instant noodle foreign exchange experts need further explanation? Those still asking what else BNM can do should refer to their 1999 publication: The Central Bank and the Financial System in Malaysia: A Decade of Change. Probably there are more updated editions.
Bank Negara Malaysia’s monetary policy stance is to maintain price stability while remaining supportive of growth. Bank Negara Malaysia is also responsible for financial system stability. This is achieved by developing a sound, resilient, progressive and diversified financial sector which serves to support the sectors of the real economy. It also plays an important function in implementing initiatives to deepen and strengthen the financial markets, including the foreign exchange market.
If it does not add up to 10, come back to a former "agent" for BNM interventions in Forex and Money Market. Happen to spend his semi-retired free time as a blogger these days.
On the ringgit market, there had been a profit taking activities that saw a temporary breather from the bullish US dollar condition. It could also be a retracement but no intervention reported [read a report here]. The 1 year chart above indicate also a new base forming.
More important, the chart tell us that the country's foreign exchange ringgit market is not stable and not conducive for the sustainable growth of the Malaysian economy. Does it indicate Zeti doing anything?
If still defensive, we can only repeat this quote, "We must not let other people's limited perceptions to define us." At least you should appreciate as to why we are adamant to say Zeti is a smart academics but crumble under pressure.
There is more indicators of her incompetence.
Attorney General's clarification to the pre-council statement by the Rulers' Council was most interesting:
PRESS RELEASEAccording to the Exchange Control Act here, para (4) of Part 1 of the Fifth Schedule of Exchange Control Act reads:
REGARDING STATEMENT ISSUED BY THE KEEPER OF THE RULERS’ SEAL ON BEHALF OF THE MALAY RULERS
With reference to the statement issued by the Keeper of the Rulers’ Seal on behalf of the Malay Rulers on 7 October 2015 and prior adverse or negative statements and comments against the Attorney General’s Chambers (AGC) on the delay in the completion of the investigation related to 1MDB and a decision thereon, the AGC wish to state the following.
The Task Force on investigations into 1MDB has never been dissolved or disbanded and the AGC has never made any statement to that effect. In fact the investigations conducted by the respective agencies were never at any time halted or hindered. The Attorney General has been constantly monitoring and giving instructions to the relevant agencies whenever the investigations were referred to the AGC, including instructions to expedite investigations.
As of today the Royal Malaysia Police (RMP) and the Malaysian Anti-Corruption Commission (MACC) have not completed their investigations as some key witnesses’ statements have yet to be recorded.
As for the Central Bank of Malaysia (CBM), the investigation was conducted into 1MDB for an offence under paragraph (4)(b) of Part 1 of the Fifth Schedule to the Exchange Control Act 1953 namely, knowingly or recklessly making a statement which is false in a material particular.
The investigation paper (IP) was submitted to the AGC on 21 August 2015. Having studied the IP, the Deputy Solicitor General 1, Datuk Tun Abd Majid bin Tun Hamzah, decided that there was no offence committed by the 1MDB officials and directed that no further action should be taken. The IP was returned to CBM on 11 September 2015. Hence the decision had been communicated to CBM on the same day.
However, on 1 October 2015 CBM transmitted a letter of request to AGC to have the decision reviewed. Having considered the request and the fact that there was no new evidence made available, the Attorney General decided to maintain the decision made earlier.
In this respect, the AGC would like to state that what had been in the news between 12 September 2015 until today concerning the IP still being with AGC and that discussions were ongoing, is inaccurate and not true.
ATTORNEY GENERAL’S CHAMBERS MALAYSIA
8 OCTOBER 2015
4. No person in or resident in Malaysia shall—The offense is punishable by fines up to RM10,000 or imprisonment up to 3 years or both.
(a) with intent to evade the provisions of this act, destroy, mutilate, deface, secrete or remove any documents;
(b) in furnishing any information for any of the purposes of this act, make any statement which he knows to be false in a material particular, or recklessly make any statement which is false in a material particular;
(c) obstruct any person in the exercise of any powers conferred on him by virtue of this part
The punishment is no misdemeanor but it looks like Bank Negara was investigating 1MDB on technicalities similar in nature to Dato Khir Toyo being imprisoned for transacting with someone with dealing with state government despite mush talked claiming it is bribe.
More cases of incompetence.
An operator of SSTDM and reformasi leaning, Wan Ahmad Fayshal posed several questions in Facebook here to create doubt. Pro-UMNO bloggers, Facebookers and politicians seemed to buy into his lies. WAF missed something cardinal.Why was BNM only investigating on the above clause?
This blogger was made to understand that the alleged false information was related to othe Cayman Island investment that is placed in BSI account in Singapore.
It is logical since it was initially informed in Parliament and public as US dollar cash and become a weapon by pro-Tun to blame Arul Kanda as lying but it was voluntarily corrected as Units in a Sovereign Fund.
To be charged for a mistake, it would be a misdemeanor. That is unless there is a clear intention to deceive. Since it is voluntarily corrected, it is not. God knows what happen behind the scene, but there is something more puzzling.
Is that what Bank Negara only went after and found? Did BNM investigated but could only find a misdemeanor?
It would mean there is no issues despite the numerous allegations and money trail published. BNM was said to have done the money trail with collaboration with their overseas counterpart.
The money trail from 1MDB to Petrosaudi till Najib's account published by Sarawak Report had a major factual error on Good Star Ltd. It is heard The Edge bosses was angry with Clare Rewcastle for fabricating and publishing the piece of information.
Tempted to say BNM could not find anything wrong and found no credibility with the money trail, thus did not pursue those issues.
More on Zeti.
Under SOSMA, it is difficult to help unlike in 2010 [read here and here]. He has capable lawyers to help.
Heaven's do not play the same hunger strike game again. You are no Gandhi-ji. One could get sprayed like at Kota Baru airport for repeating the same trick.
Worse still, one could be seen as guilty by playing perception game. Kudin already did an Anwar with his dengue.
Oh boy, our so-called "salary", as the protun cybertrooper claim when lack of any intelligent argument, could be withheld for this but we will still do.
Is Zeti doing a cover-up by not investigating all these? It would be convenient to some to blame on AG also.
Zeti's claimed she did not know of the remittance of foreign money to the tune of RM2.6 billion into Najib's personal account at Arab Malaysia. She may not be telling the truth and suspiciously playing games.
We know. Foreign exchange, foreign remittances, BNM operations and exchange control are not something unfamiliar. At least, for the last 30 years. It cannot not be undetected.
The preliminary deduction is Zeti could be an accomplice but pretending to be victim, doing a blame game and subtly doing sabotage to regain credibility. If not, she is plainly as incompetent as her inability to manage the Ringgit market.