The official versions of BNM forex losses by government during the hey days of Tun Dr Mahathir was less than RM10 million.
However, the government position changed from not true, to only paper loss, and finally Raja Petra raised the point that the then Prime Minister and Minister of Finance lied to the public, Parliament, and cabinet.
Tengku Razaleigh Hamzah used to claim the losses could be at least RM16 billion derived from the negative capital position of BNM. Dato Murad have been talking of US$10 billion. The exchange rate then would mean it could range from RM30 to RM40 billion.
The Mole columnist, Salahuddin bin Hisham, who debunked the current claim on the slide of ringgit, posed the question: Did BNM forex wipe out the country’s reserve? The foreign reserve then was less than RM100 billion, thus the losses could be in that ball park.
Now, Raja Petra's posting over the weekend here is more alarming:
The real losses were more than US$13 billion or RM130 billion at today’s value. The monthly turnover was RM700 billion, while the total forward position was US$150 billion.