Public Bank Berhad - Foreign Exchange Rates (FOREX)

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.
submitted by MushrifSaidin to Forex [link] [comments]

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Malaysia - Central bank fixes exchange rate - YouTube

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