THE government will form a Royal Commission of Inquiry (RCI) to investigate foreign exchange losses amounting to billions of ringgit in the 1980s, The Star Online reports.

The cabinet agreed with a task force recommendation to set up the RCI, the prime minister’s office said in a statement today.

The task force found there was a prima facie case, meriting in-depth investigation into the losses suffered by Bank Negara.

The statement said the losses were larger than what was reported to the then cabinet and Parliament.

It said the RCI would identify the actual losses resulting fromy the foreign exchange transactions.

The task force was formed in February and headed by former chief secretary to the government Tan Sri Mohd Sidek Hassan.

It presented its findings to the Cabinet today. – June 21, 2017.