Discovering BNM's role in Black Wednesday

I've discovered that in 1992, George Soros made over 10 billion pounds and became known as the man who "broke the Bank of England". In that event, a little known fact caught my eye: Bank Negara Malaysia attempted to "defend the British pound", and lost USD$4 billion in the process.¹

The man responsible for the valiant/noble effort was Nor Mohamed Yakcop.² He is presently Malaysia's Second Finance Minister.³ He honourably resigned from BNM following "Black Wednesday"⁴ but has today climbed back into the upper echelons of Malaysian Civil Service.

He was most recently reported to remark that the Malaysian Ringgit's surge against the American Dollar is market driven.⁵ He is confident that the buoyant economy will achieve 6 percent growth next year.⁶

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Notes

1. From Wikipedia (link):

In 1992, BNM attempted to defend the value of the British pound against attempts by George Soros and others to devalue the pound sterling. George Soros won and BNM reportedly suffered losses of more than USD $4 billion.

2. AsiaWeek, online edition. (link)

3. Wikipedia (link)

4. Supra, No. 2

5. The Star Newspaper, 8th December 2006, "Ringgit’s surge market driven, says Nor Mohamed" [link]

The Malaysian Ringgit was 3.5425 against the American Dollar as of 6pm, 7th December 2006.

6. Ibid.