Former prime minister Dr Mahathir Mohamad has dismissed Second Finance Minister Johari Abdul Ghani’s explanation on Bank Negara’s foreign reserves losses between 2013 and 2015.

He insisted that Johari has not explained the loss of US$39.6 billion (RM161 billion) during that period.

“Call whatever you like but the fact remains that as far as our reserves were concerned, Bank Negara lost more than seven times the amount we lost 30 years ago.

“And the loss was due to trading in US dollars for the ringgit. If it was not due to trading, then what caused the loss in reserves? This YB Johari Ghani has not answered,” Mahathir said in a blog post today.