In a statement, he said he would cooperate as he was the finance minister at the time and had accepted the resignation of the officer responsible, Nor Mohamed Yakcop, as well as Bank Negara governor Jaafar Hussein.

“I welcome the government’s readiness to set up the RCI, to be chaired by Mohamed Sidek Hassan.

“However, it must not be used  to intimidate political rivals, like Dr Mahathir Mohamad.

“I will be transparent, but will not be used as a political tool,” he said.

Bernama reported that Yang di-Pertuan Agong Sultan Muhammad V had consented to the formation of the RCI to investigate the foreign currency transaction losses suffered by BNM in the 1990s.

According to a statement from the Prime Minister’s Office, the commission will complete its inquiry within three months from the date of its establishment and will submit its report to the Yang di-Pertuan Agong.

Sultan Muhammad V also consented to the appointment of members of the commission comprising High Court judge Kamaludin Md Said, Bursa Malaysia Berhad chief executive officer Tajuddin Atan, Special Task Force on Facilitating Business co-chairman Saw Choo Boon and member of Malaysian Institute of Accountants and the Malaysian Institute of Certified Public Accountants, as well as former partner of Ernst & Young, Pushpanathan SA Kanagarayar.