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Article: Fed: Treasury papers show $4.8 bln lost on risky forex

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AAP General News (Australia)
Article date:
March 1, 2002
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Fed: Treasury papers show $4.8 bln lost on risky forex

CANBERRA, March 1 AAP - Federal Treasury documents showed the government' s losses from its risky debt management strategy totalled almost $4.8 billion since 1997/98, the opposition said today.

Senate estimates hearings last month revealed the Australian Office of Financial Management (AOFM) racked up unrealised losses of $1.1 billion in 1999/00 and $1.92 billion in 2000/01 in a foreign exchange (forex) strategy designed to manage Australia' s $60 billion debt portfolio.

A chart provided to the Senate Economics committee also confirmed a $1.97 ...

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