Brunei Darussalam Central Bank Explained

Bank Name:Brunei Darussalam Central Bank
Ownership:Government of Brunei[1]
Headquarters:Level 14, Ministry of Finance and Economy Building, Bandar Seri Begawan, Brunei BB3910
President:Khairuddin Abdul Hamid
Leader Title:Chairman
Bank Of:Brunei
Currency:Brunei dollar (B$)
Currency Iso:BND
Reserves:2 890 million USD
Preceded:Brunei Currency and Monetary Board

The Brunei Darussalam Central Bank (abbrev: BDCB; Malay: Bank Pusat Brunei Darussalam) is the central bank of Brunei. In addition to creating the Brunei currency and managing the nation's monetary policy,[2] its major goals consisted of building and upholding domestic price stability, guaranteeing the stability of the financial system, particularly via the creation of prudential standards and financial regulations, and support the establishment and operation of effective.[3]

History

The Brunei Currency Board (BCB) was established on 12 June 1967, and the introduction of the Brunei dollar as the new currency of Brunei in replacing the Malaya and British Borneo dollar after the Currency Union Agreement between Malaysia, Singapore and Brunei was terminated and all three countries issued their own currencies which continued to be interchangeable until 8 May 1973, when Malaysia terminated the agreement with Singapore and Brunei.[4] The Currency Interchangeability Agreement between Singapore and Brunei is still existent. On 27 June 2007, Singapore and Brunei celebrated the 40th anniversary of the Currency Interchangeability Agreement (since 12 June 1967) with the joint-issue of the commemorative $20 notes.[5]

The BCB was dissolved and rechartered under the new name the Brunei Currency and Monetary Board (BCMB) pursuant to Section 3-1 of the Currency and Monetary Order, 2004 on 1 February 2004.[6] The Minister of Finance serves as the board's chair and is in charge of managing BCMB. In addition to leading BCMB's management, the chief executive officer serves as the board secretary.[7] In honour of the Sultan of Brunei's 58th birthday, BCMB has released new B$50 and B$100 polymer notes with more security measures than earlier versions.[8]

The Brunei Darussalam Central Bank Order, 2010 established the Monetary Authority of Brunei Darussalam which went into effect on 1 January 2011.[9] [10] In addition to developing and implementing monetary policies, the AMBD will oversee financial institutions and handle money in its capacity as a central bank. The Crown Prince Al-Muhtadee Billah serves as the AMBD's chair.[11] At the 3rd AMBD-MAS Bilateral Roundtable, on 22 January 2020, AMBD and the MAS signed an updated Memorandum of Understanding (MoU) on bilateral collaboration, pledging to pursue additional areas of collaboration.

Following approval by Sultan Hassanal Bolkiah, the official Radio Television Brunei announced the name change to Brunei Darussalam Central Bank (BDCB) and board selections on 26 June 2021.[12] [13] On the following day, new laws pertaining to the central bank went into force. The central bank would carry out the same duties as its predecessor, and whose responsibilities included supervising financial institutions and developing and implementing monetary policies.[14]

On 6 December 2022, the managing directors of BOT and BDCB signed a MoU on cooperation between the two central banks.[15] To strengthen their collaboration in the areas of banking and insurance supervision, the managing directors MAS and BDCB signed a MoU on 3 February 2023. Through information sharing and cross-border on-site inspections, the MoU will enable the efficient supervision of banks and insurers operating in both jurisdictions.[16] After signing the second additional pages of the MoU on Cooperation in Regional Payment Connectivity (MOU RPC) on 29 February 2024, BDCB and BOL have formally joined the Regional Payment Connectivity (RPC).[17]

Senior leadership

List of former chairmen

List of former managing directors

See also

Notes and References

  1. Web site: Weidner . Jan . The Organisation and Structure of Central Banks . Katalog der Deutschen Nationalbibliothek. 2017. PDF.
  2. Web site: Who We Are - BDCB . 2024-05-06 . www.bdcb.gov.bn.
  3. Web site: Jade Mitchell . 2015-08-12 . Brunei Darussalam Central Bank - Central Banking . 2024-05-06 . www.centralbanking.com . en.
  4. Web site: The Currency History of Singapore . 2007-12-28 . 2007-04-09 . Monetary Authority of Singapore . Official Currencies of The Straits Settlements (1826-1939); Currencies of the Board of Commissioners of Currency, Malaya (1939-1951); Currencies of the Board of Commissioners of Currency, Malaya and British Borneo (1952-1957); Currencies of the Independent Malaya (1957 -1963); On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei, each issued its own currency. The currencies of the three countries were interchangeable at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore however continue with the Agreement until the present day. . dead . https://web.archive.org/web/20100202075742/http://www.mas.gov.sg/currency/currency_info/Heritage_Collection.html . 2010-02-02 .
  5. Web site: . 2007-06-27 . Commemorating the 40th Anniversary the Currency Interchangeability Agreement . 2007-07-30 . dead . https://web.archive.org/web/20070703111408/http://www.mas.gov.sg/news_room/press_releases/2007/Joint_Press_Release_by_the_MOF_Brunei_Darussalam_and_MAS.html . 2007-07-03 .
  6. Web site: Overview of the Brunei Currency and monetary board . 2008-04-24 . 2005 . Ministry of Finance . https://web.archive.org/web/20080401033305/http://www.mof.gov.bn/mof/en/sections/bcmb/ . 2008-04-01 . dead .
  7. Book: Sidhu, Jatswan S. . Historical Dictionary of Brunei Darussalam . 2009-12-22 . Scarecrow Press . 978-0-8108-7078-9 . 42 . en.
  8. Web site: CT Hj Mahmod; Laila Rahman . New $50 and $100 notes for Sultan's birthday . 2024-05-06 . www.sultanate.com.
  9. http://www.ambd.gov.bn/about-ambd/establishment-of-autoriti-monetari-brunei-darussalam-(ambd) Establishment of Autoriti Monetari Brunei Darussalam (AMBD)
  10. News: 2024-03-02 . Sambutan Ulang Tahun Hari Kebangsaan Negara Brunei Darussalam Kali Ke-40 . 2024-08-22 . Pelita Brunei . 9 . ms.
  11. Web site: Autoriti Monetari Brunei Darussalam (AMBD) . 2024-05-06 . www.aseanbankers.org.
  12. Web site: 2021 . AMBD renamed Brunei Darussalam Central Bank . live . https://web.archive.org/web/20210627004812/https://borneobulletin.com.bn/ambd-renamed-brunei-darussalam-central-bank/ . 2021-06-27 . 2021-06-30 . Borneo Bulletin.
  13. Web site: 2021-06-26 . AMBD renamed Brunei Darussalam Central Bank . 2024-05-06 . The Scoop . en-GB.
  14. Web site: Goh Thean Eu . 2021-06-29 . Brunei Darussalam's monetary authority renamed central bank . 2024-05-06 . www.asiaasset.com.
  15. Web site: 2022-12-06 . Joint Press The Signing of a Memorandum of Understanding on Cooperation Between Brunei Darussalam Central Bank and the Bank of Thailand . 2024-05-06 . www.bot.or.th . en.
  16. Web site: 2023-02-03 . Brunei Darussalam Central Bank and Monetary Authority of Singapore Deepen Cooperation in Financial Supervision . 2024-05-06 . www.mas.gov.sg . en.
  17. Web site: 2024-04-03 . Brunei Darussalam Central Bank (BDCB) and Bank of the Lao PDR (BOL) Formally Join the Regional Payment Connectivity Initiative (RPC) . 2024-05-06 . www.mas.gov.sg . en.
  18. Web site: Brunei Darussalam Central Bank . 2022 . 2022 Annual Report . 2024-05-06 . cms.bdcb.gov.bn . 15.
  19. Web site: 2019-10-17 . Brunei Darussalam central bank names three women as chief, deputies . 2024-05-06 . www.asiaasset.com.
  20. Web site: 2011-01-02 . Sultan appoints MD of AMBD . 2024-05-06 . www.sultanate.com.
  21. Web site: Monetary Authority of Brunei Darussalam . 2015 . Annual Report 2015 . 2024-05-06 . dev-bdcb-cms.dotroot.com.bn.
  22. Web site: 2017-10-26 . Anritsu Corp: The Success of Change . 2024-05-06 . www.theworldfolio.com . en.

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