Wikipedia

Brunei Darussalam Central Bank

(Redirected fromMonetary Authority of Brunei Darussalam)

TheBrunei Darussalam Central Bank(abbrev:BDCB;Malay:Bank Pusat Brunei Darussalam) is thecentral bankofBrunei.In addition to creating the Brunei currency and managing the nation'smonetary 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]

Brunei Darussalam Central Bank
Bank Pusat Brunei Darussalam
HeadquartersLevel 14,Ministry of Finance and Economy Building,Bandar Seri Begawan,BruneiBB3910
Established1 January 2011;13 years ago(2011-01-01)
OwnershipGovernment of Brunei[1]
ChairmanKhairuddin Abdul Hamid
Central bank ofBrunei
CurrencyBrunei dollar(B$)
BND (ISO 4217)
Reserves2 890 million USD[1]
Preceded byBrunei Currency and Monetary Board
Websitewww.bdcb.gov.bn

History

edit

TheBrunei Currency Board(BCB) was established on 12 June 1967, and the introduction of theBrunei dollaras the new currency of Brunei in replacing theMalaya and British Borneo dollarafter the Currency Union Agreement betweenMalaysia,Singaporeand 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 theBrunei Currency and Monetary Board(BCMB) pursuant to Section 3-1 of theCurrency and Monetary Order, 2004on 1 February 2004.[6]TheMinister of Financeserves as the board's chair and is in charge of managing BCMB. In addition to leading BCMB's management, thechief executive officerserves as the board secretary.[7]In honour of theSultan of Brunei's 58th birthday, BCMB has released new B$50 and B$100 polymer notes with more security measures than earlier versions.[8]

TheBrunei Darussalam Central Bank Order, 2010established theMonetary Authority of Brunei Darussalam(Autoriti Monetari 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. TheCrown Prince Al-Muhtadee Billahserves as the AMBD's chair.[11]At the 3rd AMBD-MAS Bilateral Roundtable, on 22 January 2020, AMBD and theMASsigned an updatedMemorandum of Understanding(MoU) on bilateral collaboration, pledging to pursue additional areas of collaboration.

Following approval bySultan Hassanal Bolkiah,the officialRadio Television Bruneiannounced the name change toBrunei 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][13]

On 6 December 2022, themanaging directorsofBOTand 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 andBOLhave formally joined the Regional Payment Connectivity (RPC).[17]

Senior leadership

edit

List of former chairmen

edit

List of former managing directors

edit
  • Haji Mohd Rosli bin Haji Sabtu (2011–2015)[20]
  • Yusof bin Haji Abdul Rahman (2015–2019)[21][22]

See also

edit

References

edit
  1. ^abWeidner, Jan (2017)."The Organisation and Structure of Central Banks"(PDF).Katalog der Deutschen Nationalbibliothek.
  2. ^ab"Who We Are - BDCB".www.bdcb.gov.bn.Retrieved2024-05-06.
  3. ^Jade Mitchell (2015-08-12)."Brunei Darussalam Central Bank - Central Banking".www.centralbanking.com.Retrieved2024-05-06.
  4. ^"The Currency History of Singapore".Monetary Authority of Singapore. 2007-04-09. Archived fromthe originalon 2010-02-02.Retrieved2007-12-28.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.
  5. ^Monetary Authority of Singapore(2007-06-27)."Commemorating the 40th Anniversary the Currency Interchangeability Agreement".Archived fromthe originalon 2007-07-03.Retrieved2007-07-30.
  6. ^"Overview of the Brunei Currency and monetary board".Ministry of Finance. 2005. Archived fromthe originalon 2008-04-01.Retrieved2008-04-24.
  7. ^abSidhu, Jatswan S. (2009-12-22).Historical Dictionary of Brunei Darussalam.Scarecrow Press. p. 42.ISBN978-0-8108-7078-9.
  8. ^CT Hj Mahmod; Laila Rahman."New $50 and $100 notes for Sultan's birthday".www.sultanate.com.Retrieved2024-05-06.{{cite web}}:CS1 maint: multiple names: authors list (link)
  9. ^Establishment of Autoriti Monetari Brunei Darussalam (AMBD)Archived2014-07-06 at theWayback MachineMonetary Authority of Brunei Darussalam (www.ambd.gov.bn). Retrieved on 2015-04-23.
  10. ^"Sambutan Ulang Tahun Hari Kebangsaan Negara Brunei Darussalam Kali Ke-40"(PDF).Pelita Brunei(in Malay). 2024-03-02. p. 9.Retrieved2024-08-22.
  11. ^"Autoriti Monetari Brunei Darussalam (AMBD)".www.aseanbankers.org.Retrieved2024-05-06.
  12. ^"AMBD renamed Brunei Darussalam Central Bank".Borneo Bulletin. 2021.Archivedfrom the original on 2021-06-27.Retrieved2021-06-30.
  13. ^abc"AMBD renamed Brunei Darussalam Central Bank".The Scoop.2021-06-26.Retrieved2024-05-06.
  14. ^abGoh Thean Eu (2021-06-29)."Brunei Darussalam's monetary authority renamed central bank".www.asiaasset.com.Retrieved2024-05-06.
  15. ^"Joint Press The Signing of a Memorandum of Understanding on Cooperation Between Brunei Darussalam Central Bank and the Bank of Thailand".www.bot.or.th.2022-12-06.Retrieved2024-05-06.
  16. ^"Brunei Darussalam Central Bank and Monetary Authority of Singapore Deepen Cooperation in Financial Supervision".www.mas.gov.sg.2023-02-03.Retrieved2024-05-06.
  17. ^"Brunei Darussalam Central Bank (BDCB) and Bank of the Lao PDR (BOL) Formally Join the Regional Payment Connectivity Initiative (RPC)".www.mas.gov.sg.2024-04-03.Retrieved2024-05-06.
  18. ^abcBrunei Darussalam Central Bank (2022)."2022 Annual Report"(PDF).cms.bdcb.gov.bn.p. 15.Retrieved2024-05-06.
  19. ^"Brunei Darussalam central bank names three women as chief, deputies".www.asiaasset.com.2019-10-17.Retrieved2024-05-06.
  20. ^"Sultan appoints MD of AMBD".www.sultanate.com.2011-01-02.Retrieved2024-05-06.
  21. ^Monetary Authority of Brunei Darussalam (2015)."Annual Report 2015"(PDF).dev-bdcb-cms.dotroot.com.bn.Retrieved2024-05-06.
  22. ^"Anritsu Corp: The Success of Change".www.theworldfolio.com.2017-10-26.Retrieved2024-05-06.
edit

4°55′21″N114°57′06″E/ 4.9226°N 114.9516°E/4.9226; 114.9516

Retrieved from "https://en.wikipedia.org/w/index.php?title=Brunei_Darussalam_Central_Bank&oldid=1241606227"