Brunei Darussalam Central Bank

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Brunei Darussalam Central Bank
Bank Pusat Brunei Darussalam
Brunei Darussalam Central Bank logo.png
HeadquartersLevel 14, Ministry of Finance and Economy Building, Bandar Seri Begawan, Brunei BB3910
Established1 January 2011;13 years ago (2011-01-01)
Ownership Government of Brunei [1]
Chairman Khairuddin Abdul Hamid
Central bank of Brunei
Currency Brunei dollar (B$)
BND (ISO 4217)
Reserves2 890 million USD [1]
Preceded byBrunei Currency and Monetary Board
Website www.bdcb.gov.bn

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]

Contents

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 (Autoriti Monetari Brunei Darussalam) which went into effect on 1 January 2011. [9] 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. [10] 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. [11] [12] 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. [13] [12]

On 6 December 2022, the managing directors of BOT and BDCB signed a MoU on cooperation between the two central banks. [14] 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. [15] 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). [16]

Senior leadership

List of former chairmen

List of former managing directors

See also

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References

  1. 1 2 Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. 1 2 "Who We Are - BDCB". www.bdcb.gov.bn. Retrieved 2024-05-06.
  3. ↑ Jade Mitchell (2015-08-12). "Brunei Darussalam Central Bank - Central Banking". www.centralbanking.com. Retrieved 2024-05-06.
  4. ↑ "The Currency History of Singapore". Monetary Authority of Singapore. 2007-04-09. Archived from the original on 2010-02-02. Retrieved 2007-12-28. 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 from the original on 2007-07-03. Retrieved 2007-07-30.
  6. ↑ "Overview of the Brunei Currency and monetary board". Ministry of Finance. 2005. Archived from the original on 2008-04-01. Retrieved 2008-04-24.
  7. 1 2 Sidhu, Jatswan S. (2009-12-22). Historical Dictionary of Brunei Darussalam. Scarecrow Press. p. 42. ISBN   978-0-8108-7078-9.
  8. ↑ CT Hj Mahmod; Laila Rahman. "New $50 and $100 notes for Sultan's birthday". www.sultanate.com. Retrieved 2024-05-06.{{cite web}}: CS1 maint: multiple names: authors list (link)
  9. ↑ Establishment of Autoriti Monetari Brunei Darussalam (AMBD) Archived 2014-07-06 at the Wayback Machine Monetary Authority of Brunei Darussalam (www.ambd.gov.bn). Retrieved on 2015-04-23.
  10. ↑ "Autoriti Monetari Brunei Darussalam (AMBD)". www.aseanbankers.org. Retrieved 2024-05-06.
  11. ↑ "AMBD renamed Brunei Darussalam Central Bank". Borneo Bulletin. 2021. Archived from the original on 2021-06-27. Retrieved 2021-06-30.
  12. 1 2 3 "AMBD renamed Brunei Darussalam Central Bank". The Scoop. 2021-06-26. Retrieved 2024-05-06.
  13. 1 2 Goh Thean Eu (2021-06-29). "Brunei Darussalam's monetary authority renamed central bank". www.asiaasset.com. Retrieved 2024-05-06.
  14. ↑ "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. Retrieved 2024-05-06.
  15. ↑ "Brunei Darussalam Central Bank and Monetary Authority of Singapore Deepen Cooperation in Financial Supervision". www.mas.gov.sg. 2023-02-03. Retrieved 2024-05-06.
  16. ↑ "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. Retrieved 2024-05-06.
  17. 1 2 3 Brunei Darussalam Central Bank (2022). "2022 Annual Report" (PDF). cms.bdcb.gov.bn. p. 15. Retrieved 2024-05-06.
  18. ↑ "Brunei Darussalam central bank names three women as chief, deputies". www.asiaasset.com. 2019-10-17. Retrieved 2024-05-06.
  19. ↑ "Sultan appoints MD of AMBD". www.sultanate.com. 2011-01-02. Retrieved 2024-05-06.
  20. ↑ Monetary Authority of Brunei Darussalam (2015). "Annual Report 2015" (PDF). dev-bdcb-cms.dotroot.com.bn. Retrieved 2024-05-06.
  21. ↑ "Anritsu Corp: The Success of Change". www.theworldfolio.com. 2017-10-26. Retrieved 2024-05-06.

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