Autoriti Monetari Brunei Darussalam

Autoriti Monetari Brunei Darussalam

Headquarters	Bandar Seri Begawan , Brunei
founding	January 1, 2011
president	Al-Muhtadee Billah
country	Brunei
currency	Brunei dollars
ISO 4217	BND
Website	Autoriti Monetari Brunei Darussalam
predecessor	Brunei Currency and Monetary Board
List of central banks

The Autoriti Monetari Brunei Darussalam (AMBD) is the central bank of the Sultanate of Brunei .

history

Monetary Union and Currency Interchangeability Agreement

On June 12, 1967, the so-called Currency Interchangeability Agreement came into force between Brunei , Malaysia and Singapore . In this, the participating countries guaranteed each other to exchange their currencies on a one-to-one basis. As a result, the unofficial acceptance of the currencies became common. As a result, the now ended monetary union remained practically in everyday life. Malaysia left the agreement in 1973, but between Brunei and Singapore it still exists today.

The beginning of the currency pact went hand in hand with the introduction of the Brunei dollar , which replaced the Malaya and British Borneo dollars previously used . Commemorative banknotes were issued in Singapore and Brunei to mark the 40th anniversary of the agreement.

Establishment and change of the institution

Since the introduction of the Brunei dollar in 1967, the Brunei Currency Board has acted as the central bank of Brunei. This institution was renamed the Brunei Currency and Monetary Board by new legislation with the Currency and Monetary Order of 2004 . There were also changes to the organization of the board.

The current central bank, the Autoriti Monetari Brunei Darussalam (AMBD), was established on January 1, 2011 based on the 2010 Autoriti Monetari Brunei Darussalam Order . Her area of ​​responsibility was expanded compared to before and she also took on the tasks of four departments that were previously the responsibility of the Ministry of Finance:

• Brunei Currency and Monetary Board (BCMB)
• Financial Institutions Division (FID)
• Brunei International Financial Center (BIFC)
• Parts of the Research and International Division (RID)

tasks

Core objectives

The core objectives of the bank are as follows:

1. Ensuring domestic price and currency stability
2. Supporting the Brunei financial system, in particular through the formulation of regulations and standards
3. Control over the introduction of efficient and modern payment systems
4. Healthy growth of the financial services sector

Areas of responsibility of the departments

• Monetary Policy and Management Department
  • Collection and processing of statistical material relating to the domestic economy
  • Maintaining relationships with official foreign financial institutions

• Monetary Operations Department
  • Currency Management, Currency Design, Mint
    • Design, production and distribution of currency
  • Reserve investment
    • Monitoring of external currency reserves to secure currency purchasing power
    • External reserves must not be less than the totality of the banknotes and coins in circulation
  • Payment & Settlement System
    • Organization and monitoring of cross-bank transfer systems
    • Promotion of electronic payment methods in Southeast Asia

• Corporate Services & Development
  • Corporate services
    • Internal services for budgeting, AMBD account management as well as procurement and transfers
    • Self-control for compliance with international standards
  • Development Division
    • Development of Brunei as a hub for linking regional financial markets
    • Registration of IBCs (International Business Companies) and collection of relevant fees

• Regulatory Division
  • Licensing and control of these industries
    • Banks, money changers, pawn shops, etc. Ä.
    • Insurance and capital investment
    • Credit institutions

• Financial Intelligence Unit
  • Monitoring and investigative activities regarding money laundering and the financing of terrorist activities

Organization of the board

Al-Muhtadee Billah - Chairman of the Board of the AMBD (around 2016)

The executive board consisted of the following members (as of the beginning of 2016):

• Chairman
  • Prince Haji Al-Muhtadee Billah

• Deputy Chairman
  • Pehin Orang Kaya Indera Pahlawan, Dato Seri Setia Awang Haji Suyoi bin Haji Osman

• Members
  • Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim
  • Dato Paduka Awang Haji Ali bin Haji Apong
  • Dato Paduka Awang Haji Mohd Roselan bin Haji Mohd Daud
  • Dato Paduka Awang Haji Hisham bin Haji Mohd Hanifah
  • Dato Seri Setia Awang Haji Metussin bin Haji Baki
  • Awang Haji Hamzah bin Haji Sulaiman
  • Awang Yusof bin Haji Abd Rahman

• General Director
  • Awang Yusof bin Haji Abd Rahman

Individual evidence

1. ^ Currency Interchangeability Agreement with Brunei. (No longer available online.) Monetary Authority of Singapore, archived from the original on June 28, 2017 ; accessed on January 28, 2016 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
2. ^ Brunei issues new 20-ringgit polymer commemorative note. banknotesews.com, accessed January 28, 2016 . 
3. ^ Introduction - Brunei Currency and Monetary Board. (No longer available online.) Ministry of Finance - Brunei Darussalam, archived from the original on July 6, 2014 ; accessed on January 28, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
4. ↑ About the AMBD. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
5. ↑ Autoriti Monetari Burnei Darussalam: AMBD keeps financial system stable. (No longer available online.) The Brunei Times on April 25, 2015, archived from the original on January 28, 2016 ; accessed on January 28, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
6. ↑ Objectives of the AMBD. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
7. ↑ AMBD as Brunei's financial driving force. (No longer available online.) Borneo Bulletin, archived from the original on January 28, 2016 ; accessed on January 28, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
8. ^ Monetary Policy and Management Department. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
9. ^ Currency Management, Design and Mint. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
10. ↑ Reserve Investment / Payment & Settlement System. (No longer available online.) Autoriti Monetari Brunei Darussalam, archived from the original on January 28, 2016 ; accessed on January 28, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.   
11. ↑ Reserve Investment / Payment & Settlement System. (No longer available online.) Autoriti Monetari Brunei Darussalam, archived from the original on January 28, 2016 ; accessed on January 28, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.   
12. ↑ Corporate Services. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
13. ↑ Development Division. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
14. ↑ Banking & Specialized Markets. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
15. ^ Insurance and Capital Market Supervision. (No longer available online.) Autoriti Monetari Brunei Darussalam, archived from the original on January 28, 2016 ; accessed on January 28, 2016 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.   
16. ^ Credit Bureau. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
17. ^ Financial Intelligence Unit. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 
18. ^ Board of Directors. Autoriti Monetari Brunei Darussalam, accessed January 28, 2016 . 

Web links

• AMBD at ASEAN. ASEAN Bankers Association, accessed January 28, 2016 .