Brunei Renames Monetary Authority Central Bank

Autoriti Monetari Brunei Darussalam (AMBD), the country’s de facto central bank, has been officially renamed Brunei Darussalam Central Bank (BDCB).

According to the national broadcaster, Radio Television Brunei, yesterday, Brunei’s Sultan, Haji Hassanal Bolkiah, decided to change the name of AMBD to BDCB. Following the name change, BDCB will continue to perform the same functions as AMBD, and will stay at the current premise, the Ministry of Finance and Economy’s building.

By command of the Sultan, the Brunei Darussalam Central Bank Act 2021, will be enforced beginning yesterday, in place of the previous Brunei Darussalam Monetary Authority Act.

The Sultan also appointed members of the BDCB board of directors, which will be led by Haji Ahmaddin, Deputy Minister of Finance and Economy.

Acting as central bank, AMBD began its operations on Jan 1, 2011. It has been formulating and implementing monetary policies and taking on other roles, including supervising financial institutions and currency management.

 

Source: NAM NEWS NETWORK