Brunei witnesses low inflation in past 40 years

Brunei's inflation has been low and stable, averaging around 1.2 percent over the past 40 years, Hajah Noorrafidah, Deputy Managing Director (Monetary Operations/Development and International) of the country's Autoriti Monetari Brunei Darussalam (AMBD) said, Trend reports citing Xinhua.

According to local daily the Borneo Bulletin on Thursday, the Deputy Managing Director delivered a speech during the central bank's 10th-anniversary seminar, focusing on two of AMBD's objectives, achieving and maintaining domestic price stability, and establishing efficient payment systems and overseeing them.

Hajah Noorrafidah said monetary stability relies on two principles, price stability or stable inflation and confidence in the currency for both the country's residents and international transactions.

She also touched on the subject of the Currency Board Agreement that sees the Brunei dollar pegged to the Singapore dollar.

"The Currency Board Agreement contributes to Brunei's macro account stability and price stability which is recognized by the International Monetary Fund."

Source: TREND News Agency