Brunei Currency and Monetary Board

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Emblem of Brunei.svg
Brunei Currency and Monetary Board
Headquarters Bandar Seri Begawan, Brunei
Established February 1, 2004
Chairman Awang Haji Abd Rahman bin Haji Ibrahim
Central bank of Brunei
Currency Brunei Dollar
BND (ISO 4217)
Preceded by Brunei Currency Board
Succeeded by Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam)
Website Brunei Currency and Monetary Board

The Brunei Currency and Monetary Board (BCMB) is the central bank of Brunei Darussalam. It was rechartered on February 1, 2004, pursuant to the Currency and Monetary Order of 2004.

History[edit]

The Brunei Currency Board was established on June 12, 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 May 8, 1973, when Malaysia terminated the agreement with Singapore and Brunei.[1] 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.[2]

The Brunei Currency Board was dissolved and rechartered under the new name the Brunei Currency and Monetary Board pursuant to Section 3-1 of the Currency and Monetary Order of 2004 on February 1, 2004.[3] It was then succeeded by the Authoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam) in 2011.

Organization of the BCMB[edit]

  • Chairman of the BCMB
Awang Haji Abd Rahman bin Haji Ibrahim
  • Members:
Dato Paduka Awang Haji Ali bin Apong - Permanent Secretary, Ministry of Finance
Dr. Awang Haji Mohd Amin Liew bin Abdullah - Managing Director of Brunei Investment Agency, Ministry of Finance
Datin Paduka Dayang Magdalene Chong - Solicitor General, Attorney General's Chambers, Prime Minister's Office
Dato Paduka Haji Junaidi bin Pehin Orang Kaya Pekerma Setia Dato Paduka Haji Hashim - Director, Badan Tanmiah Harta Majlis Ugama Islam

References[edit]

  1. ^ "The Currency History of Singapore". Monetary Authority of Singapore. 2007-04-09. 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." 
  2. ^ Monetary Authority of Singapore (2007-06-27). "Commemorating the 40th Anniversary the Currency Interchangeability Agreement". Retrieved 2007-07-30. 
  3. ^ "Overview of the Brunei Currency and monetary board". Ministry of Finance. 2005. Archived from the original on 2008-04-01. Retrieved 2008-04-24. 

External links[edit]