Brunei Currency and Monetary Board
Encyclopedia
The Brunei Currency and Monetary Board (BCMB) is the central bank
of the State of Brunei
. It was rechartered on February 1, 2004 pursuant to the Currency and Monetary Order of 2004.
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. 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.
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.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
of the State of Brunei
Brunei
Brunei , officially the State of Brunei Darussalam or the Nation of Brunei, the Abode of Peace , is a sovereign state located on the north coast of the island of Borneo, in Southeast Asia...
. It was rechartered on February 1, 2004 pursuant to the Currency and Monetary Order of 2004.
History
The Brunei Currency Board was established on June 12, 1967 and the introduction of the Brunei DollarBrunei dollar
The ringgit Brunei or the Brunei dollar , has been the currency of the Sultanate of Brunei since 1967...
as the new currency of Brunei in replacing the Malaya and British Borneo dollar
Malaya and British Borneo dollar
The Malaya and British Borneo dollar was the currency of Malaya, Singapore, Sarawak, British North Borneo and Brunei from 1953 to 1967. The currency was issued by the Board of Commissioners of Currency, Malaya and British Borneo...
after the Currency Union Agreement between Malaysia, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
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. 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.
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.
Organization of the BCMB
- Minister of Finance and Chairman of the BCMB
-
- Sultan and Yang di-Pertuan Hassanal BolkiahHassanal BolkiahGeneral Haji Sir Hassan al-Bolkiah Mu'izzaddin Waddaulah GCB GCMG is the Sultan and Yang Di-Pertuan of Brunei Darussalam, the 29th Sultan of Brunei and the first Prime Minister of Brunei Darussalam...
- Sultan and Yang di-Pertuan Hassanal Bolkiah
- 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