Brunei Currency and Monetary Board


Brunei Currency and Monetary Board

Infobox Central bank
bank_name =
Brunei Currency and Monetary Board
bank_name_in_local =
image_1 = Brunei 2006 circulating coins.jpg
image_title_1 = Current Circulation Coins
image_title_2 = February 1, 2004
headquarters = Bandar Seri Begawan, Brunei
established = 2004
president = Hassanal Bolkiah
leader_title = Chairman
bank_of = BRN
currency = Brunei Dollar
currency_iso = BND
reserves =
borrowing_rate =
deposit_rate =
website = [http://www.mof.gov.bn/mof/en/sections/bcmb/ http://www.mof.gov.bn/mof/en/sections/bcmb/]
preceded = Brunei Currency Board
succeeded =
footnotes =

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.

History

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 between Singapore and Bruneicite web
url=http://www.mas.gov.sg/currency/currency_info/Heritage_Collection.html
title=The Currency History of Singapore
accessdate=2007-12-28
date=2007-04-09
publisher=Monetary Authority of Singapore
quote=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 3 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.
] . 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. [cite web |author=Monetary Authority of Singapore |date=2007-06-27 |url=http://www.mas.gov.sg/news_room/press_releases/2007/Joint_Press_Release_by_the_MOF_Brunei_Darussalam_and_MAS.html |title=Commemorating the 40th Anniversary the Currency Interchangeability Agreement |accessdate=2007-07-30]

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, 2004cite web
url=http://www.mof.gov.bn/mof/en/sections/bcmb/
title=Overview of the Brunei Currency and monetary board
accessdate=2008-04-24
date=2005
publisher=Ministry of Finance
quote=
] .

Organization of the BCMB

*Minister of Finance and Chairman of the BCMB::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

References

External links

* [http://www.mof.gov.bn/mof/en/sections/bcmb/ Official site: Brunei Currency and monetary Board]


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