Established January 1, 2011 Headquarters Bandar Seri Begawan President Al-Muhtadee Billah | Central bank of Brunei Founded 1 January 2011 | |
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Chairman Haji Al-Muhtadee Billah Website Monetary Authority of Brunei Darussalam (Autoriti Monetari Brunei Darussalam) Preceded by Brunei Currency and Monetary Board | ||
The Monetary Authority of Brunei Darussalam (Autoriti Monetari Brunei Darussalam) is the Central bank of Brunei. It was established under the Autoriti Monetari Brunei Darussalam Order, 2010, and began operations on January 1, 2011. It succeeded the Brunei Currency and Monetary Board.
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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 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. It was then succeeded by the Monetary Authority of Brunei Darussalam (Autoriti Monetari Brunei Darussalam) in 2011.
Organization of the BCMB
The Chairman of the BCMB is His Royal Highness Prince Haji Al-Muhtadee Billah, son of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah. The Deputy Chairman are Pehin Orang Kaya Seri Kerna Dato Seri Setia and Haji Awang Abu Bakar bin Haji Apong.