Establishment of Autoriti Monetari Brunei Darussalam (AMBD)
“Insya Allah, selaras dengan amalan terbaik antarabangsa, Kerajaan Beta juga akan melakar satu sejarah baru dalam hal ehwal kewangan, dengan penubuhan sebuah autoriti monetari yang digelar Autoriti Monetari Brunei Darussalam (AMBD) atau Monetary Authority of Brunei Darussalam yang akan berkuatkuasa pada 1 Januari, 2011. Badan ini akan bertanggungjawab, termasuk keatas dasar-dasar monetari, pengawalseliaan institusi kewangan dan pengurusan matawang.” – excerpt from His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam Titah in conjunction with His Majesty’s 64th Royal Birthday (15th July 2010).
His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam has consented to the Autoriti Monetari Brunei Darussalam Order, 2010 which commenced on 1st January 2011. The Autoriti Monetari Brunei Darussalam Order, 2010, amongst other things, provides for the establishment of Autoriti Monetari Brunei Darussalam (AMBD), its Board and matters connected to the objects, operation, administration, functions, powers and duties of AMBD that includes relations between AMBD and the Government; relations between AMBD and the banks and financial institutions; and consequential and related amendments to other written laws that govern the activities supervised by AMBD.
His Royal Highness Prince Haji Al-Muhtadee Billah ibni His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, the Crown Prince and Senior Minister at the Prime Minister’s Office in his capacity as the Chairman of AMBD consented to officiate the Establishment of AMBD and chaired the First Meeting of the AMBD Board of Directors, on Monday 5 Safar 1432 corresponding to 10 January 2011 at AMBD Head Office, Level 14, Ministry of Finance, Commonwealth Drive, Bandar Seri Begawan.
The establishment of AMBD signifies yet another important milestone in the development of the financial sector in Brunei Darussalam. It also underscores the commitment of the Government of His Majesty the Sultan and Yang Di-Pertuan Negara Brunei Darussalam in achieving and maintaining a sound and dynamic financial system; by continuously implementing appropriate measures, and embarking on necessary financial sector reforms in support of the national economic development objectives.
AMBD is a statutory body, acting as the central bank of Brunei Darussalam which undertakes several core functions, chief of which is the formulation and implementation of monetary policies, the regulation and supervision of financial institutions as well as currency management.
Four divisions previously under the Ministry of Finance merged to form AMBD, namely:-
- The Financial Institutions Division or FID
- The Brunei Currency and Monetary Board or BCMB
- The Brunei International Financial Center or BIFC
- Part of the Research and International Division or RID