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Financial Literacy Programme For Youth Development Centre

 

PRESS RELEASE

FINANCIAL LITERACY PROGRAMME FOR YOUTH DEVELOPMENT CENTRE

26-27 October 2016

 

1.       Autoriti Monetari Brunei Darussalam (AMBD), with the collaboration of Tabung Amanah Pekerja (TAP), Brunei Association of Banks (BAB), and Brunei Insurance and Takaful Association (BITA) successfully conducted a one and a half-day financial literacy programme for the students of the Youth Development Centre. More than 25 students from a wide range of courses, including Kursus Belia Berpadi, as well as the Entrepreneurship Course, participated in the 2-days programme on 26th October 2016. ​​

2.       The programme began with an introduction to AMBD, providing an insight onAMBD's role as the central bank of Brunei Darussalam. The students also learnt AMBD's functions which includes the licensing and regulating of financial institutions in Brunei Darussalam; issuing and managing the country's currencies; as well as maintaining financial stability through the monetary policy.

3.       A representative from AMBD's Currency Management presented on the Currency Order, 2004, touching upon the dos and don'ts when handling Brunei Darussalam's currency notes or coins. The students were informed that it is an offence to manufacture, sell, circulate or distribute any merchandise or products containing any design or part of any Brunei Darussalam's currency note or coin. The students were also reminded that any advertisement with the use of currency notes or coins can only be done with the permission of AMBD. Furthermore, it was explained that damaged currency notes may be exchanged at domestic banks, depending on the condition of the notes.

4.       Talks on "Be Financially Smart" and "Avoid Financial Scams" were led by representatives of the AMBD's Financial Consumer Issues Unit. In relation to this, several interactive activities were also conducted in order to provide the students with the acquired skills to manage and plan their finances wisely as well as to recognise the characteristics of financial scams. Among the highlighted key takeaways in the sessions include developing and achieving their own financial goals; effective budgeting; wise management of debt; and the importance of having an emergency fund and prudent spending. The students also took part in the "My Life" Game, which aims to teach the students on how to make wise financial decisions when faced with significant life events.

5.       Institutions from the financial industry also participated in the programme to share about their respective financial products and services. TAP explained the different schemes under their purview, including their retirement schemes i.e. TAP and Supplemental Contributory Pensions (SCP), as well as the Housing Fund Scheme. From the insurance and takaful industry, Takaful Brunei Keluarga Sdn Bhd and Insurans Islam TAIB Sdn Bhd talked about the importance of protecting yourself and your loved ones through the Islamic practice of takaful. The banks also,  introduced their latest initiatives in helping local small and medium-sized enterprises (SMEs), which include Baiduri Bank's Merchant Suite and BIBD's SME 360. These talks were especially useful to the aspiring entrepreneurs who were in attendance.

6.       This programme is one of AMBD's initiatives aiming to raise the financial literacy and awareness of the public. AMBD, with the collaboration of relevant agencies, have conducted several financial literacy initiatives, including roadshows to Ministries and Schools andwill continue its efforts in promoting financial literacy to the general public.

 Pusat Pembangunan Belia - web.jpg

Autoriti Monetari Brunei Darussalam

Tarikh: 4 Safar 1438H / 4 November 2016M

Ref:        AMBD/COMMS/2016/3

Download Malay version  here

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