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Autoriti Monetari Brunei Darussalam Policy Statement 2/2018


PRESS RELEASE

AMBD POLICY STATEMENT 2/2018

Monday, 16 Rabiulakhir 1440 corresponding to 24 December 2018  

 

1.       Autoriti Monetari Brunei Darussalam (AMBD) today published its bi-annual policy statement for the second half of 2018. In its Policy Statement 2/2018, AMBD noted that the global economy is expected to grow 3.7% in 2018 and 2019. The domestic economy declined by 0.05% year-on-year in the first half of 2018. AMBD's inflation forecast for 2018 is maintained within the lower half of the 0% to 1% range. AMBD inflation forecast for 2019 is in the range of 0% to 1% with potential downside risks to the forecast if global inflationary pressures remain weak.

2.       AMBD also highlighted that licensed financial institutions continue to have strong fundamentals underpinned by high levels of capitalisation, strong liquidity and improved profitability. AMBD issued a number of Notices this year to enhance investor protection and confidence in capital markets. AMBD as the depository for the Brunei Government Sukuk Al-Ijarah, was appointed as the National Numbering Agency (NNA) for Brunei Darussalam. AMBD issued Notices on Conventional and Syariah-compliant Overnight Standing Facilities to support effective and efficient liquidity management for the banks. The instruments and operations in relation to the framework are strictly consistent with the Currency Board principles as Brunei Darussalam remains fully committed to the Currency Board Arrangement, and the Currency Interchangeability Agreement with the Republic of Singapore.
3.       AMBD will introduce a registration framework for all life insurance/family takaful agents carrying out insurance/takaful agency business with effect from 1 January 2019. AMBD issued a Notice on Syariah Governance Framework to ensure that the operations and financial instruments offered by financial institutions are Syariah-compliant and follow international best practices in Islamic finance.

4.       Finally, in the recent Doing Business Report 2019, the World Bank acknowledged the implementation of the national credit scoring system, known as Bureau Credit Score, by the Credit Bureau of AMBD. Brunei Darussalam achieved the full score and ranked first out of 190 economies in the Getting Credit indicator, sharing the top spot with New Zealand.

5.       The full version of AMBD Policy Statement 2/2018 can be found on AMBD's website (www.ambd.gov.bn). For further information and enquiries, members of the public may contact AMBD through the AMBD App, by calling the AMBD hotline at 2388388, or by emailing info@ambd.gov.bn.

 

Autoriti Monetari Brunei Darussalam

Date:     16 Rabiulakhir 1440 / 24 December 2018

Ref:        AMBD/COMMS/

Download Malay version AMBD Siaran Akhbar - Policy Statement 2-2018

Download English version AMBD Press Release - Policy Statement 2-2018

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