BANDAR SERI BEGAWAN, June 28 (Xinhua): Autoriti Monetari Brunei Darussalam (AMDB), the country's de facto central bank, has been officially renamed Brunei Darussalam Central Bank (BDCB).
According to national broadcaster the Radio Television Brunei on Sunday, Brunei's Sultan Haji Hassanal has decided to change the name of AMBD to BDCB.
Following the name change, the BDCB will continue to perform the same functions as AMBD did and will stay at the current premise, the Ministry of Finance and Economy's building.
By command of the Sultan, the Brunei Darussalam Central Bank Act 2021 will be enforced beginning Sunday, in place of the previous Brunei Darussalam Monetary Authority Act.
The Sultan also appointed members of the BDCB board of directors, which will be led by Haji Ahmaddin, Deputy Minister of Finance and Economy (fiscal).
Acting as a central bank, the AMBD began its operations on Jan. 1, 2011. It has been formulating and implementing monetary policies and taking on other roles, including supervising financial institutions and currency management. - Xinhua