BANDAR SERI BEGAWAN (Xinhua): Brunei's financial system remained stable and resilient in 2024, backed by strong buffers and ample liquidity across all financial institutions, Brunei Darussalam central bank (BDCB) has said.
Brunei's economy recorded a growth of 4.2 per cent in 2024, with a decline in domestic inflation by 0.4 per cent, the central bank said in its annual report and financial stability report for 2024.
This decline was supported by government subsidies and price controls on certain consumer items, as well as the country's monetary policy.
The central bank said total financial system assets grew by 5.4 per cent from 23.9 billion Brunei dollars (US$18.63 billion) to 25.2 billion Brunei dollars (US$19.64 billion), largely driven by the performance of the banking and finance companies sectors.
The banking sector remained profitable in 2024, supported by stable lending and financing activity as well as improved credit quality.
Total loans and financing grew by 7.9 percent driven by an expansion in business credit, particularly in the sectors of services, telecommunications, and agriculture. - Xinhua
