Brunei Darussalam Central Bank Order, 2010 (Formerly Known as Autoriti Monetari Brunei Darussalam Order) · As enacted · Part IV
Section 36
Official textFrom Attorney General's Chambers, unchanged
In implementing its objects, the Authority may, exercise and discharge the following functions, powers and duties
{a} act as the central bank of Brunei Darussalam, including the conduct of monetary policy, the issuance of the currency of Brunei Darussalam, the oversight of payment systems and serving as banker to and financial agent of the Government;
bank
"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
{b)
manage the exchange rate regulation regime, in particular by entering into foreign exchange arrangements, without prejudice to the principal objects of the Authority and after consultation with the
Government;
{c)
determine, where applicable, the conditions of employment of the
Authority's agents, including receivers of banks and financial institutions, auditors and correspondents;
{d} determine the conditions of employment of the staff of the
Authority, including their appointment, promotion, conduct and discipline and to determine the conditions applicable to the advisers of the Authority;
{e)
determine denominations and design of banknotes, coins and their issue and handling;
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hold, manage, use and dispose of the foreign reserves of the
Authority;
{g)
develop and manage an inter-bank funds system and establish the requirements for its participants;
establish principles and procedures for financial accounting and reporting of banks and financial institutions in Brunei Darussalam and branches of banks and financial institutions of foreign countries or territories operating in Brunei Darussalam;
(i} form or participate in the formation of any body corporate or in any joint venture as a shareholder or partner or in any other capacity, for purposes that are necessary or expedient for the purpose of discharging its functions or achieving its objects;
(j} carry out any ancillary activities incidental to the exercise of its functions under this Order or any other written law; and
(k} exercise and discharge such other functions, powers and duties conferred by this Order or any other written law.
The Authority shall carry out activities necessary for the implementation of the functions specified in subsection ( 1) and for the development and maintenance of the infrastructure needed for their implementation.
Opening of accounts.
Terms defined in s 2
bank
Defined · s 2"bank" means- {a} in relation to Brunei Darussalam, a bank licensed under sections 4 or 23 of the Banking Order, 2006 (S 45/06), an international bank licensed under section 7 of the International Banking Order, 2000 {S 53/00) and an Islamic bank licensed under sections 4 or 23 of the Islamic Banking Order, 2008 (S 96/08); {b) in relation to any country, territory or place outside Brunei Darussalam, a person lawfully carrying on therein business corresponding in whole, in part or in substance to "banking business" as defined in section 2(1) of the Banking Order, 2006 (S 45/06) or in section 2(1) of the International Banking Order, 2000 {S 53/00); and includes Islamic banking business as defined in section 2(1) of the Islamic Banking Order, 2008 (S 96/08);
Part VI
Relations with Banks and Financial Institutions
Part VII
Part VIII