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bruneilawsby aturio
In forceAs enacted
Contents

Part IV

24. (1)

The external assets of the Board shall consist of all or any of the following-fa} gold coin or bullion;

(b)

foreign exchange in the form of-

(i)

demand or time deposits;

(ii)

bank balances and money at call;

(iii)

Treasury Bills and short-term Government securities;

(iv)

notes and coins;

{cj securities, of or guaranteed by, foreign

Governments or international financial institutions; and

(dj any other external investment instruments which the Board unanimously considers suitable for inclusion.

(2)

The external assets of the Board net of any external liabilities shall at all times be not less than 70 per cent of the face value of the currency issued by the

Board:

Provided that the figure of 70 per cent may be varied on an unanimous resolution of the Board, with the approval of His Majesty the Sultan and Yang

Di-Pertuan, to that effect.

(3)

The Board shall not incur external liabilities apart from those to international monetary institutions.

(4)

Liquid assets shall -

{a} consist of gold, notes and coins, bank balances, money at call with banks and Treasury Bills and short-term Government securities; and

{bj amount to not less than 30 per cent of the face value of the currency issued by the Board.

(5)

The securities and other external investment instruments shall -

{a} be readily marketable; and

{bj for the purpose of subsection (1), be valued in accordance with subsection (5) of section 34.

Other assets.

Report

Read on from s 25