His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam announced yesterday the establishment of a national monetary body, which will come into force next year.
“Insyallah, in line with international best practices, my government will create history, in the aspect of financial matters, with the establishment of the Monetary Authority of Brunei Darussalam to be enforced on January 1, 2011,” the monarch said in his 64th birthday titah, which was televised live from the Istana Nurul Iman.
Addressing an audience of nobles, distinguished persons and other invited foreign and local guests dressed in their state finery, His Majesty said the monetary body will be responsible for overseeing monetary policies, supervising financial institutions and management of currency.
The announcement of the monetary authority came as His Majesty, who is also the Minister of Finance, had been stressing the importance of maintaining the Sultanate’s peace and prosperity through proper management of funds and debts.
“Long-lasting and steady peace is everything, and the same goes for continued prosperity, which is everyone’s desire,” His Majesty said.
“These two facets are the basis to determine the course of the country’s development. A country at peace is a country that is conducive for development and progress. This is heightened further if the country is prosperous, as it will make it easier to spur on progress,” His Majesty added.
However, in the drive to ensure continued peace and prosperity, the monarch stressed that “unhealthy practices” such as the habit of falling into debt without considering the risks involved, should be avoided.
“There is a study which shows that debt was the among the causes of the global financial crisis; a worrying phenomenon that has not only been detected among individuals, families and businesses, but also some countries that borrow money excessively to the point that it threatens the stability of their economies and state finances, and inadvertently affect the world’s economy and finances,” His Majesty said.
Being aware of such dangers, His Majesty’s Government has implemented various prudent, money-saving policies that focus on value-for-money, so that national revenues can be enjoyed by the people from generation to generation, the monarch recalled.
Referring to the World Economic Forum’s Global Competitiveness Report 2008-2009, His Majesty pointed out that Brunei had placed top spot in management of government debt since Brunei has no national debt. The Sultanate was ranked second out of 134 countries surveyed in the aspect of macroeconomic strength.
“In the international arena, we will continue our policies of mutual respect and cooperation for the benefit of all sides,” His Majesty said.
Photo and story courtesy of The Brunei Times
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