Brunei’s inflation to remain low level in 2020: central bank

Published : 28 Dec 2019 09:34 PM | Updated : 01 Sep 2020 04:57 PM

Autoriti Monetari Brunei Darussalam (AMBD), the central bank of Brunei, has revised its local inflation forecast for 2019 to the range of -1 to zero percent and inflation in 2020 is expected to remain at similar levels for 2020, reports Xinhua.

According to its biannual policy statement for the second half of 2019 released recently, AMBD said that the global economy is expected to grow 3.0 percent in 2019. The domestic economy grew by 2.9 percent year-on-year in the first half of 2019. AMBD highlighted that the banking industry continues to have a robust capital position, surplus liquid assets and improved profitability. The central bank said that in line with the initiatives identified in the Brunei Darussalam Financial Sector Blueprint 2016-2025 (FSBP), a risk-based supervision framework for the supervision of the capital market intermediaries has been developed. AMBD has issued revised and amended licensing conditions which took effect from June 1, 2019, as part of strengthening compliance of the money changing and money remittance businesses.

AMBD is also reviewing the Notice on Cyber Intrusion and Incident Reporting and Information Technology Risk Management Guidelines to ensure the framework on technology risk management remains relevant to the developments in technology and cybersecurity trends in the financial sector.