The Central Bank of Brunei Darussalam (BDCB) released its Annual Report and Financial Stability Report for 2024, outlining policy and supervisory developments over the year and assessing that the financial system remained stable and resilient, supported by strong buffers and ample liquidity. The annual report also sets out strategic priorities for 2025 and includes BDCB’s audited financial statements for the year ended 31 December 2024. The Annual Report highlights 4.2% economic growth in 2024 and a 0.4% decline in domestic inflation, attributed to government subsidies and price controls and the monetary policy framework based on a Currency Board Arrangement underpinned by the Currency Interchangeability Agreement with Singapore. It also points to policy measures introduced in 2024 to enhance banks’ liquidity risk management, strengthen customer due diligence and transparency, and improve the resilience and cybersecurity of critical financial sector systems, alongside extensive onsite and offsite inspections covering governance, risk management, AML/CFT compliance, Syariah compliance, and technology risk controls. Sector development initiatives included the inaugural Brunei Darussalam Islamic Finance Symposium and the launch of the Mekar FinTech Innovation Centre, while regional and international engagement included BDCB’s role as Chair of the ASEAN Taxonomy Board in the launch of ASEAN Taxonomy Version 3, hosting the 16th Islamic Financial Services Board Summit and the 27th ASEAN Insurance Regulators’ Meeting, and signing the ASEAN Memorandum of Understanding on Cooperation in Regional Payment Connectivity. The Financial Stability Report records total financial system assets rising 5.4% from BND23.9 billion to BND25.2 billion, largely driven by banking and finance companies. It notes that banks remained profitable with improved credit quality, total loans and financing increased by 7.9% led by business credit in services, telecommunications, and agriculture, and household financing remained concentrated in automobile, residential housing, and personal financing, while the top business financing sectors were commercial property, services, and manufacturing. Special-focus coverage includes the BDCB Risk Dashboard, fraud risk reporting, and the role of the Alert List Committee.
Central Bank of Brunei Darussalam 2025-06-02
Central Bank of Brunei Darussalam publishes 2024 Annual Report and Financial Stability Report highlighting financial system assets rising to BND25.2 billion
The Central Bank of Brunei Darussalam's 2024 Annual and Financial Stability Reports confirm financial system stability, supported by strong buffers and liquidity. They highlight 4.2% economic growth, a 0.4% inflation decline, and measures to enhance liquidity risk management and cybersecurity. Total financial system assets rose 5.4% to BND25.2 billion, with increased loans driven by business credit in services, telecommunications, and agriculture.