Banking

There are nine banks that are providing full banking services in the country. Eight are commercial banks and one is a development bank. Two of these are locally incorporated. International banks such as Citibank NA, Hong Kong and Shanghai Banking Corporation and Standard Chartered Bank have been operating branches in the state for decades. The financial sector also includes a number of locally incorporated and international finance and insurance companies. 

Among the banks are Baiduri Bank Berhad, Development Bank of Brunei Bhd., Islamic Bank of Brunei, Malayan Banking Berhad, Overseas Union Bank Ltd and United Malayan Banking Corporation Berhad. Interest rates are set by the Association of Banks. Currently, there are five finance companies namely Baiduri Finance Berhad, IRB Finance Berhad, Mortgage and Finance Berhad, Standard Chartered Finance (Brunei) Berhad and Tabung Amanah Islam Brunei. The authorities have been preparing to implement a comprehensive financial regulatory system via the proposed new Banking Act.

Exchange Controls

There is no foreign exchange control. Banks permit non-resident account to be maintained and there is no restriction on borrowing by non-residents.

Brunei Darussalam is well served by several commercial banks with branches throughout the country. The first banking was opened more than fifty years ago when the Government set up the Post Office Savings Bank (POSB) in 1935.

Brunei Darussalam operates a Currency Board system and has no Central Bank. The Government under the Banking Acts and Finance Companies Act regulates the banking industry. The Ministry of Finance through the Financial Institutions Division closely regulates all banking activities to ensure a stable and fiscally sound business environment. The Brunei Currency Board is responsible for issuing and managing the currency.

The Brunei Dollar is at par with the Singapore Dollar and are both freely traded in the respective countries. There are currently no exchange controls in Brunei. Money changer facilities are also available.

The banks continue to support local businessmen in their endeavor and thus help in the development of Brunei Darussalam.

There are 9 banks (3 incorporated in Brunei) with branches throughout the country.

List of Banks: 

Currency:

The unit currency is the Brunei dollar, divided into 100 cents.

Exchange Rate: US$1.00 = between B$1.43 and B$1.60

The unit currency is the Brunei dollar, divided into 100 cents.

Exchange Rate: US$1.00 = between B$1.43 and B$1.60