BANDAR SERI BEGAWAN, March 17 (Xinhua) -- The pegging of the Brunei currency to the Singapore dollar has remained a key foundation for the country's economic stability, a Brunei government minister has said.
Speaking at the 22nd Legislative Council meeting on Sunday, Haji Mohd Amin Liew Abdullah, minister at the Prime Minister's Office and second minister of Finance and Economy, said that in the long term, the policy continues to play an important role in stabilizing the local currency and strengthening consumer confidence.
Haji Mohd Amin Liew said the country's longstanding monetary policy framework is based on the Currency Interchangeability Agreement and the Currency Board Arrangement.
Under the Currency Interchangeability Agreement signed in 1967, the Brunei dollar is accepted in Singapore, while the Singapore dollar is accepted in Brunei.
According to the minister, the stability of the exchange rate helps promote bilateral investment and supports trade between Brunei and Singapore. He added that the agreement also boosts investors' confidence. ■
