Brunei Darussalam Central Bank (BDCB) today released its Annual Report and Financial Stability Report for 2024. 

Annual Report (AR) 2024

The AR highlights the Central Bank’s key achievements in delivering its mandates and policy developments in 2024 as well as its strategic priorities for 2025. Among the key highlights covered are as follows: 

a. Brunei Darussalam’s economy recorded a growth of 4.2% in 2024, with a decline in domestic inflation by 0.4%. This decline was supported by Government subsidies and price controls on certain consumer items, as well as the country’s monetary policy, which is based on a Currency Board Arrangement and underpinned by the Currency Interchangeability Agreement with Singapore.

b. The Central Bank continued to support a strong and stable financial sector that protects consumers and aligns with international standards by introducing several key policies in 2024. These focused on enhancing liquidity risk management for banks, strengthening customer due diligence and transparency, and improving the resilience and cybersecurity of critical systems of financial institutions. 

c. Extensive onsite and offsite inspections on financial institutions were conducted throughout 2024 to assess their governance and internal controls, risk management, financial resilience, adherence to anti-money laundering and combating the financing of terrorism (AML/CFT) regulations, Syariah compliance, and technology risk controls. 

d. In its efforts to nurture the development of Brunei Darussalam’s financial sector, the Central Bank successfully launched the inaugural Brunei Darussalam Islamic Finance Symposium, which showcased Islamic finance as a driver of economic growth. In addition, the Central Bank launched the Mekar FinTech Innovation Centre to support the growing FinTech ecosystem in Brunei Darussalam.

e. In celebration of Brunei Darussalam’s 40th Independence Anniversary, the Central Bank issued commemorative coins to honour national pride and heritage. Additionally, the introduction of mono-ply plated steel circulation coins marked a significant advancement, offering improved durability, enhanced security features, and greater environmental sustainability. 

f. In further strengthening Brunei Darussalam’s financial sector through active global and regional engagement, the Central Bank, in its capacity as Chair of the ASEAN Taxonomy Board, played a key role in the launch of ASEAN Taxonomy Version 3 – an important milestone in guiding sustainable investments across the region. 

g. Demonstrating its leadership in advancing Islamic finance and strengthening regional insurance resilience, the Central Bank hosted the 16th Islamic Financial Services Board (IFSB) Summit and the 27th ASEAN Insurance Regulators’ Meeting.

h. In enhancing cross-border trade and financial inclusion across ASEAN, the Central Bank signed the ASEAN Memorandum of Understanding on Cooperation in Regional Payment Connectivity (RPC).

The AR 2024 also includes the Central Bank’s Audited Financial Statements for the financial year ended 31 December 2024, as well as articles covering Brunei Darussalam’s monetary policy and inflation measurement; the do’s and don’ts of using images of the Brunei currency; and highlights of events organised in conjunction with the 2024 National Financial Literacy Day. 

Financial Stability Report (FSR) 2024

The FSR provides an assessment of Brunei Darussalam’s financial system in 2024. Highlights of the FSR include: 

a. Despite global economic uncertainties, Brunei Darussalam’s financial system remained stable and resilient in 2024, backed by strong buffers and ample liquidity across all financial institutions.

b. Total financial system assets grew by 5.4% from BND23.9 billion to BND25.2 billion, largely driven by the performance of the banking and finance companies sectors.

c. The banking sector remained profitable in 2024, supported by stable lending and financing activity as well as improved credit quality. 

d. Total loans and financing grew by 7.9%, driven by an expansion in business credit, particularly in the sectors of services, telecommunications, and agriculture.

e. Lending and financing trends remained aligned with domestic demand. Household financing continued to be concentrated in automobile loans/financing, residential housing, and personal financing. Meanwhile, the top three sectors in business financing were commercial property, services, and manufacturing.

f. Credit quality improved, with a decline in the net non-performing loans/financing (NPLF) ratio, which was supported by prudent lending/financing and better credit risk management.

5. The FSR features articles on special focus topics such as the BDCB Risk Dashboard; fraud risk reporting; and the role of the Alert List Committee.

6. The full BDCB Annual Report 2024 and Financial Stability Report 2024 are available on the BDCB website at www.bdcb.gov.bn.

Publication of BDCB Annual Report and Financial Stability Report for 2024