MAS pays courtesy call to Ministry of Development
| Ishan Ibrahim |
THE Ministry of Development received a courtesy call yesterday from Ravi Menon, Managing Director of Monetary Authority of Singapore (MAS).
The Minister of Development, Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awg Hj Suyoi bin Hj Osman, in his capacity as Deputy Chairman of Autoriti Monetari Brunei Darussalam (AMDB) welcomed his counterpart at the ministry.
Currently in the Sultanate for a two-day bilateral meeting between AMDB and MAS, Ravi Menon focused on central banking issues of mutual interest.
The long standing relationship between AMDB and MAS commenced when the Currency Interchangeability Agreement (CIA) was signed in 1967 between Brunei Darussalam and Singapore, which allows for both Brunei and Singapore dollars to be exchanged at par and used as customary tender in each country.
This arrangement has helped to facilitate trade, investment and tourism between both countries.
Also present at the courtesy call were Mr Jaya Ratnam, High Commissioner of the Republic of Singapore to Brunei Darussalam; Dato Paduka Hj Mohd Rosli bin Hj Sabtu, Managing Director of AMDB; and senior officials from both AMDB and MAS.