Brudirect.com - News Headlines

BruneiDirect.Com

It’s Boom Time For Brunei’s Overseas Remittances

Bandar Seri Begawan – In nine years' time, overseas remittances in Brunei have reached a record high, registering a whooping $241.86 million in 2003 or an increase of 636 per cent.

Statistics shows that money exchangers and remittance centres had recorded a mere $38 million a year after Brunei first issued them licenses to operate in 1995.

The Sultanate has also experienced a substantial increase in the total purchase of Brunei dollars, both purchasing and selling, through these institutions.

Dato Haji Yakub, Deputy Minister of Finance, disclosed this at a Foreign Currency Exchange Seminar held for licensed money exchangers and remittance centres yesterday morning.

For selling of Brunei dollars, the country had recorded an overall transactions amounting to $306.85 million in 2003 compared to $14.71 million in 1996.

The purchase of Brunei dollars, on the other hand, recorded transactions worth $34.74 million compared to $16.11 million in 1996.

In his opening remarks, the Deputy Finance Minister, said that services offered by money exchangers and remittance institutions must be in accordance with the laws governing these bodies.

The staff attending to customers must also be courteous and should provide a high level of service.

He also opined that as money exchangers are usually one of the first contacts experienced by tourists, these money exchangers must display high professionalism and good image that the country possesses.

The Deputy Minister of Finance highlighted the efforts taken by the Ministry of Finance in combating the growing problem of money laundering worldwide.

This includes new laws and regulations introduced by the Government earlier in the year as well as constant monitoring by officials from the Ministry.

He also called upon money exchangers and remittance institutions to report any suspicious activities.

Currently, Brunei has 33 licensed money exchangers operating throughout the country, inclusive of hotels. It also has 34 remittance institutions now.

Through seminars such as the Foreign Currency Exchange, the Deputy Finance Minister hoped that views can be exchanged by both parties pertaining to money exchange and remittances to ensure a continuous high level of service to the public. -- Courtesy of Radio Television Brunei

Click Here To Have Your Say On This Story

Brudirect.com News

Back to News Page

Write to Us

Brunei's Fastest Growing Website with VIEWS. Visit us Again.