Section 17
of Currency Act
Section 17
(1)
The external assets of the Board shall —
(a)
consist of gold, sterling or currencies, other than the Brunei
Darussalam currency, convertible into gold or sterling, and shall comprise liquid assets expressed and payable in gold or the said currencies and securities expressed and payable in the said currencies;
(b)
amount at all times to not less than 70% of the amount of the
Board’s demand liabilities:
Provided that the figure of 70% may be varied on an unanimous resolution of the Board to that effect approved by His Majesty.
(2)
The said liquid assets shall —
(a)
include only gold, notes and coins, bank balances, money at call with banks and Treasury Bills;
(b)
amount to not less than 30% of the Board’s demand liabilities.
(3)
The said securities shall —
(a)
be issued or guaranteed by the Government of the United
Kingdom or such other governments or international monetary institutions as may be approved by His Majesty on the recommendation of the Board;
(b)
be readily marketable and due to mature within 5 years of their acquisition by the Board;
Currency
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(c)
for the purpose of subsection (1)(b) be valued in accordance with the provisions of section 27(6).
(4)
Until such date as may be determined by the Board currency notes and coins of the Commissioners shall be deemed for the purposes of this section to be external assets.
Other assets.