Brunei dollar

Brunei dollar
ringgit Brunei (Malay) ريڠڬيت بروني (Malay)
Current Circulating Coins
ISO 4217 Code	BND
Official user(s)	Brunei
Unofficial user(s)	Singapore
Inflation	0.4%
Source	The World Factbook, 2007
Pegged with	Singapore dollar at par
Subunit
1/100	sen
Symbol	B$
Coins	1, 5, 10, 20, 50 cents
Banknotes
Freq. used	$1, $5, $10, $50, $100
Rarely used	$20, $25, $500, $1000, $10 000
Central bank	Brunei Currency and Monetary Board
Website	www.mof.gov.bn/mof/en/sections/bcmb/

The ringgit Brunei (Malay) or the Brunei dollar (English, currency code: BND), has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-dominated currencies, It is divided into 100 sen (Malay) or cents (English).

The Brunei dollar is managed together with the Singapore dollar at a 1:1 ratio by Monetary Authority of Singapore (MAS). (Singapore is one of Brunei's major trading partners.)

History

Early currency in Brunei included cowrie shells. Brunei is also famous for its bronze teapots, which were used as currency in barter trade along the coast of North Borneo.

Brunei issued tin coins denominated in pitis in AH1285 (AD1868). These were followed by a one cent coin in AH1304 (AD1888). This cent was one hundredth of a Straits dollar.

As a protectorate of Britain in the early 20th century, Brunei used the Straits dollar and later the Malayan dollar and the Malaya and British Borneo dollar until 1967, when it began issuing its own currency.

The Brunei dollar replaced the Malaya and British Borneo dollar in 1967 after the formation of Malaysia and the independence of Singapore. Until June 23, 1973, the Malaysian ringgit was exchangeable at par with the Singapore dollar and Brunei dollar. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the exchangeability of their two currencies. The dollar is accepted as "customary tender" in Singapore according to the Currency Interchangeability Agreement,^[1] although it is not legal tender there. Likewise, the Singapore dollar is customarily accepted in Brunei.

Coins

In 1967, coins were introduced in denominations of 1, 5, 10, 20 and 50 cents. Except for the bronze 1 cent, the coins were struck in cupro-nickel. In 1986, copper-clad steel replaced bronze. ^[2]

Banknotes

In 1967, the government (Kerajaan Brunei) introduced notes in denominations of 1, 5, 10, 50 and 100 dollars. Notes for 500 and 1000 dollars followed in 1979. In 1989, the title on the paper money was changed to Negara Brunei Darussalam, the official name of the country. 10,000 dollar notes were introduced the same year. All notes bear the denomination in Malay (in both Rumi and Jawi)and in English. The English denomination appeared on the obverse below the denomination in Malay on the earlier series, but now appears on the reverse together with the Jawi.

Five series of notes have been issued. The colours of $1, $5, and $10 notes have been the same for all the series of banknotes. [1]

1967 series

First series (1967) - currency with the portrait of HM the late Sultan Sir Omar Ali Saifuddin, the 28th ruler of Brunei.

• $1 - blue
• $5 - green
• $10 - red
• $50 - brown
• $100 - purple

1972 series

Second series - This series was the same as the first series with exception that the portrait of HM Sultan Omar Ali Saifuddin was replaced by the portrait of HM Sultan Hassanal Bolkiah, the 29th and current ruler of Brunei. All subsequent currency has the portrait of HM Sultan Hassanal Bolkiah. In addition, two new higher denominations were issued in 1979.

• $1 ~ $100 like 1967 series
• $500 - orange
• $1000 - brown

1989 series

Third series - the post independence series. This series was gradually being replaced by the fourth series.

• $1 - blue
• $5 - green
• $10 - red
• $50 - brown, green, orange
• $100 - purple
• $500 - orange
• $1000 - red-violet, purple, olive
• $10 000 - green, orange

1996-2000 Polymer and Paper Series

Fourth Series (1996-2000) all notes except for the polymer issues are no longer printed.

2004-2007 (polymer) series

Polymer banknotes were introduced in (2004) due to high cases of banknote forgery. All of them are polymer. The $100 note of this series has won a gold medal award for its security features in the 22nd National Print Award in Australia in May 2005.^[3]

Commemorative

• $25 - purple and beige (1992)

This was issued during the silver jubilee (25th anniversary) of HM Sultan Hassanal Bolkiah acceding to the throne. The design is of the 1989 series of currency.

• $20 - yellow (polymer, 2007)

On 27 June 2007, Singapore and Brunei celebrates the 40th anniversary of the Currency Interchangeability Agreement (since 12 June 1967) by joint-issuing commemorative $20 notes.^[4]

The two authorities issue distinct versions of the new $20 notes. They are both yellow, 149 × 72 mm in size, and made of polymer. The reverses are almost identical except that the Brunei version has their state title in Jawi script, while the Singaporean version has the state title of Brunei in Latin script.^[5] The obverse of the Singaporean version is similar to the current Portrait Series, whereas the obverse of the Brunei version is similar to the $50 and $100 of the 2004 series.

There is a limited edition set, which consists of both versions in a folder, with matching serial number. The notes have "40th Anniversary Currency Interchangeability Agreement" overprinted on obverse. In addition, the Singaporean version has the two countries' state creates above the commemorative text. Only 12,000 sets are available, 10,000 from the Monetary Authority of Singapore, and 2,000 from the Brunei Currency and Monetary Board.^[5]

The circulation version has been available since 16 July 2007.^[6]

See also

• Economy of Brunei
• Brunei pitis
• Coins of the Brunei dollar

References

External links

Wikinews has related news: Singapore and Brunei issue joint banknote

• Brunei Currency Board