Brunei dollar
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| Brunei dollar Ringgit Brunei (Malay) |
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| ISO 4217 Code | BND | ||
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| User(s) | Brunei, Singapore | ||
| Inflation | 0.9% | ||
| Source | The World Factbook, 2004 | ||
| Pegged with | Singapore dollar at par | ||
| Subunit | |||
| 1/100 | sen | ||
| Symbol | $ | ||
| Coins | 1, 5, 10, 20, 50 sen | ||
| Banknotes | 1, 5, 10, 50, 100, 500, 1000, 10000 dollars | ||
| Central bank | Brunei Currency Board | ||
| Website | www.finance.gov.bn/bcb/bcb_index.htm | ||
The dollar (ringgit Brunei in Malay, 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-denominated currencies. It is divided into 100 sen.
The Brunei dollar is pegged to the Singapore dollar at a 1:1 ratio. (Singapore is Brunei's major trading partner.)
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[edit] 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 until 1967, when it began issuing its own currency.
The Brunei dollar replaced the Malaya and British Borneo dollar in 1967. Until 1973, the Malaysian dollar was exchangeable at par with the Singapore and Brunei dollars. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the exchangeability of their two currencies.
[edit] Coins
To date, three series of coins for circulation have been issued.
- First Series (1967) - These had the profile of HM the late Sultan Sir Omar Ali Saifuddin, the 28th ruler of Brunei
- Second Series (1968 - 1984) - These were the same as the first series with exception that the profile of HM Sultan Omar Ali Saifuddin was replaced by the profile of HM Sultan Hassanal Bolkiah, the 29th and current ruler of Brunei. All subsequent currency has the profile of HM Sultan Hassanal Bolkiah.
- New Series (1996 - current) - These had a different profile of HM Sultan Hassanal Bolkiah.
- 1 sen
- 5 sen
- 10 sen
- 20 sen
- 50 sen
Note: The old $1 coins (First and Second series) are legal tender in Brunei although they are no longer in circulation.
[edit] Banknotes
To date, four series of currency notes for circulation have been issued.
- First series (1967) - currency with the portrait of HM the late Sultan Sir Omar Ali Saifuddin, the 28th ruler of Brunei.
- Second series (1968 - 1984) - 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.
- Third series (1989 - 2004) - the post independence series. There are two versions of the $50 note in this series, a brown version and a light blue version. This series was gradually being replaced by the fourth series.
- Fourth series - (1996 - current) the polymer series.
- 1 dollar - blue ³ (polymer, 1996)
- 5 dollar - green ³ (polymer, 1996)
- 10 dollar - red ³ (polymer, 1996)
- 25 dollar - purple and beige²
- 50 dollar - purple(1st, 2nd), light blue(3rd), light blue and bronze (polymer, 204)¹
- 100 dollar - gold (polymer, 2004)¹
- 500 dollar - orange/blue (polymer, 2006)
- 1,000 dollar
- 10,000 dollar - green (polymer, 2006)
¹ - Polymer banknote was introduced later (2004) due to high cases of banknote forgery.
² - This was issued during the silver jubilee (25th anniversary) of HM Sultan Hassanal Bolkiah acceding to the throne. The design is of the Third series of currency.
³ - The colours of these notes have been the same for all the series of banknotes.
[edit] Current status
The Brunei dollar is legal tender in the Sultanate of Brunei Darussalam. It is at par with the Singapore dollar and is accepted as "customary tender" in Singapore according to the Currency Interchangeability Agreement [3], although it is not legal tender there. Likewise, the Singapore dollar is customarily accepted in Brunei.
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[edit] External links
- Brunei Currency Board
- Global Financial Data currency histories table
- Tables of modern monetary history: Asia
| Preceded by: Malaya and British Borneo dollar Reason: Currency Agreement Ratio: at par, or 60 dollars = 7 British pounds |
Currency of Brunei, Singapore 1967 – Concurrent with: Singapore dollar |
Succeeded by: Current |
