This article includes a list of general references, but it lacks sufficient corresponding inline citations .(July 2022) |
ringgit Brunei (Malay) ريڠڬيت بروني(Jawi) | |||||
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ISO 4217 | |||||
Code | BND (numeric:096) | ||||
Subunit | 0.01 | ||||
Unit | |||||
Symbol | $, B$ | ||||
Denominations | |||||
Subunit | |||||
1⁄100 | sen | ||||
Banknotes | |||||
Freq. used | $1, $5, $10, $50, $100 | ||||
Rarely used | $20, $25, $500, $1000, $10,000 | ||||
Coins | |||||
Freq. used | 5, 10, 20, 50 sen | ||||
Rarely used | 1 sen | ||||
Demographics | |||||
Date of introduction | 1967 | ||||
User(s) | Brunei Singapore | ||||
Issuance | |||||
Central bank | Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam) | ||||
Website | bdcb | ||||
Valuation | |||||
Inflation | 0.2% as of 2017 [1] | ||||
Pegged with | Singapore dollar at par |
The Brunei dollar (sign: B$, Malay: ringgit Brunei, 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. The currency is divided into 100 cents (Malay: sen) and is issued by the Brunei Darussalam Central Bank.
Under a Currency Interchangeability Agreement in 1967, the Brunei dollar is interchangeable with the Singapore dollar at par. As such, the Brunei dollar is accepted in Singapore as "customary tender"; likewise, the Singapore dollar is accepted in Brunei. [2]
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 northern Borneo. The Spanish-American silver dollar brought over by the Manila galleons was in wide use for Brunei's international trade from the 16th to 19th centuries; the 19th century Straits dollar was itself derived from the same coin.
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 from 1906, the Malayan dollar from 1939 and the Malaya and British Borneo dollar from 1953 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 23 June 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 (now the Authoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam)) still maintain the exchangeability of their two currencies. The dollar is accepted as "customary tender" in Singapore according to the Currency Interchangeability Agreement, [2] although it is not legal tender there.
Coins were used in Brunei from the 10th century. The Straits dollar was also used in Brunei from 1906.
Due to the close ties between China and Brunei, the first type of coins used in Brunei were Chinese coins. This was initially called ‘Pitis’. They were later known as ‘Kue’ when local ‘Pitis’ were introduced. [3] [4] The local ‘Pitis’ coins had ‘Sultanate of Brunei’ stamped in front of the coin and the royal umbrella was imprinted at the back. These were issued from the 16th to the 19th century. Previous Islamic coins were also called the ‘Pitis’. [5] Another type of coin that was used in Brunei were ‘Duit besi’ (which roughly translates to ‘Iron money’). Iron was considered valuable those days that it was used as money. 100 one-square inch pieces were valued at 1 dollar. [4]
The last coin to be issued before the introduction of the Straits Settlements currency was the ‘Duit Bintang’, otherwise known as the ‘Star coin’ or the 'Star Cent'. [3] It is called the Star coin because of the star imprinted on the obverse of the coin. It was minted in Birmingham, England, in 1887. [3] It was made from copper.
With the introduction of the Straits Settlements currency, the previously used coins were taken out of circulation. They were, however still used with certain exchange rates. [4]
Prior to 1984, the coins were made by the Royal Mint of the United Kingdom. [6]
In 1984, Brunei Currency Board ordered four million circulation coins from the Singapore Mint. [6] The circulation coins consisted of one cent coint in bronze and five, ten, twenty and fifty cents coins in cupro-nickel. [6] The 50 cents has an additional security feature with a reeded edge with dots between lines at regular interval while other countries' circulation coins are mill-edged. [6]
The Straits dollar was introduced in Brunei in 1906. It was later replaced by the Malayan dollar which was introduced to British colonies and Brunei in 1939. It replaced the Straits dollar at par with a 1:1 exchange rate. The Malayan dollar was issued by the Board of Commissioners of Currency, Malaya. The board stopped issuing the Malayan dollar during the Japanese invasion during World War II. The Malayan dollar had the portrait of King George VI in front of the note. [3]
In 1952, the board was renamed the Board of Commissioners of Currency, Malaya and British Borneo. The board then began to issue notes to Malaya, Singapore, Sarawak, British North Borneo, and Brunei in 1953. This was known as the Malaya and British Borneo dollar. [3] In 1967, the Malaya and British Borneo dollar was replaced by three new currencies: the Malaysian dollar, Singapore dollar and the Brunei dollar, all at par. [7] The Interchangeability Agreement which the three countries adhered to as original members of the currency union meant the Brunei dollar was exchangeable at par with the Singapore dollar and Malaysian dollar. This ended on 8 May 1973, when the Malaysian government withdrew from the agreement. [8]
The Singapore dollar is still interchangeable with the Brunei dollar today. [5]
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. [9] Later, in 2008, the 1 cent coins switched compositions to brass.
On 12 June 1967, [10] the government (Kerajaan Brunei) introduced notes in denominations of 1, 5, 10, 50 and 100 dollars. Notes for 500 and 1,000 dollars followed in 1979. In 1989, the title on the paper money was changed to Negara Brunei Darussalam, the official name of the country, and the Malay term for “State of Brunei, Abode of Peace.” 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.
First series (1967) – currency with the portrait of Sultan Omar Ali Saifuddin III, the 28th ruler of Brunei.
Second series – This series was the same as the first series with exception that the portrait of Sultan Omar Ali Saifuddin was replaced by the portrait of Sultan Hassanal Bolkiah, the 29th and current ruler of Brunei. All subsequent currency has the portrait of Hassanal Bolkiah. In addition, two new higher denominations were issued in 1979.
Third series – the post independence series. This series was gradually being replaced by the fourth series.
Fourth Series (1996–2000) all notes except for the polymer issues are no longer printed.
1996 Polymer and Paper Notes | |||||||||||
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Image | Value | Dimensions | Main Colour | Description | Date of issue | Issue suspended | Date of withdrawal | Material | |||
Obverse | Reverse | Obverse | Reverse | Window / Watermark | |||||||
$1 | 141 x 69 mm | Blue | Sultan Hassanal Bolkiah | Rainforest Waterfall | Coat of Arms of Brunei (Transparent window) | 1996 | 2011 | Current | Polymer | ||
$5 | Green | Rainforest Floor | |||||||||
$10 | Red | Rainforest Canopy | |||||||||
$50 | 158 x 75 mm | Brown, Green and Blue | Oil Rig | Sultan Hassanal Bolkiah (Watermark) | 1996 | 2006 | Paper | ||||
$100 | Brown, Orange | Brunei International Airport | |||||||||
$500 | 175 x 81 mm | Orange | Royal Regalia Building | 2000 | |||||||
For table standards, see the banknote specification table. |
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. [11]
2004–2007 Polymer Notes | |||||||||
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Value | Dimensions | Main Colour | Description | Date of | |||||
Obverse | Reverse | Transparent Window | printing | issue | issue suspended | withdrawal | |||
$50 | 158 x 75 mm | Light Blue and Bronze | Sultan Hassanal Bolkiah | Rainforest Bushes | Various different flora of Brunei | 15 July 2004 Hassanal Bolkiah's 58th birthday | Current | Current | |
$100 | Brown and orange | Chermin Island | |||||||
$500 | 175 x 81 mm | Pink | Sultan Omar Ali Saifuddien III (1914–1986) | The Sultan Omar Ali Saifuddien Mosque and the Sultan Haji Hassanal Bolkiah Foundation Building (Yayasan) | 2006 | 28 December 2006 | |||
$1,000 | 182 x 84 mm | Grey and Brown | Sultan Hassanal Bolkiah | The Ministry of Finance Building in Bandar Seri Begawan | 21 June 2007 | ||||
$10,000 | 180 x 90 mm | Gold and Green | The Legislative Council (Parliament) Building in Bandar Seri Begawan | 28 December 2006 | 6 November 2020 | Gradually withdraw from circulation | |||
For table standards, see the banknote specification table. |
The S$10,000 and B$10,000 notes are the world's most valuable banknotes, (worth US$7,375 as of May 2024) that are officially in circulation. [12] [13] They are worth eight times as much as the next most valuable, the 1,000 Swiss franc note (US$1,100). From 6 November 2020, AMBD has announced it will stop printing B$10,000 notes to reduce the risk of money laundering. Brunei has also stopped the issuance of B$10,000 and is in the process of withdrawing it from active circulation. [14] [15]
2004–2007 Polymer Notes | |||||||||
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Value | Dimensions | Main Colour | Description | Date of | |||||
Obverse | Reverse | Transparent Window | printing | issue | |||||
$1 | blue | Sultan Hassanal Bolkiah | Sultan Omar Ali Saifuddien mosque and the ceremonial barge | 2011 | |||||
$5 | green and yellow | ||||||||
$10 | red, yellow and brown | ||||||||
For table standards, see the banknote specification table. |
Current BND exchange rates | |
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Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
The Hong Kong dollar is the official currency of Hong Kong. It is subdivided into 100 cents. Historically, it was also subdivided into 1000 mils. The Hong Kong Monetary Authority is the monetary authority of Hong Kong and the Hong Kong dollar.
The Malaysian ringgit is the currency of Malaysia. Issued by the Central Bank of Malaysia, it is divided into 100 cents.
The Singapore dollar is the official currency of the Republic of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.
The Macanese pataca or Macau pataca is the currency of Macau. It is subdivided into 100 avos, with 10 avos called ho (毫) in Cantonese.
Omar Ali Saifuddien Sa'adul Khairi Waddien was the 28th Sultan of Brunei, reigning from 1950 until his abdication in 1967 to his oldest son, Hassanal Bolkiah.
A currency union is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration.
The Portrait Series of currency notes is the fourth and current set of notes to be issued for circulation in Singapore. It was first introduced on 9 September 1999 by the Board of Commissioners of Currency, Singapore (BCCS), whose role was since taken over by the Monetary Authority of Singapore (MAS) post-merger.
The issue of banknotes of the Hong Kong dollar is governed in the Special Administrative Region of Hong Kong by the Hong Kong Monetary Authority (HKMA), the governmental currency board and central bank of Hong Kong. Under licence from the HKMA, three commercial banks issue their own banknotes for general circulation in the region. Notes are also issued by the HKMA itself.
The coins of the Brunei dollar are part of the physical form of current Brunei currency, the Brunei dollar. They have changed through time along with Brunei itself. A British protectorate from 1888 until 1983, it is currently an independent member of the Commonwealth of Nations.
The Cook Islands dollar was the former currency of the Cook Islands, which now uses the New Zealand dollar, although some physical cash issued for the Cook Islands dollar remains in use. The dollar was subdivided into 100 cents, with some older 50-cent coins carrying the denomination as "50 tene".
The pitis was a currency of Brunei last issued in 1868 which circulated into the 20th century. It is also referred to as the picis by Antonio Pigafetta and some variants of it were referred to as the kue and the paku. It was later replaced by the Straits dollar in Brunei, which is valued at 4,000 pitis or 800 paku and at par with the Spanish dollar.
The Malayan dollar was the currency of the British colonies and protectorates in Malaya and Brunei until 1953. It was introduced in 1939, replacing the Straits dollar at par, with 1 dollar = two shillings four pence sterling.
The Straits dollar was the currency of the Straits Settlements from 1898 until 1939. At the same time, it was also used in the Federated Malay States, the Unfederated Malay States, Kingdom of Sarawak, Brunei, and British North Borneo.
The Malaya and British Borneo dollar was the currency of Malaya, Singapore, Sarawak, North Borneo, Brunei and the Riau archipelago from 1953 to 1967 and was the successor of the Malayan dollar and Sarawak dollar, replacing them at par. The currency was issued by the Board of Commissioners of Currency, Malaya and British Borneo. Prior to 1952, the board was known as the Board of Commissioners of Currency, Malaya.
The British North Borneo dollar was the currency of British North Borneo from 1882 to 1953. It was subdivided into 100 cents. The dollar had remained at par with the Straits dollar, the currency of Malaya and Singapore, at the value of one dollar to 2 shillings 4 pence sterling from its introduction until both currencies were replaced by the Malaya and British Borneo dollar in 1953. Both coins and banknotes were issued by the British North Borneo Company.
The dollar was the currency of the Raj of Sarawak from 1858 to 1953. It was subdivided into 100 cents. The dollar remained at par with the Straits dollar and its successor the Malayan dollar, the currency of Malaya and Singapore, from its introduction until both currencies were replaced by the Malaya and British Borneo dollar in 1953.
The Japanese government-issued dollar was a form of currency issued for use within the Imperial Japan-occupied territories of Singapore, Malaya, North Borneo, Sarawak and Brunei between 1942 and 1945. The currency was also referred to informally as banana money, named as such because of the motifs of banana trees on 10 dollar banknotes. The Japanese dollar was in widespread use within the occupied territories where the previous currency became scarce. The currency were referred to as "dollars" and "cents" like its predecessors, the Straits dollar, Malayan dollar, Sarawak dollar and British North Borneo dollar.
Brunei and Singapore established diplomatic relations in 1984. Brunei has a high commission in Singapore, and Singapore has a high commission in Bandar Seri Begawan. Brunei and Singapore have close and friendly relations with extensive defence co-operation. Both countries are members of ASEAN and Commonwealth of Nations.
The Brunei Darussalam Central Bank is the central bank of Brunei. In addition to creating the Brunei currency and managing the nation's monetary policy, its major goals consisted of building and upholding domestic price stability, guaranteeing the stability of the financial system, particularly via the creation of prudential standards and financial regulations, and support the establishment and operation of effective.
Official Currencies of The Straits Settlements (1826-1939); Currencies of the Board of Commissioners of Currency, Malaya (1939-1951); Currencies of the Board of Commissioners of Currency, Malaya and British Borneo (1952-1957); Currencies of the Independent Malaya (1957-1963); On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei each issued its own currency. The currencies of the 3 countries were interchangeable at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore however continue with the Agreement until the present day.
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 |