Note to Singaporeans: Brunei currency still legal tender here

TODAY, 3 July 2017, Note to Singaporeans: Brunei currency still legal tender here

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Most ordinary Singaporeans, it seems, may have forgotten about the long history of this currency agreement.

Following a colonial-era practice that saw currencies of all three ex-British colonies — Malaysia being the third — interchangeable on par, the first formal agreement, involving Malaysia, was inked on June 12, 1967. It was a sign of the depth of economic links between the three countries, despite the move to issue their own national currencies post-independence.

Malaysia opted out in 1973, given its domestic development imperatives, but Singapore and Brunei soldiered on for five decades, weathering economic challenges such as the 1997 Asian financial crisis and the global financial crisis, and significant structural changes to both countries’ economies, domestic monetary institutions and arrangements.

The agreement was able to withstand the test of time as the exchange rate-centred monetary policies of both these small and open economics kept inflation well in check; bilateral trade and investment also grew progressively, aided by low transaction costs from the fixed exchange rate.

Thus banks here accept from the general public Brunei currency — coins included — at par for deposit, said the MAS on its website.

Anyone who has had their Brunei currency rejected should refer the matter to the MAS, a spokesman said.

Details such as name and address of the company, date and time of incident, and what was said during the transaction should be included.

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One Response to “Note to Singaporeans: Brunei currency still legal tender here”

  1. what the pandan? Says:

    you learn something new everyday..

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