50th Anniversary Brunei-Singapore Currency Interchangeability Agreement

Commemorative currency notes a big hit
on: July 08, 2017

| Hakim Hayat |

IT WAS worth braving the long queue for Salinah binti Haji Mohd Yusof at a bank in the capital yesterday as she managed to obtain two of the brand new $50 notes, released by Brunei and Singapore to mark the golden jubilee of the Currency Interchangeability Agreement between them.

“The last time we had a commemorative note was a decade ago when Brunei and Singapore celebrated 40 years of the agreement,” said an elated Salinah, a government servant.

People in large numbers yesterday queued up at retail banks in the country to get their hands on the new $50 Brunei and Singapore commemorative notes that were launched three days ago in Singapore.

The new polymer $50 notes began circulation through banks effective yesterday.

Most retail banks in Brunei reported high demand for the notes, which the public can exchange at face value for both the $50 notes issued by Autoriti Monetari Brunei Darussalam (AMBD) and Monetary Authority of Singapore (MAS).

The notes were launched on Wednesday to celebrate the milestone Currency Interchangeability Agreement which took effect on June 12, 1967 to facilitate improved economic and trade relations between the parties, and is a key economic cooperation between them.

Under the agreement, AMBD and MAS will accept the currency issued by the other, and exchange it at par and without charge, into their own currency.Banks in both countries will accept for deposit from the general public and businesses, currency issued by the other country at par.

Through the years, the agreement has brought about economic benefits and strengthened the financial links between Brunei Darussalam and Singapore.

Each set of currency notes is accompanied by a complimentary folder to commemorate the occasion and is available from branches of Baiduri Bank, Bank of China (Hong Kong), Bank Islam Brunei Darussalam, Maybank, RHB Bank, Standard Chartered Bank, UOB, and Perbadanan TAIB.

A staff from one of the leading local banks in the capital said customers began queuing up early in the morning before the bank opened for business and quickly snapped up the limited edition notes.

Many have called the bank to make their bookings but the notes are only available on a first-come first-serve basis, the employee added.

In 2007, the 40th anniversary of the Currency Interchangeability Agreement was marked with the launch of $20 Brunei-Singapore polymer notes, which are rare to see in circulation nowadays and is often sold at very high value by collectors. One million pieces of B$50 and two million pieces of S$50 commemorative notes will be available for public exchange at face value, MAS said in a statement.

Courtesy of Borneo Bulletin