50th Anniversary Brunei-Singapore Currency Interchangeability Agreement
New $50 commemorative notes launched
on: July 06, 2017
HIS Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam and Lee Hsien Loong, Prime Minister of Singapore jointly launched the new $50 commemorative notes issued by the two countries in a ceremony held yesterday at the Istana, Singapore, to mark the 50th anniversary of the Currency Interchangeability Agreement between Brunei Darussalam and Singapore.
The Currency Interchangeability Agreement took effect on June 12, 1967 between the two countries to facilitate improved economic and trade relations between the parties, and is a key economic cooperation between them.
It was signed by the then Chairman of the Brunei Currency Board (now known as Autoriti Monetari Brunei Darussalam or AMBD) and the Chairman of the Board of Commissioners Currency, Singapore (which merged with the Monetary Authority of Singapore also known as MAS in 2002).
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.The joint launch of the new $50 commemorative notes reaffirms to the public, retailers and financial institutions in both countries that Brunei Darussalam and Singapore currency notes are still interchangeable at par, AMBD and MAS said in a joint statement.
The commemorative notes will be made available to the general public both in Brunei Darussalam and Singapore from July 5, 2017, while
the circulation notes will be available tomorrow at 2pm across all banks and their branches in both countries, it added.
For more information on the 50th anniversary of the Currency Interchangeability Agreement between Brunei Darussalam and Singapore, visit AMBD’s website at www.ambd.gov.bn or download the AMBD App through the Appstore or Google Playstore.
Courtesy of Borneo Bulletin