Accepting SGD1 coin up to business owners’ discretion

AUTORITI Monetari Brunei Darussalam (AMBD) would like to thank Oldie Goldie for the letter ‘Are SGD1 coins legal tender in Brunei?’ published in the Borneo Bulletin on July 3.

AMBD would like to share that The Currency Interchangeability Agreement (CIA) was signed between Brunei Darussalam and the Republic of Singapore in 1967.

Under this agreement, each country agrees to accept the currency issued by the other country at par or 1:1.

The Singapore currency is circulated as customary tender to pay for goods and services in Brunei Darussalam, where Brunei currency is the legal tender.

All businesses, including money changers and retailers within the country, are not obliged to accept the Singapore currency.

For instance, retailers in Brunei Darussalam may choose not to accept the SGD1 coin.

Similarly, retailers in Singapore may choose to accept Brunei dollar notes but not its coins.

This is entirely the right and choice of the business owners.

However, the monetary authorities and commercial banks, within both countries, will accept and exchange the SGD and BND respectively, at par and without charge into their own currency.

Exceptions may be made on physical currency which are heavily damaged.

In order to obtain the BND1 = SGD1 exchange rate without charge, the public may contact their local banks to exchange SGD to BND.

The public can inform AMBD if banks are unable to provide this exchange rate at par without charge.

Should the writer, or other members of the public, wish to learn more about the Currency Interchangeability Agreement between Brunei Darussalam and Singapore, or have any other enquiries pertaining to AMBD, contact AMBD through the hotline 2388388, or by emailing [email protected]

– Corporate Communications

Autoriti Monetari Brunei Darussalam