Brunei's Currency: What Is It Called And Why?

The currency of Brunei, officially known as Brunei Darussalam, is the Brunei dollar (BND). It has been the official legal tender of the country since 1967 and is divided into 100 cents (or 'sen' in Malay). The Brunei dollar is normally abbreviated with the dollar sign $, or B$ to distinguish it from other dollar-denominated currencies.

Brunei dollar history

The Brunei dollar (sign: B$, Malay: ringgit Brunei, currency code: BND) has been the currency of the Sultanate of Brunei since 1967. It is divided into 100 cents (Malay: sen) and is issued by the Brunei Darussalam Central Bank.

The history of currency in Brunei goes back to the 10th century when coins were first used. Due to close ties with China, the first type of coins used in Brunei were Chinese and called 'Pitis'. These were later replaced by local 'Pitis' coins, which had 'Sultanate of Brunei' stamped on them and the royal umbrella imprinted at the back.

In the second half of the 19th century, tin coins called pitis were issued, followed by 1-cent coins of the Straits Settlements dollar. The Straits dollar was introduced in Brunei in 1906 and was later replaced by the Malayan dollar in 1939. During World War II, the issuance of the Malayan dollar was stopped due to the Japanese invasion.

In 1952, the Board of Commissioners of Currency, Malaya, was renamed the Board of Commissioners of Currency, Malaya, and British Borneo. The board then began issuing notes to Malaya, Singapore, Sarawak, British North Borneo, and Brunei in 1953, known as the Malaya and British Borneo dollar.

In 1967, the Malaya and British Borneo dollar was replaced by three new currencies: the Malaysian dollar, the Singapore dollar, and the Brunei dollar, all at par. The Brunei dollar came into circulation on 12 June 1967, with notes in denominations of 1, 5, 10, 50, and 100 dollars. The Currency Interchangeability Agreement of 1967 made the Brunei dollar interchangeable with the Singapore dollar at par, and both currencies are still interchangeable today.

In 1979, notes for 500 and 1,000 dollars were introduced, and in 1989, the title on the paper money was changed to Negara Brunei Darussalam, the official name of the country. The English denomination, which initially appeared on the obverse below the Malay denomination, was moved to the reverse together with the Jawi. The same year, 10,000-dollar notes were introduced.

In 1996, polymer and paper notes were introduced, followed by a fully polymer series in 2004 due to high cases of banknote forgery.

Today, coins of 1, 5, 10, 20, and 50 sen are in circulation, along with banknotes in denominations of 1, 5, 10, 50, 100, 500, 1,000, and 10,000 Brunei dollars.

Brunei dollar denominations

The Brunei dollar (B$ or BND) is the official currency of the Sultanate of Brunei and has been in use since 1967. The currency is divided into 100 cents, which are called "sen" in Malay.

Coins

Today, there are coins of 1, 5, 10, 20, and 50 sen. These coins have displayed the effigies of the different Sultans that have ruled the country since their introduction in 1967.

Banknotes

The following denominations of banknotes are currently in circulation: 1, 5, 10, 50, 100, 500, 1000, and 10,000 Brunei dollars. All banknotes are written in Malay (in both Rumi and Jawi) and English. The English denomination used to appear on the back of the notes along with the Malay denomination, but now it appears on the front with the Jawi script.

History

The first type of currency used in Brunei was cowrie shells. During the second half of the 19th century, tin coins named "pitis" were issued, followed by 1-cent coins in 1888. These were followed by the introduction of the Straits Settlements dollar in 1867. In 1967, the government introduced notes in denominations of 1, 5, 10, 50, and 100 dollars. In 1979, 500 and 1000 dollar notes were introduced, and in 1989, 10,000 dollar notes were added.

Brunei's previous currencies

The Brunei dollar (BND) has been the official currency of the Southeast Asian country of Brunei since 1967. However, the country has had a long history of using different forms of currency, dating back to its early days as a maritime trading power.

During the Bruneian Empire, which reached its peak in the 15th and 16th centuries, early forms of currency included cowrie shells and bronze teapots, which were used in barter trade along the coast of northern Borneo. The Spanish-American silver dollar, brought over by the Manila galleons, was also widely used for international trade from the 16th to the 19th centuries.

In the 19th century, Brunei issued tin coins called "pitis", which were followed by one-cent coins in 1888. These coins were a fraction of the Straits dollar, which was introduced in Brunei in 1906.

As a protectorate of Britain in the early 20th century, Brunei used several currencies, including the Straits dollar, the Malayan dollar, and the Malaya and British Borneo dollar, before introducing its own currency in 1967.

Today, the Brunei dollar is divided into 100 cents and is issued by the Brunei Darussalam Central Bank. It is normally abbreviated with the dollar sign ($) or B$ to distinguish it from other dollar-denominated currencies.

Brunei's current currency

The currency of Brunei is the Brunei dollar (BND). It has been the official currency of the country since 1967, when it replaced the Malaya and British Borneo dollar. The Brunei dollar is divided into 100 cents (or 'sen' in Malay).

The Brunei dollar is normally abbreviated with the dollar sign ($), or B$ to distinguish it from other dollar-denominated currencies. The currency is issued by the Brunei Darussalam Central Bank.

The first currency used in Brunei was cowrie shells, followed by bronze teapots, which were used in barter trade along the coast of northern Borneo. From the 16th to the 19th centuries, the Spanish-American silver dollar was widely used for international trade.

Today, coins in circulation include 1, 5, 10, 20 and 50 sen. Banknotes in circulation include 1, 5, 10, 50, 100, 500, 1,000 and 10,000 Brunei dollars. All banknotes are written in Malay, in Latin and Jawi alphabets.

Brunei's currency compared to Singapore's

The currency of Brunei is the Brunei dollar (BND), which has been in use since 1967. The currency is divided into 100 cents, with the dollar normally abbreviated with a dollar sign ($) or B$ to distinguish it from other dollar-denominated currencies.

Brunei's early currency included cowrie shells and bronze teapots, which were used in barter trade. The Spanish-American silver dollar was also widely used for international trade from the 16th to the 19th centuries. In the early 20th century, as a protectorate of Britain, Brunei used the Straits dollar, the Malayan dollar, and the Malaya and British Borneo dollar.

Under the 1967 Currency Interchangeability Agreement, the Brunei dollar is interchangeable with the Singapore dollar at par. This means that both currencies are accepted as "customary tender" in both countries. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board maintain the exchangeability of their currencies.

The Singapore dollar is the currency of Singapore, and it is divided into 100 cents as well. The currency code for the Singapore dollar is SGD, and it is also commonly abbreviated with the dollar sign ($).

The Singapore dollar has a similar history to the Brunei dollar. Before the introduction of the Singapore dollar in 1967, Singapore used the Straits dollar, the Malayan dollar, and the Malaya and British Borneo dollar.

Both the Brunei dollar and the Singapore dollar have commemorative editions of their currencies. For example, in 2017, both countries issued $50 polymer banknotes to commemorate the 50th anniversary of the Currency Interchangeability Agreement.

Frequently asked questions