Response to "Brunei dollar has little currency here" - ST Forum, 16 October 2012
19 October 2012
Forum Editor Straits Times
Under the Currency Interchangeability Agreement (CIA) signed with Brunei in June 1967, each country undertakes to accept the currency issued by the other in their own country, at par. In other words, the two currencies are "customary tender" when circulating in the country in which they are not legal tender. All banks in Singapore are obliged to exchange Brunei currency notes and coins at par and without charge. Therefore, businesses and members of the public should not be concerned about accepting payments in Brunei currency. Brunei currency is also accepted as payment for fares on trains, buses and taxis.
It’s unfortunate that Mr Joshua Selvakumar has experienced difficulty using his Brunei currency (“Brunei dollar has little currency here”, ST Forum, 16 October). He can write to MAS to provide us with the names of the retailers.
In the past, when we receive feedback from the public about businesses that have issues accepting Brunei currency, we contact these businesses. They have all agreed to accept Brunei currency.
MAS will continue to work with the Singapore Retailers Association, the National Environment Agency and other relevant business associations to educate businesses such as retailers and hawkers, of the CIA, and to include educational programmes for their frontline staff. We will put up educational posters at high traffic areas to raise public awareness of the acceptability of the Brunei currency. MAS will also increase the frequency of its mystery shopping to monitor the acceptance of Brunei currency among retailers.
Angelina Fernandez Director (Communications) Monetary Authority of Singapore (MAS)