Joint Press Release by the Ministry of Finance, Brunei Darussalam
and the Monetary Authority of Singapore

SINGAPORE, 27 June 2007... Brunei Darussalam and Singapore today celebrate the 40th Anniversary of the Currency Interchangeability Agreement. To mark the auspicious occasion, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, The Sultan and Yang Di-Pertuan of Brunei Darussalam and His Excellency Mr. Lee Hsien Loong, Prime Minister of Singapore jointly launched the new $20 polymer notes issued by the two countries in a ceremony held at Istana Nurul Iman in Bandar Seri Begawan, Brunei Darussalam.

2   The Currency Interchangeability Agreement took effect on 12 June 1967 and was signed by Brunei Currency Board (BCB) and the Board of Commissioners of Currency, Singapore (BCCS). The Agreement continues to have full force and effect following BCCS' merger with the Monetary Authority of Singapore (MAS) in 2002, and after BCB was renamed Brunei Currency and Monetary Board (BCMB) in 2004.

3   The Currency Interchangeability Agreement allows the Brunei Dollar and Singapore Dollar to be exchanged at par, without charge, in each other’s country. Both currencies are freely convertible in the two countries. Through the years, the Agreement has brought about economic benefits and strengthened financial links for Brunei Darussalam and Singapore by facilitating bilateral trade, investments, and tourism. The Currency Interchangeability Agreement has withstood the test of time and underpins the long-standing friendship and mutual trust between the two countries. Today’s joint launch of the new $20 polymer notes reaffirms to the public, retailers and financial institutions in both countries that Brunei Darussalam and Singapore currency notes are treated on par.

4   Both countries will issue commemorative notes which will be sold in a set comprising a $20 polymer note of each country. Each set will consist of one piece of B$20 and one piece of S$20 with matching serial numbers, adding up to a total face value of $40 signifying the 40th Anniversary. $20 circulation banknotes will also be issued by both countries. Please refer to Annex 1 (201 KB) for more details on the commemorative notes.