Brunei Darussalam and Singapore celebrate 50th Anniversary of the Currency Interchangeability Agreement
Singapore, 5 July 2017... Brunei Darussalam and Singapore today celebrate the 50th Anniversary of the Currency Interchangeability Agreement. To commemorate this special occasion, Sultan Haji Hassanal Bolkiah, Sultan and Yang Di-Pertuan of Brunei Darussalam, and Mr Lee Hsien Loong, Prime Minister of Singapore, jointly launched a set of two $50 commemorative polymer notes, comprising one Brunei Darussalam $50 note and one Singapore $50 note, at a ceremony held at the Singapore Istana.
Currency Interchangeability Agreement
2 Under the Agreement, established in 1967, the Autoriti Monetari Brunei Darussalam (AMBD) and the Monetary Authority of Singapore (MAS) accept from banks the currency notes and coins issued by the other, and exchange them at par and without charge, into their own currency. Banks in both countries also accept for deposit, from the public and businesses, currency issued by the other country at par. The Agreement reflects the continuing, strong bilateral relationship between the two countries, and financial cooperation between AMBD and MAS.
Design of the commemorative notes
3 The Brunei Darussalam and Singapore commemorative notes feature the same design elements and layout. The front of the note depicts the 50th Anniversary logo of the Agreement. It features the Simpur, a prominent flower found in Brunei Darussalam, and the Vanda Miss Joaquim, Singapore’s national flower. Both in full bloom, they symbolise the flourishing friendship between the two countries.
4 The reverse side of the notes reflects the close ties between both countries in various areas, such as defence, education and tourism. The Brunei Darussalam and Singapore commemorative notes were jointly designed by Mr Abdul Ajihis Haji Terawih, Mr Eng Siak Loy and Mr Weng Ziyan.
Availability of commemorative notes
5 One million pieces of Brunei Darussalam $50 and two million pieces of Singapore $50 commemorative notes will be available for public exchange at face value. To celebrate this milestone, banks in Brunei Darussalam and Singapore will be co-distributing a set of two commemorative notes – one Brunei Darussalam $50 note and one Singapore $50 note. Each set will be accompanied by a complimentary folder.
6 A maximum of five commemorative note sets and 10 pieces of the Singapore $50 commemorative notes can be exchanged per transaction in Singapore. The public can exchange these commemorative notes and sets at face value, at the branches of nine retail banks1 in Singapore from 7 July 2017 onwards.
Numismatic note sets
7 In addition to the commemorative notes which the public can exchange at the banks, an exclusive collection of five types of limited edition numismatic note sets will be available for sale. For enquiries and orders, the public can contact The Singapore Mint or access its website at https://www.singaporemint.com/shop/notes/currency-interchangeability-agreement-numismatic-collection.html. Sets that are oversubscribed will be subjected to balloting. Pre-orders must reach the Singapore Mint by 12 July 2017 and will be available for collection by the public from 18 July 2017.
1 The participating banks in Singapore are DBS, OCBC, UOB, Maybank, Standard Chartered Bank, HSBC, Citibank, Bank of China and Industrial and Commercial Bank of China (ICBC).