Brunei Dollar

Overview

The Sultanate of Brunei’s official currency is the Brunei Dollar (BND). The symbol used for the Dollar is $; to distinguish it from other Dollar currencies the symbol B$ is used. The Dollar is divided into 100 cent denominations. The Monetary Authority of Singapore manages the Brunei dollar as well as the Singapore dollar.

Economy

• Although Brunei is small it has a wealthy economy.
• Inflation in Brunei is currently estimated at 1.2%.
• Brunei is mainly industry-based and industry accounts for 74% of the total GDP.
• Top industries in Brunei are petroleum refining, natural gas, construction, and petroleum.
• Unemployment is estimated at 3.7%.
• Brunei owns a cattle farm in Australia that is the main source of meat for Brunei.
• Import products are mainly food-related; however, the country is looking to diversify the agriculture and fishing industries to provide more of their own food.

History

• The Straights Dollar was used by Brunei in the early 20th century, as well as the British Borneo Dollar and the Malayan Dollar.
• In 1967, Brunei started issuing its own currency. The British Borneo Dollar was replaced by the Brunei Dollar.
• In 1972, the second edition of Dollar banknotes was issued.
• Until 1973, the Brunei Dollar and Singapore Dollar were exchangeable with the Malaysian Ringgit. The Singapore Monetary Board still allows the exchange of these currencies.
• In 1989, the post-independence banknote series was introduced.
• From 1996 to 2000, both polymer and paper series were circulated.
• In 2004, new polymer banknotes were launched.
• In 2011, the polymer series was reintroduced: $1 blue, $5 green, and $10 red banknotes.