Singapore and Brunei celebrate 50 years of Currency Interchangeability Agreement
A SET of special notes to celebrate the Currency Interchangeability Agreement between Singapore and Brunei has been launched to commemorate 50 years of cooperation between both countries.
At the Istana on Wednesday, Singapore Prime Minister Lee Hsien Loong and Sultan Haji Hassanal Bolkiah, Sultan and Yang Di-Pertuan of Brunei, jointly launched a set of two $50 commemorative polymer notes comprising one Brunei $50 note and one Singapore $50 note.
PM Lee said: “The Currency Interchangeability Agreement is a hallmark of our longstanding and unique relationship, and this policy of freely convertible currencies has benefited our economies and our peoples.”
He added that the agreement has eliminated foreign exchange risks and minimised transaction costs, thus facilitating the growth of trade and investment.
One million pieces of Brunei $50 and two million pieces of Singapore $50 commemorative notes will be available for public exchange at face value.
For the first time, banks in Brunei and Singapore will be co-distributing a set of two commemorative notes – one Brunei $50 note and one Singapore $50 note.