EXCHANGE RATES FOR BRUNEI DOLLARS AND SINGAPORE DOLLARS (2)
1. In reference to Autoriti Monetari Brunei Darussalam (AMBD)'s press release on 27 September 2016 on Exchange Rates for Brunei Dollars and Singapore Dollar, AMBD would like to, once again, share that under the Currency Interchangeability Agreement (CIA), which was signed on 12 June 1967 between Brunei Darussalam and The Republic of Singapore, each country undertakes to accept the currency issued by the other country at par or 1:1, without charge, through its monetary authorities and commercial banks.
2. Brunei currency is circulated and accepted as customary tender to pay for goods and services in the Republic of Singapore, where Singapore currency is the legal tender; and the Singapore currency is circulated and accepted as customary tender in Brunei Darussalam, where Brunei currency is the legal tender.
3. In the case of money changers, they may choose to impose a transaction fee or set different exchange rates for SGD and BND purely out of commercial decisions. This is entirely the right and choice of the business owners.
4. As such, AMBD would like to remind that consumers need to be smart in making decisions before undertaking any financial transactions through making relevant comparisons, in particular comparing the charges or exchange rates imposed. The general public can also use BND when making purchases in the Republic of Singapore, which typically, accepts BND as well.
5. AMBD would also like to advise, in order to obtain BND 1=SGD 1 exchange rate without charge, the general public can contact their local banks to exchange BND for SGD, or SGD to BND. For banks who are unable to provide this exchange rate at par, the general public can inform the Monetary Authority of Singapore (MAS) and AMBD.
6. Further information on the CIA between Brunei Darussalam and the Republic of Singapore, can be obtained through the AMBD App, which can be downloaded free of charge on both 'App Store' for iPhone users and 'Google Playstore' for Android users; or visit AMBD's website at http://www.ambd.gov.bn. For any enquiries, please contact AMBD at 2382186 or email email@example.com
Autoriti Monetari Brunei Darussalam
Date: 10 Muharram 1437/ 11 October 2016
Ref No: AMBD/COMMS/3
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