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Singapore – Brunei Currency Interchangeability Agreement

The Singapore dollar has been pegged to the Brunei dollar at a rate of 1:1 since 1967. The two currencies are accepted in both countries as legal tender. The currency peg has benefited both countries as there are no additional charges and banks will accept the currencies at the same value.

Yet, I’ve come across 2 separate incidents whereby retailers refuse to accept Brunei dollars when I patronise their shops. Like wtf ! When I tried to explain the issue to them, some of them remain skeptical and refuse to believe on what I said.

Taxi drivers will accept the notes with some reservation and will not accept coins. Most hawker centers would also not accept Brunei dollars.

I think that Brunei’s dollar is not only on a par with the Singapore dollar, but its coins and banknotes should be allowed to be circulated freely in Singapore because the Sultan of Brunei who would kick up a fuss if Singaporeans didn’t accept banknotes and coins with his face on them.

You can do this when you’re one of the world’s richest men. 🙂

115 replies on “Singapore – Brunei Currency Interchangeability Agreement”

[…] Singapore – Brunei Currency Interchangeability AgreementThe Singapore dollar has been pegged to the Brunei dollar at a rate of 1:1 since 1967. The two currencies are accepted in both countries as legal tender. The currency peg has benefited both countries as there are no additional charges … […]

[…] Singapore – Brunei Currency Interchangeability AgreementThe Singapore dollar has been pegged to the Brunei dollar at a rate of 1:1 since 1967. The two currencies are accepted in both countries as legal tender. The currency peg has benefited both countries as there are no additional charges … […]

I think why most wont accept Brunei note because it looks like Malaysian currency.They are afraid to accept maybe they think its exchange rate is low.

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