What is BND (Brunei dollar)’
The Brunei dollar or BND is the official Currency of the Sultanate of Brunei. In literature, the symbol B$ is often used to distinguish between the Brunei dollar from other currencies.
Breaking down the ‘BND (Brunei dollar)’
The Brunei dollar is divided into 100 sen, also known as cents in the English language. His value is tied to the Singapore dollar at par, making the two currencies interchangeable functionally. The monetary authorities of Brunei Darussalam, currently issues the Brunei dollar.
History of BND
Between the 16th and 19th centuries, Brunei used coins called pitis as currency. Of a Straits dollar replaced earlier currencies in 1906 when Brunei existed as a British protectorate. In 1939, the Board of Commissioners of currency Malaya introduced the Malayan dollar. The Malaya and British Borneo dollar was followed in 1953, when the Commission extended the problem in Singapore, Sarawak, British North Borneo.
In 1967, the Malaya and British Borneo dollar is divided in three currencies: Brunei dollar, Malaysian dollar and Singapore dollar. All three were introduced in pairs and replacement until 1973, when the Malaysian government withdrew from the agreement on interchangeability of currency. Singapore and Brunei remained in the agreement. In accordance with the terms of the agreement, as no country recognizes another currency as legal tender, they will still accept it as “customary tender”.
Council Brunei Currency was created for the release of the Brunei dollar in 1967, when the currency is split. Brunei has been on twice since then, in 2004, when he changed the name the Brunei Currency and monetary Board and for the second time in 2011, when the Monetary authorities of Brunei took over. Published problems of the current currency Board include the maintenance of domestic price stability, regulatory efforts to ensure financial system stability, promoting the creation of effective payment systems and development of a progressive financial services sector.
The Economy Of Brunei
Despite the relatively small size of Brunei’s GDP per capita is high. Brunei is a major regional oil producer, and also produces significant volumes of natural gas. The government also encourages the diversification of its economy, mostly in agriculture, fishing and food industries, as currently the supply of meat of Brunei comes mainly from the state cattle farm in Australia.
The main trade partners are Japan, South Korea, Thailand, India, Singapore, Malaysia, China, Australia and New Zealand. Petroleum products make up a large part of the country’s exports. The rate of inflation in the country as a whole was trading below 1.5% in 2013.