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.
