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June 12, 2007 New $20 note to mark S'pore-Brunei currency link Both countries have had interchangeable currencies for 40 years By Jeremy Au Yong BANDAR SERI BEGAWAN - A NEW $20 bill will be introduced later this month to mark the 40th year of an agreement between Singapore and Brunei to have interchangeable currencies. It will be issued by both countries for circulation and will share not just value, but also design. One face of the bill will be common to the two countries, featuring scenes from both. On the other side, each country will have its own motif. The Singapore version will bear the Singapore Crest. The new issue was announced yesterday by Senior Minister Goh Chok Tong in the Brunei capital. He was here to attend the wedding of a daughter of the Sultan of Brunei. A limited supply will be issued and SM Goh foresees the new note becoming a collector's item. 'It's the first time we're doing this, I think collectors will not circulate them,' said the Senior Minister, who is also chairman of the Monetary Authority of Singapore (MAS). He added that the note will serve as a reminder to retailers who do not accept the two currencies freely that they are indeed interchangeable. 'This interchangeable currency for both Brunei and Singapore shows that our economies are bonded. That's why we can have one currency. The occasion (of this anniversary) is an important one,'' he said. Prime Minister Lee Hsien Loong will launch the new bill officially in Brunei later this month with Sultan Hassanal Bolkiah during the anniversary celebrations of the currency agreement. The MAS will release more details about the $20 bill closer to its launch date. The two countries signed the pact in 1967, making Singapore currency legal tender in Brunei and vice versa. Earlier yesterday, Mr Goh called on the Sultan and later, Crown Prince Al-Muhtadee Billah, at the Istana Nurul Iman, the Sultan's official residence. Mr Goh and the Sultan spoke briefly about regional developments as well as more personal subjects like their families. Mr Goh also invited the Crown Prince to visit Singapore. Singapore and Brunei, the two smallest Asean nations, enjoy long-standing good relations. This dates back to the early years of Singapore's independence, when the late Sultan Haji Omar Ali Saifuddien III - the father of the present Sultan - established a firm friendship with Minister Mentor Lee Kuan Yew. SM Goh wrapped up his one- day visit to the kingdom by attending the grand royal wedding banquet in the royal palace. jeremyau@sph.com.sg Copyright © 2007 Singapore Press Holdings. All rights reserved. Privacy Statement & Condition of Access |