Brunei, S'pore to mark 40 years of CIA
Thursday, March 8, 2007
COME June 12 this year, Brunei and Singapore will be celebrating the 40th anniversary of the Currency Interchangeability Agreement (CIA).
According to news reports, His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam and Singapore Prime Minister Lee will jointly launch a commemorative currency note celebrating the event.
Singaporean Foreign Minister George Yeo announced in Parliament last Monday that Prime Minister Lee will be visiting Brunei for the launching.
The CIA between Brunei and Singapore took effect on June 12 1967, which remains in effect till today and continues to play a central role in bilateral relations.
The agreement allows both countries to interchange their currencies at par without either country running the risk of currency exchange rate fluctuations and further facilitates trade and commerce between the two countries.
In other words, the two currencies are "customary tender" when circulating in the country in which they are not legal tender.
George Yeo pointed out that many take it for granted that Brunei and Singapore's currency can be used in both countries during his visit to the country earlier this year.
"In fact, this is rare and unique. It can only happen when there is absolute trust with each other, and an arrangement that is problem free," said Yeo.
The Brunei Times
According to news reports, His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam and Singapore Prime Minister Lee will jointly launch a commemorative currency note celebrating the event.
Singaporean Foreign Minister George Yeo announced in Parliament last Monday that Prime Minister Lee will be visiting Brunei for the launching.
The CIA between Brunei and Singapore took effect on June 12 1967, which remains in effect till today and continues to play a central role in bilateral relations.
The agreement allows both countries to interchange their currencies at par without either country running the risk of currency exchange rate fluctuations and further facilitates trade and commerce between the two countries.
In other words, the two currencies are "customary tender" when circulating in the country in which they are not legal tender.
George Yeo pointed out that many take it for granted that Brunei and Singapore's currency can be used in both countries during his visit to the country earlier this year.
"In fact, this is rare and unique. It can only happen when there is absolute trust with each other, and an arrangement that is problem free," said Yeo.
The Brunei Times
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