Similar to the previous Act, BCMB remains the sole authority in Brunei Darussalam who has the right to manage and issue currency notes and coins and to maintain external reserves in order to safeguard the international value of that currency and to promote monetary stability in Brunei Darussalam.
This legislation also provides an enabling framework to strengthen the mandate of the Board to act as an agent for the government on such conditions as may be agreed between BCMB and the government, where BCMB shall act within the provisions of this Order. Sanctions and penalties for violations related to currency issuance have also been made more forceful.
The Interchangeability Agreement between Brunei Darussalam and Singapore that was established since 1967 allowing both countries to interchange the currencies at par remains intact. Under this agreement, the authority and banks of both countries are obliged to accept and exchange each other’s currencies without charge.
1960
The Board of Commissioners of Currency which was reconstituted under the Malaya British Borneo Currency Agreement 1960, was the sole currency issuing authority in Malaysia, the Republic of Singapore and Brunei Darussalam, which was then known as the State of Brunei.
1966
On 5th August 1966, the Participating Governments of Malaysia, Singapore and Brunei, signed an agreement to amend clause 18(a) of the Currency Agreement to allow the Board of Commissioners of Currency to continue to issue currency for the three countries for a further period of six months until 11th June 1967. The original provision was that the Board would have to relinquish its powers to issue currency notes not later than 11th December 1966, and coins a year later.
1967
On 12th June 1967, Bank Negara Malaysia, the Board of Commissioners of Currency, Singapore and the Brunei Currency Board replaced the Board of Commissioners of Currency, as the sole currency issuing authorities in Malaysia, the Republic of Singapore and the State of Brunei respectively.
The Brunei Currency Board (BCB) was established by the 1967 pursuant to section 3(1) of the Currency Act. Under Section 9(1) of the Currency Act, the Board has the sole right to manage and issue currency notes and coins in Brunei Darussalam. According to section 13 of the Act, such currency notes and coins are legal tender at their face value, unless mutilated or imperfect.
Brunei Darussalam commenced issuance of its own currency on 12th June 1967 which consisted of paper note series in 5 denominations, B$1, B$5, B$10, B$50 and B$100. The coin series consisted of 5 denominations, 1¢, 5¢ 10¢, 20¢ and 50¢. The currency notes and coins depicted the portrait of His Majesty Paduka Seri Baginda Maulana Al-Sultan Sir Muda Omar Ali Saifuddin III, the late father of the present Sultan. On the reverse of the notes is the view of Omar Ali Saifuddin Mosque.
This currency series was a one year issue only as His Majesty Paduka Seri Baginda Maulana Al-Sultan Sir Muda Omar Ali Saifuddin III abdicated on 4th October 1967 in favour of his son, His Majesty Paduka Seri Baginda Sultan Hassanal Bolkiah Mu'izzaddin Waddaulah, Sultan and Yang Di-Pertuan of Brunei Darussalam, the 29th Sultan of Brunei whose portrait appears in currency issued after 1967 till today.
A currency interchangeability agreement was established between Singapore and Brunei Darussalam allowing both countries to interchange the currencies at par. Under this agreement, the authority and banks of both countries are obliged to accept and exchange each other currencies without charge. The individual currencies are acceptable as customary tender when circulating in the country in which they are not legal tender.
1970
The first cupronickel B$1 coin was issued and this marked the first issuance of commemorative coin by Brunei Currency Board. Specimen coins were sold as commemorative set.
Second coin series with the portrait of His Majesty Paduka Seri Baginda Sultan Hassanal Bolkiah Mu'izzaddin Waddaulah, Sultan and Yang Di-Pertuan of Brunei Darussalam was issued.
1972
Second series of paper notes with His Majesty portrait was issued in 7 denominations including B$500 and B$1000. All denominations had the view of Omar Ali Saifuddin Mosque on the reverse of the notes except for the B$1000 which depicted the Brunei Museum.
1979
First proof coins set consisting of 1¢, 5¢, 10¢, 20¢, 50¢ and B$1 was issued in 1979.
1989
Brunei Currency Board introduced the third notes series in 8 denominations with His Majesty's portrait on the obverse and local scenery on the reverse featuring the Water Village (or better known as Kampong Ayer) as the main theme. B$10,000 being the highest denomination of Brunei Currency was introduced.
1992
To commemorate the Silver Jubilee of His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah Sultan and Yang Di-Pertuan Negara Brunei Darussalam accession to the throne, new B$25 paper note was introduced as a legal tender in addition to the current denominations.
1996
For the first time, polymer notes for circulation consisting of B$1, B$5 and B$10 were introduced. The main theme of the reverse of the polymer notes is the rain forest. Two new paper series B$50 and B$100 was also introduced later half the year.
2000
A new design of paper note of denomination B$500 was issued with the reverse featured the Royal Regalia Building.
2001
In February, Brunei Currency Board moved to its own new premises and has started minting its coins for circulation since 1st May 2001.
2004
On 1st February 2004, Brunei Currency Board was renamed as Brunei Currency and Monetary Board.
Two new polymer notes for circulation consisting of B$50 and B$100 were introduced. The reverse design featured the nature theme as in the first polymer series of B$1, B$5 and B$10.
2005
The B$100 polymer banknote won the gold prize at the 22th National Australian Printing Awards, Sydney, Australia.
2006
Two new polymer notes for circulation consisting of B$500 and B$10,000 were introduced.
The obverse of the B$500 polymer banknote featured of the late Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien the 28th Sultan of Brunei Darussalam. The reverse of the B$500 polymer banknote featured the two landmarks, SOAS Mosque and the building Sultan Haji Hassanal Bolkiah Foundation (Yayasan). The B$500 won the silver prize at the 24th National Australian Printing Awards in Sydney, Australia on the 25th May 2007.
The reverse of the B$10,000 polymer banknote featured the Legislative Council building. The B$10,000 polymer banknote won the gold prize at the 24th National Australian Printing Awards in Sydney, Australia on the 25th May 2007.
2007
Brunei Darussalam and Singapore celebrated the 40th Anniversary of the Currency Interchangeability Agreement on 12th June 2007.
To mark the auspicious occasion, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah, The Sultan and Yang Di-Pertuan of Brunei Darussalam and His Excellency Mr. Lee Hsien Loong, Prime Minister of Singapore jointly launched the new $20 polymer notes issued by the two countries in a ceremony held at Istana Nurul Iman in Bandar Seri Begawan, Brunei Darussalam on 27th June 2007.
For the first time, BCMB issued B$20 polymer banknote to commemorate the 40th Currency Interchangeability Agreement between Brunei Darussalam and Singapore in June 2007. The reverse has a common back design with the Singapore S$20 polymer banknote which is also issued for the same occasion.
BCMB also issued new B$1,000 polymer notes for circulation. The reverse of the B$1,000 polymer banknote featured the Ministry of Finance building.