Brunei
What is the Brunei dollar (BND)?
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The dollar, denoted by BND, is the official currency of Brunei. As Singapore is one of Brunei's major trading partners, the BND is pegged to the Singapore dollar at a 1:1 ratio. The Brunei dollar is also known as "ringgit" locally in Malay, and this can be seen printed on the banknote itself. Polymer banknotes of the currency were introduced in 2004, due to high cases of banknote forgery.
Sovereign Ratings for Brunei
Brunei is not rated.
What does it look like?
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Political Structure
The government of Brunei is a constitutional sultanate, containing executive, judicial and legislative branches. Both the head of state and the head of government are the Sultan. The Sultan is in charge of appointing the Council of Cabinet Ministers who advises him. This ministerial setup of the Brunei government has been in use since January 1984, the time when Brunei first gained full independence.
- Prominent Figures Sultan and Prime Minister: Sir Hassanal Bolkiah, since 1967. (Note: he serves as both the chief of state and head of government.)
- Head of the Central Bank: Brunei Currency Board (which is led by the Sultan)
Key Economic Factors
- Overview: Though rather small, Brunei's economy is a successful and diversified one (encompassing a mixture of foreign and domestic entrepreneurship, government regulation, welfare measures and more). Brunei's economy is largely characterized by crude oil and gas production which account for approximately 53% of GDP and 90% of exports. Brunei's GDP per capita is far beyond that of most other Third World countries, and is the third largest oil producer in all of South Asia. The government of Brunei provides all medical services for its citizens, as well as free education through the university level (another great perk is that rice and housing are subsidized). Political leaders' main concern is that increased global integration will have a detrimental effect on social cohesion within Brunei. The government's main future plans include upgrading the labor force, reducing unemployment, strengthening the banking and tourist sectors, and further widening the economic base so it encompasses more than oil and gas .
- GDP Composition by Sector: Agriculture: 5%, Industry: 45%, Services: 50% (2001).
- Key Industries: Petroleum, petroleum refining, liquefied natural gas, and construction.
- Agricultural Products: Rice, vegetables, fruits, chickens, and water buffalo.
- Export Commodities: Crude oil, natural gas, and refined products.
- Import Commodities: Machinery and transport equipment, manufactured goods, food and chemicals.
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Fast Facts
- Other Currencies Accepted: Singapore Dollar, Swiss Franc and all major currencies
- Currency Peg: Yes, to the Singapore Dollar
- Black Market for Currency: Yes
- Currency Volatility: Low
- Estimated GDP Per Capita: 23,600 USD (2004)
- Languages Spoken: Malay (official), English and Chinese
