Currency

Official name: Brunei dollar

Currency code: BND

Abbreviation: B$

Pegged with: Singapore dollar at par

Legal tender in: Brunei and Singapore

Subdivided into: 100 sen

Coins: 1, 5, 10, 20, 50 sen

Notes: 1, 5, 10, 50, 100, 500, 1000, 10000 dollars

Central bank: Brunei Currency Board

Website: www.finance.gov.bn/bcb/bcb_index.htm

Current exchange rates:

• http://finance.yahoo.com/currency,

• http://www.xe.com, and

• http://www.oanda.com

The sultanate of Brunei first began using the dollar in 1967. Instead of having a central bank, Brunei\'s monetary system is managed by an entity know as a Currency Board. The Minister of Finance supervises the currency board. Singapore dollars are exchanged at an equal rate for Brunei dollars and may often be used interchangeably on a local basis.

Privacy

At this time Brunei has neither signed a Treaty with the United States nor has it signed a Mutual Legal Assistance Treaty with the US. Moreover, Brunei is not a participant in the European Union Savings Directive. As such, Brunei offers a high level of privacy for both EU and American citizens. Moreover, American investors are able to maintain a high level of asset security thanks to the lack of a Mutual Legal Assistance Treaty between the US and Brunei. Overall, Brunei has shown a strong commitment to maintaining the privacy of its foreign investors.