1 Dollar – Brunei

In 1979, Brunei's currency situation was defined by its longstanding and exclusive monetary integration with Singapore. Since 1967, the two nations had participated in the Currency Interchangeability Agreement, which made their respective dollars (the Brunei dollar and the Singapore dollar) legal tender in each other's countries at par value. This arrangement provided Brunei with monetary stability and facilitated seamless trade and capital flows with its most important economic partner. For Brunei, which was still a British protectorate until 1984, this link delegated much of its monetary policy to the de facto oversight of the Monetary Authority of Singapore, ensuring a credible and well-managed currency.

This period was one of significant economic transition, as Brunei was rapidly accumulating vast hydrocarbon revenues from its oil and liquefied natural gas exports. The oil boom of the 1970s filled state coffers, but the currency system meant this wealth was largely held in foreign reserves and investments rather than driving an independent domestic monetary policy. The arrangement was mutually beneficial: Singapore gained a larger currency area and economic depth, while Brunei, with its small population and undiversified economy, avoided the complexities and risks of establishing its own central bank and managing a standalone currency.

However, by the late 1970s, as Brunei moved confidently toward full independence, discussions about asserting greater national sovereignty over its monetary affairs began to emerge. The existing system was stable and effective, but there was a growing consciousness that a fully independent nation might eventually require its own distinct monetary identity and control. Thus, 1979 represents a calm before a subtle shift; the currency situation was functionally unchanged, but the groundwork was being laid for the eventual establishment of the Brunei Currency and Monetary Board in 2004, which would later take over sole issuance authority while remarkably maintaining the crucial interchangeability with Singapore.