This agreement became effective on 1 January 1952. The Board consisted of five members:
1.Financial Secretary of Singapore who was also the Chairman of the Board
2.Minister of Finance for the Federation of Malaya
3.Governor of Sarawak
4.Governor of British North Borneo
5.British Resident of Brunei
6.and two further appointed by agreement of the participating governments.
End of common currency
On 12 June 1967, the currency union came to an end and Malaysia, Singapore and Brunei each began issuing their own currencies. The currencies of the three countries were interchangeable at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore continue with the Agreement until the present day.
The Board of Commissioners of Currency Malaya and British Borneo was officially wound up on November 30, 1979.
The Malaya and British Borneo dollar (known as the ringgit in Malay, Jawi:رڠڬيت) was the currency of Malaya, Singapore, Sarawak, British North Borneo and Brunei from 1953 to 1967. The currency was issued by the Board of Commissioners of Currency, Malaya and British Borneo. Prior to 1952, the board was known as the Board of Commissioners of Currency, Malaya.
The Malaya and British Borneo dollar was used in Malaya after independence in 1957, and in Malaysia after its formation in 1963, as wll as in Singapore after its independence in 1965. After 1967, the two countries and Brunei ended the common currency arrangement and began issuing their own currencies. However, the Malaya and British Borneo dollar continued to be legal tender until 16 January 1969.
1 Ringgit/1 Dollar. 1959.
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