The little Sultanate of Brunei is located on the northwest coast of the island of Borneo. In the 1840s it got under British influence and in 1888 was turned into a British protectorate. One hundred years later the British government and Sultan Haji Hassan al-Bolkiah (since 1967) concluded an agreement after which Brunei was to become an independent state as of January 1, 1984. Brunei's currency, the ringgit Brunei or Brunei dollar, was introduced in 1967. 1 ringgit is divided into 100 sen (or cents). Before Brunei used the Straits dollar, the currency of the southeast Asian colonies of the British East Indian Company, and later the Malaya and British Borneo dollar.