The History of the Singapore Dollar

Source: Wikipedia.com | Singapore dollar

Monetary Authority of Singapore

The Singapore dollar is the standard currency of Singapore and is issued by the Monetary Authority of Singapore. The currency itself is backed by Singapore’s foreign reserves in order to maintain confidence.

monetary authority of singaporeSource: Mas.gov.sg | More informations
Singapore is one of the world’s top five financial centres, a producer of oil and a highly urbanised, affluent nation. Their free market economy operates in a corruption-free environment and is open and stable; relying heavily on exports in the electronics, IT, financial services and pharmaceutical sectors.

Singapore’s real GDP growth is strong based on the strength and popularity of its exports.

History

Prior to 1967 when Singapore became independent, it used a variety of different currencies including the Straits Dollar, Mayan Dollar and the Malaya and British Borneo Dollar. The Singapore Dollar remained on a par with the Malaysian Ringgit until around 1973.

malaysian ringgitSource: Wikipedia.com | New Malaysian Currency Design
Singapore pegged itself to the British Pound in the 1970s and then, for a short period of time, to the US Dollar. From 1973 until the mid-80s, Singapore pegged its Dollar against an undisclosed trade-weighted basket of currencies; this mirrored the strong and varied trade links it had established.

Since 1985, it is fair to say that Singapore has floated using an undisclosed bandwidth which has in turn been very closely monitored by the Monetary Authority of Singapore (MAS). This is to ensure that Singapore mitigates the risk of imported inflation so that her exports remain extremely competitive in their respective global markets.

Symbols

singapore cointsSource: Singaporemint.com | More informations
The Symbol for the Singapore Dollar is $ and it is often referred to as the “Sing”. Its ISO 4217 Code is SGD.

Currency Subunits:
Cent = 1/100 of a Dollar

Denominations:
Bills: $2, $5, $10, $20, $25, $50, $100, $1,000, $10,000
Coins: 1, 5, 10, 20, 50 cents. $1, $5

Pegging and Usage

Singapore and Brunei use the Singapore Dollar. Currently the Singapore Dollar is not pegged to any other currency, although the Brunei Dollar is pegged to the Singapore Dollar at par.


 

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