SGD - Singapore Dollar (S$)

The Singapore dollar is the official currency of Singapore. Its symbol is normally shown as $, although S$ is also used to avoid confusion with other dollar currencies. Its currency code is SGD. The dollar is fiat money and is considered the second-best currency for long-term investors (just after the New Zealand dollar). The most popular Singapore dollar exchange is with the Indian rupee. The dollar’s conversion factor has 6 significant digits.

The Singapore Dollar is the currency of the island state of Singapore. The currency is issued and monitored by the Monetary Authority of Singapore. All issued Singapore Dollars in circulation are fully backed by Singapore’s foreign reserves to maintain public confidence.

The Singapore Dollar is the currency in Singapore (SG, SGP). The symbol for SGD can be written S$, and SGD$. The Singapore Dollar is divided into 100 cents. The exchange rate for the Singapore Dollar was last updated on Today from The International Monetary Fund. The SGD conversion factor has 6 significant digits.

Economy

  • Highly urbanized Singapore ranks in the world’s top five as a financial center, an oil refining center, a port, and for number of US Dollar at par millionaire households per capita.
  • Singapore’s free-market economy operates in an open and corruption-free environment with stable prices and high per-capita GDP.
  • Singapore’s economy depends heavily on exports, which include consumer electronics, information technology products, pharmaceuticals, and financial services.
  • Real GDP growth is strong. It contracted slightly in 2009 because of the global financial crisis, but has since rebounded on the strength of renewed exports.

History

  • Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the Malayan Dollar, which in turn was replaced by the Malaya and British Borneo Dollar in 1953. Singapore used this common currency until the monetary union between Malaysia, Singapore and Brunei broke down in 1965.
  • Singapore became independent in 1963, and issued its first coins and notes on April 7, 1967. The Singapore dollar remained at par with the Malaysian Ringgit until 1973.
  • Singapore pegged its dollar to British Pound Sterling until the early 1970s, then to the US Dollar for a short period of time. From 1973 to 1985, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies, reflecting its diversified trade links.
  • From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

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