The Singapore Dollar (SGD)

 

A Brief History of the Singapore Dollar

Singapore, as a colony of Britain, used the Straits Dollar as an official currency for nearly a century (1845 - 1939) until it was replaced with the Malayan Dollar. In 1953, the Malayan Dollar was replaced by the Malaya and British Borneo Dollar.

In 1965 Singapore gained its independence and became known as the Republic of Singapore. In 1967 the Singapore Dollar became the official currency of Singapore - trading at par with the Malaysian Ringgit until 1973. The currency was initially fixed to the British Pound at an exchange rate of S$60 to GBP7,before briefly linking to the U.S. Dollar. In 1985, the Monetary Authority of Singapore allowed the Singapore Dollar to float within a monitoring band relative to a secret basket of currencies belonging to the country’s primary competitors and trading partners.

The Singapore Dollar in the Global Foreign Exchange Market

The Singapore Dollar is the 12th most traded currency in the foreign exchange marketplace, accounting for 1.4% of daily market trading volume.

The Singapore Dollar mostly trades against the USD as the counter currency in the USD/SGD currency pair.This currency pair is commonly known as Dollar Singapore. The Singapore Dollar doesn't really have a well known nickname like most other currencies in the FX market, so it's simply referred to as the Singapore Dollar by FX traders. Due to Singapore’s well developed and prosperous free-market economy, the SGD is highly respected amongst most FX traders.

The value of the Singapore Dollar is heavily influenced by the value of natural resources and raw materials (Singapore is an importer of these) and electronics, chemicals and services (exporter of these).

 

A few central and commercial banks keep Singapore Dollars as a reserve currency, especially those located in Asia, although it does not rank significantly among the list of major reserve currencies held worldwide.

Fact Table:

Currency Name:  The Singapore Dollar
Currency Code: SGD
Currency Symbol: $ inside Singapore, S$ outside Singapore
Central Bank: The Monetary Authority of Singapore
Countries Used In: Singapore
Major Unit: One Singapore Dollar
Minor Unit: One cent = 1/100 of one Singapore Dollar
Note Denominations: $2, $5, $10, $50, $100 and $1,000, with $20, $25, and $10,000 less common
Coin Denominations: 5, 10, 20, 50 cents, $1, with 1 cent and $5 less common

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