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.
Singapore Dollar coins circulate in denominations of 1, 5, 10, 20 and 50 cents and 1 Dollar.
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.
