Singapore Dollar

The Singapore dollar (SGD) is the official currency of Singapore. It is divided into 100 cents and is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar. The Singapore dollar is widely accepted as legal tender in Brunei, and is also used in the Indonesia rupiah and Malaysian ringgit. The Singapore dollar is pegged to the Brunei dollar at par and to the Malaysian ringgit at a rate of S$1 = RM2.8. The history of the Singapore dollar can be traced back to 1967, when the decimal currency replaced the Straits dollar. The Singapore dollar was initially pegged to the British pound sterling at a rate of S$8 = £1. With the ending of the Bretton Woods Agreement in 1971, the Singapore dollar was allowed to float. Since its inception, the Singapore dollar has been on a steady path of appreciation against major currencies, including the US dollar. As of September 2017, the Singapore dollar has reached a high of S$1.37 against the US dollar. The Monetary Authority of Singapore is the central bank of the island nation and is responsible for the management of the Singapore dollar. The MAS has a mandate to ensure price stability and promote sustainable economic growth. The MAS is also responsible for the regulation of the financial sector and works to ensure a sound and resilient banking system.