SGD - FOREX Handbook

Singapore, Dollar

The Singapore dollar (Malay: Ringgit Singapura, sign: $; code: SGD) is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. The most popular Singapore Dollar exchange rate is the INR to SGD rate.

The Monetary Authority of Singapore and the Monetary Authority of Brunei Darussalam (Autoriti Monetari Brunei Darussalam) still maintain the historic exchangeability of their two currencies, the Singaporean dollar and the Brunei dollar, respectively. The Singapore dollar is accepted as “customary tender” in Brunei according to the Currency Interchangeability Agreement. Likewise, the Brunei dollar is customarily accepted in Singapore.

Singapore Dollar History

Currencies of Singapore Prior to Colonization
As early as the 8th century AD, Chinese merchants introduced the first documented currency of the Malay Peninsula. Since there was no official currency at the time, Singapore’s merchants usually used Spanish and Mexican Dollars. Paper money began to appear in the peninsula in the 18th and 19th centuries, issued by private banks such as the Asiatic Banking Corporation, the Chartered Mercantile Bank of India, and The Shanghai Banking Corporation.

Singapore’s Currency as a Colony
As a British colony, Singapore began using the Straits Dollar in 1845. The Straits Dollar was the colony’s official currency for nearly a century until it was replaced by the Malayan Dollar in 1939, with a brief discontinuation during the Japanese occupation. In 1953, the Malayan Dollar was replaced by the Malaya and British Borneo Dollar.

Currency of Independent Singapore
Singapore became an independent nation known as the Republic of Singapore in 1965. The new country established the Board of Commissioners of Currency, which introduced the Singapore Dollar, with the first banknote series issued in 1967. These notes were known as ‘Orchid’ notes and were exchangeable with the Malaysian Dollar at par until 1973. The currency was initially pegged to the British Pound at a rate of 60 SGD to 7 GBP. The currency re-pegged to the US Dollar and then to a weighted basket of currencies. In 1985, the Singapore Dollar adopted a market oriented approach and was allowed to float, although it was still closely monitored. In 2002, the Board of Commissioners of Currency was disbanded, and the functions of the board were given to the Monetary Authority of Singapore.

Currency Facts

Name: Singapore Dollar

Symbol: $ Cent: S¢

Minor Unit:
1/100 = Cent

Central Bank Rate: 0.00

Top SGD Conversion:
INR/SGD

Top SGD Chart:
INR/SGD Chart

nflation: -0.50%

Nicknames: Sing

Coins:
Freq Used: $1, S¢5, S¢10, S¢20, S¢50
Rarely Used: S¢1

Banknotes:
Freq Used: $2, $5, $10, $50
Rarely Used: $1, $20, $25, $100, $500, $1000, $10000

Central Bank:
Monetary Authority of Singapore
Website: http://www.mas.gov.sg

Users: Singapore

Image		Value	Dimensions	Main Colour	Description		Date of issue	Status	Material
Obverse	Reverse	Value	Dimensions	Main Colour	Obverse	Reverse	Date of issue	Status	Material
		$2	126 × 63 mm	Violet	President Yusof bin Ishak, Money Cowrie	Education	9 September 1999	Circulation	Paper
		$2	126 × 63 mm	Violet	President Yusof bin Ishak, Money Cowrie	Education	12 January 2006		Polymer
		$5	133 × 66 mm	Green	President Yusof bin Ishak, Gold-Ringed Cowrie	Garden City	9 September 1999		Paper
		$5	133 × 66 mm	Green	President Yusof bin Ishak, Gold-Ringed Cowrie	Garden City	18 May 2007		Polymer
		$10	141 × 69 mm	Red	President Yusof bin Ishak, Wandering Cowrie	Sports	9 September 1999		Paper
		$10	141 × 69 mm	Red	President Yusof bin Ishak, Wandering Cowrie	Sports	4 May 2004		Polymer
		$50	156 × 74 mm	Blue	President Yusof bin Ishak, Cylindrical Cowrie	Arts	9 September 1999		Paper
		$100	162 × 77 mm	Orange	President Yusof bin Ishak, Swallow Cowrie	Youth			Paper
		$1000	170 × 83 mm	Purple	President Yusof bin Ishak, Beautiful Cowrie	Government			Paper
		$10,000	180 × 90 mm	Brown	President Yusof bin Ishak, Onyx Cowrie	Economics			Paper