Singapore Dollar (SGD)

Basic Concepts of the Singapore Dollar

The Singapore Dollar is the legal tender of Singapore, issued and managed by the Monetary Authority of Singapore with the currency code SGD and symbol S$. It is a free-floating international currency with a stable exchange rate and is widely used for trade and financial transactions.

Countries and Regions of Use

The Singapore Dollar is mainly used in Singapore itself. In addition, the Brunei Dollar is interchangeable with the Singapore Dollar and can be used between the two countries. Some Southeast Asian countries, such as Malaysia, may also accept Singapore Dollars for payment at border merchants.

Units and Denominations

The Singapore Dollar is denominated in decimal degrees, with one dollar equaling 100 cents. The denominations of banknotes in circulation include 2, 5, 10, 50, 100, 1,000 and 10,000 (large bills have been phased out of circulation), while coins are available in denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and 1 dollar.

Historical Background

The Singapore Dollar (SGD) was introduced in 1967, replacing the previous currency system shared with the Malaysian Dollar (MYR). Its development has been closely linked to the rise of the Singaporean economy, which has gradually become one of the key reserve currencies in Asia through the strong exchange rate policy implemented by the Monetary Authority (MAS).