Singapore dollar


Singapore dollar

Infobox Currency
currency_name_in_local = 新加坡元 zh icon Dolar Singapura ms icon சிங்கப்பூர் வெள்ளி ta icon
image_1 = SGcurrency.jpg
image_title_1 = Circulating notes and coins of the Singapore dollar
image_2 = Singapore circulating coins.jpg
image_title_2 = Circulating coins of the Singapore dollar
iso_code = SGD
using_countries = SIN
BRU
inflation_rate = 2.1%
inflation_source_date = " [https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook] ", 2007.
pegged_by = Brunei dollar at par
subunit_ratio_1 = 1/100
subunit_name_1 = cent
symbol = S$
nickname = Sing
frequently_used_coins = 5, 10, 20, 50 cents, $1
rarely_used_coins = 1 cent (not issued anymore but still usable)
frequently_used_banknotes = $2, $5, $10, $50
rarely_used_banknotes = $1, $20, $100, $500, $1000, $10 000
issuing_authority_title = Monetary authority
issuing_authority = Monetary Authority of Singapore
issuing_authority_website = www.mas.gov.sg
mint = Singapore Mint
mint_website = www.singaporemint.com

The dollar (sign: $; code: SGD) is the 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.

History

Between 1845 and 1939, Singapore used the Straits dollar.cite web
url = http://www.mas.gov.sg/currency/currency_info/Heritage_Collection.html
title = The Currency History of Singapore
accessdate = 2007-12-28
date = 2007-04-09
publisher = Monetary Authority of Singapore
quote = Official Currencies of The Straits Settlements (1826-1939); Currencies of the Board of Commissioners of Currency, Malaya (1939-1951); Currencies of the Board of Commissioners of Currency, Malaya and British Borneo (1952-1957); Currencies of the Independent Malaya (1957 -1963); On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei each issued its own currency. The currencies of the 3 countries were interchangeable at par value under the Interchangeability Agreement until 8 May 1973 when the Malaysian government decided to terminate it. Brunei and Singapore however continue with the Agreement until the present day.
] This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.

Singapore continued to use the common currency upon joining Malaysia in 1963 but, two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down.Singapore established the Board of Commissioners of Currency, Singapore, on April 7, 1967 [cite book
author = Low Siang Kok, Director (Quality), Board of Commissioners of Currency, Singapore
title = The Future of Money / Organisation for Economic Co-operation and Development
origdate = 2002-06-22
url = http://www.oecd.org/dataoecd/40/31/35391062.pdf
format = PDF
accessdate = 2007-12-28
publisher = OECD Publications
location = France
isbn = 92-64-19672-2
pages = p.147
chapter = Chapter 6: Singapore Electronic Legal Tender (SELT) – A Proposed Concept
quote = The Board of Commissioners of Currency, Singapore (BCCS) was established on 7 April 1967 by the enactment of the Currency Act (Chapter 69). It has the sole right to issue currency notes and coins as legal tender in Singapore.
] and issued its first coins and notes.Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973,although interchangeability with the Brunei dollar is still maintained until now.

Initially, the Singapore dollar was pegged to the British pound sterling at a rate of S$60 = £7. This peg lasted until the demise of the Sterling Area in the early 1970s, after which the Singapore dollar was linked to the US dollar for a short period of time. As Singapore's economy grew and its trade links diversified to many other countries and regions, Singapore moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973-1985. From 1985 onwards, Singapore adopted a more market-oriented exchange regime - classified as a Monitoring Band - in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. This in theory allows the Singaporean government to have more control over imported inflation and to ensure that Singapore's exports remain competitive. All issued Singapore dollar currency in circulation is fully backed by international assets to maintain public confidence. [ [http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index.php?cid=3 International Economics - Historial Exchange Rate Regime of Asian Countries] The Chinese University of Hong Kong, Copyright 2000. Retrieved August 15, 2008.]

The Board of Commissioners of Currency, Singapore, was dissolved on October 1, 2002 and its functions, property and liabilities had been transferred to the MAS. [cite web
url = http://www.mas.gov.sg/news_room/press_releases/2002/BCCS_Merges_with_MAS_on_1_October__30_September_2002.html
title = BCCS Merges with MAS on 1 October 2002
accessdate = 2007-12-28
date = 2002-09-30
publisher = Monetary Authority of Singapore
quote = The official merger of the Board of Commissioners of Currency, Singapore (BCCS) with the Monetary Authority of Singapore (MAS) will take effect from 1 October 2002. Currency service will continue as usual and will be provided by the new Currency Department in MAS located at Currency House.
]

Coins

In 1967, the first series of coins was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. Except for the bronze 1 cent, these coins were struck in cupro-nickel. In 1985, a second series of coins was introduced in the same denominations. The sizes of the coins were reduced (most substantially for the larger denominations) and the 5 cents was struck in aluminium-bronze. In 1987, the 1 dollar coin was further reduced in size and switched to being struck in aluminium-bronze.

The current Portrait series was introduced in 1999, with the 1 and 500 dollar denominations omitted. These notes feature the face of Yusof bin Ishak, the first president of the Republic of Singapore, on the obverse, and the reverse depicts a feature of civic virtue. There are both paper and polymer notes in circulation. The designs of the polymer notes are very similar to the corresponding paper note except for the slightly slippery feel and a small transparent window design in the corner of the banknote. Polymer notes are progressively replacing the paper banknotes in circulation.On 27 June 2007, to commemorate 40 years of currency agreement with Brunei, the $20 note was launched; the back is identical to the Bruneian $20 note launched concurrently. A circulation version of the $20 note can be exchanged at banks in Singapore beginning July 16, 2007, limited to two pieces per transaction.

ee also

* Economy of Singapore

References

*numis cite SCWC | date=1991
*numis cite SCWPM | date=1994

External links

Standard numismatics external links
world_coin_gallery_1_url = Singapore
world_coin_gallery_1_name = Singapore
banknote_world_1_url = singapore
banknote_world_1_name = Singapore
dollarization_1_url = asia
dollarization_1_name = Asia
gfd_1_url = Singapore
gfd_1_name = Singapore
gfd_data_1_url =
gfd_data_1_name =
gfd_data_1_url = 4020
gfd_data_1_name = Singapore Dollar
show_gfd_excel = Y

* [http://www.mas.gov.sg/resource/download/exchangePolicy.pdf Monetary Authority of Singapore Exchange Policy]
* [http://www.worldpapermoney.org Will's Online World Paper Money Gallery - Images of banknotes from around the world including a large collection of banknotes from Singapore]


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