Singapore dollar: Meaning (information, definition, explanation, facts)

The Singapore dollar, divided into 100 cents, is the monetary unit of Singapore (currency code SGD). It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies.

History

For most of its history Singapore used the same currencies as the Straits Settlements and later British Malaya, as regulated by the Board of Commissioners of Currency.

Singapore continued to use a common currency upon joining Malaysia in 1963. But one year after its expulsion and independence in 1965, the monetary union with Malaysia broke down. Singapore established the Board of Commissioners of Currency, Singapore on April 7, 1967 and released its first series of notes, the "Orchid" notes, on June 12, 1967.

The Singapore dollar is a freely convertible currency loosely tied to the United States dollar. As of June 2004, 1 USD is worth approximately 1.7 SGD.

The Brunei dollar is pegged to the Singapore dollar at 1:1 rate, and either currency is legal tender in both countries.