Singapore Dollar (SGD)

What Is the Singapore Dollar (SGD)?

The Singapore dollar, abbreviated as SGD, is the official currency of the Southeast Asian island state of Singapore. Currency traders know it as "the sing."

The Singapore dollar is comprised of 100 pennies and is much of the time addressed by the symbol S$ to set it apart from other dollar-based currencies.

One S$ was worth about $1.36 USD as of March 25, 2022. Over the previous five years, its value has gone from a low of $1.31 in mid-April 2018 to a high of $1.45 in mid-March 2020.

Grasping the Singapore Dollar

The Singapore dollar has been in presence starting around 1967, not long after the island withdrew from the Federation of Malaysia. The Singapore currency was kept at par with the Malaysian ringgit until 1973. From that point forward, it has been pegged to a fixed yet undisclosed basket of currencies that are associated with the republic's different trade joins.

Since the financial crisis of 2007-2008, the SGD has become one of the world's best-performing currencies. With a robust and developing financial center, stable housing prices, and undemanding regulatory practices, Singapore has turned into an inclined toward destination for offshore investors and entrepreneurs.

The Singapore dollar is the twelfth most traded currency in the world, and the third-highest in Asia, behind the Japanese yen (JPY) and China's renminbi. The SGD accounts for almost 1.8% of daily volume in currency trading.

Triple AAA Rating

About S$30 billion is currently in circulation. It is completely backed by gold, silver, and different assets held by the nation's central bank, the Monetary Authority of Singapore.

In late 2020, Fitch Ratings reaffirmed its AAA rating on the Singapore dollar, in spite of the huge impact of the COVID-19 pandemic on the nation-state's economy. Fitch refered to its "particularly strong outside and fiscal balance sheets, high per capita income, great business environment, and sound macroeconomic policy structure."

Malay is the official language of Singapore however English, Chinese, and Tamil likewise are widely spoken.

Commerce in Singapore

Singapore has been a major trading and delivery hub since the mid nineteenth century when Britain's East India Company detected its true capacity as a commercial hub for its Asian trade. It stayed a British crown settlement before and after its occupation by Japan during World War II.

In the wake of acquiring its independence during the 1960s, Singapore dove into a period of manufacturing growth and developed quickly into a high-income nation. Manufacturing and the services sectors remain its key drivers of growth. It likewise is a key financial services center for the region and stays an important port.

Singapore has one of the world's most business-accommodating regulatory environments for entrepreneurs, as indicated by the World Bank.

Singapore's status as a world-class business hub is more noteworthy considering its little size. The whole city-state has a population of under 5.7 million.

The island republic is one of the "four Asian tigers" whose economies have supported a high rate of growth since the 1960s, driving them into the positions of the world's richest nations. Notwithstanding Singapore, the Asian tigers are Hong Kong, Taiwan, and South Korea.

Highlights

• SGD is the shortening for the Singapore dollar, which is the official currency of the island state of Singapore.
• The Singapore dollar, nicknamed the "sing," is comprised of 100 pennies and is addressed with the symbol S$ to set it apart from other dollar-based currencies.
• The Singapore dollar has a rare AAA rating from Fitch Ratings.
• Beginning around 1985, Singapore has allowed its dollar to float inside an undisclosed reach observed by the Monetary Authority of Singapore (MAS).

FAQ

What Is the Historical Exchange Rate for Singapore Dollars to U.S. Dollars?

In the year ending March 25, 2022, the value of the Singapore dollar ran somewhere in the range of 1.3217 and 1.3662 per U.S. dollar. Fitch Solutions expected it to average 1.3450 per USD in 2022, saying the currency appeared to be in a "somewhat stronger" than normal position.

What Is the Exchange Pair for Singapore Dollars to U.S. Dollars?

Followers of the foreign exchange rate will find this exchange pair posted as USD/SGD. Voyagers to Singapore can expect the rates they receive from a bank or money exchange office to reflect fees of 3% to 5% of the current posted exchange rate.The fees apply the two different ways. If you leave Singapore and need to change over any extra Singapore dollars back into U.S. dollars, you'll lose around 3% to 5% of the value of your money to fees.

What Is the Symbol for the Singapore Currency?

The currency code for the Singapore currency in the forex markets is SGD. Its currency code is S$.Consumers who wish to exchange U.S. dollars for Singapore dollars will see the exchange rate posted as USD/SGD.