Apr 24, 20222 min read

Singapore Currency - The Dollar

The Singapore dollar is the official currency of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar.

Between 1845 and 1939 Singapore used the dollar of the Strait, this was replaced by the Malay dollar and since 1953, the Malaysian dollar and Borneo.

In Singapore, the common currency continued to be used until it was integrated into Malaysia in 1963, but two years later it became independent and the monetary union with Malaysia and Brunei was separated. On April 7, 1976, Singapore established a Monetary Council and issued the first coins and notes.

Singapore dollar coins and banknotes are issued by the Monetary Authority of Singapore, which serves as both the country’s central bank and overall financial regulatory entity. All of Singapore’s issued currency – estimated at just over S$30 billion – is fully backed by gold, silver, or other assets held by the Monetary Authority. As of 2020, the Monetary Authority owns over US$270 billion in assets. The Singapore dollar is considered one of the strongest and most stable currencies in the world.

The country’s central bank mints coins in denominations of 1 cent, 5 cents, 10 cents, 20 cents, 50 cents, and one dollar. Banknotes are currently issued in denominations of S$2, S$5, S$10, S$50, S$100, S$500 and S$1,000. Following the money laundering concerns and financial practices of many other countries, Singapore’s central bank began withdrawing its higher denomination S$10,000 banknotes from circulation in 2014 and plans to stop the printing of the S$1000 banknotes in 2021. Paper banknotes issued are gradually being replaced by polymer banknotes.

DID YOU KNOW

The Singapore Dollar can be used in Brunei and vice versa due to an agreement between the Singapore government and the Brunei government.
Both the Singapore Dollar and Brunei Dollar are accepted in stores of Singapore and Brunei.
Singapore coin jewellery is illegal. Regardless of how quirky or cool they might look, the only place you’ll be rocking these is on the wrong side of the law. Under Singapore’s Currency Act, it is illegal to “mutilate, destroy or deface” any form of Singapore currency, and offenders can be fined up to $2000.

Few Important Points of the Singapore Dollar (SGD)

Symbols: $, S$

ISO code: SGD

Central Bank: Monetary Authority of Singapore

Currency Subunit: Cent = 1/100

Denominations: Banknotes: $2,$5,$10,$50,$100,$1000

Coins: 5 cents,10 cents, 20 cents, 50 cents $1

Value of the Singapore Dollar (As on 24/04/2022)

1 Singapore Dollar = INR 55.78 (Indian Rupees)

1 Singapore Dollar = PKR 136.21 (Pakistani Rupees)

1 Singapore Dollar = BDT 63.06 (Bangladeshi Taka)

1 Singapore Dollar = USD 0.73 (United States Dollar)

1 Singapore Dollar = EURO 0.68 (Euro)

You can watch the following video in YouTube in my channel "CURRENCY UNIVERSE" to know more about the Singapore Dollar. Please note that the video is in Hindi.

SINGAPORE DOLLAR RATE IN INDIAN RUPEES