SGD ($)
Singapore dollar
Current regime
Trading the SGD between market participants and across borders is unrestricted. The market price of the SGD is managed by the Monetary Authority of Singapore in reference to an undisclosed currency basket.
Highly standardised payment processing.
History
The SGD was introduced on June 12, 1967 to replace the Malaya and British Borneo dollar after the demise of the monetary union between Malaysia, Singapore and Brunei. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, and interchangeability with the Brunei dollar is still maintained.
The SGD has been free to float within a policy band since 1985. The Monetary Authority of Singapore releases a Monetary Policy Statement typically every 6 months giving guidance on the width and slope of the policy band.
The SGD accounted for 1.8% of global FX turnover in April 2019.
