Singapore dollar
From Open Encyclopedia
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
Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, as regulated by the Board of Commissioners of Currency.
Singapore continued to use the 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 Board of Commissioners of Currency, Singapore was dissolved on October 1, 2002 and its functions, property and liabilities had been transferred to the Monetary Authority of Singapore.
To date, four series of currency notes for circulation have been issued.
- Orchid Series (1967–1976)
- Bird Series (1976–1984)
- Ship Series (1984–1999)
- Portrait Series (1999–present)
To date, two series of coins for circulation have been issued.
- First Series (1967–1985)
- Second Series Flora Theme (1985–present)
Current status
The Singapore dollar is a freely convertible currency which is allowed to float according to supply and demand on the foreign exchange market, but would be monitored by the Monetary Authority of Singapore against a trade-weighted basket of currencies. The currencies involved are not publicised to protect the currency against speculative attacks and other unusual pressures on the currency's value.
Since the Asian financial crisis, various other countries have adopted Singapore's dirty/managed float system.
Before the crisis 1 USD was worth approximately 1.4 , falling to 1.8 SGD. As of 14 October 2005, 1 USD is worth approximately 1.68228 SGD. The Brunei dollar is pegged to the Singapore dollar at 1:1 rate [1], and each currency is legal tender in both countries.
Current banknotes and coins
Current coins in circulation [2] The current series of coins feature the Flora theme on one side, and the Coat of Arms of Singapore on the other side. Image:Singaporedollar.jpg
- 1 cent - "Vanda Miss Joaquim" (Is currently being decirculated)
- 5 cent - "Monstera deliciosa"
- 10 cent - "Jasminum multiflorum"
- 20 cent - "Calliandra surinamensis"
- 50 cent - "Allamanda Cathartica"
- 1 dollar - "Lochnera rosea"
Current banknotes in circulation [3]
The current series of banknotes issued is of the Portrait series. These notes feature the face of Encik Yusof bin Ishak, the first president of the Republic of Singapore on one side, and the other side depicts a feature of civic virtue.
- 2 dollar - "Education Theme"
- 5 dollar - "Garden City Theme"
- 10 dollar - "Sports Theme"
- 50 dollar - "Arts Theme"
- 100 dollar - "Youth Theme"
- 1000 dollar - "Government Theme"
- 10000 dollar - "Economy Theme"
es:Dólar de Singapur fr:Dollar de Singapour id:Dolar Singapura he:דולר סינגפורי ms:Dolar Singapura nl:Singaporese dollar ja:シンガポールドル pl:Dolar singapurski sv:Singaporiansk dollar zh:新加坡元
