Singapore dollar (SGD)

Despite the seeming exoticism, Singapore currency worthy of the name "dollar", not inferior to their overseas namesakes. At the moment many analysts point to the prospects of The SingaporeanThe strengthening of which is fully supported by the policies of the Ministry of Finance of the city-state.

History of Singapore's currency

Singapore began issuing its own currency on April 7, 1967, after the country gained its independence. At first, the new currency was pegged to the British pound ratio of 60:7, but after the termination of the sterling zone for a time was established Singapore dollar fixed exchange rate to its older, American brother. From the 1970s, the city-state began an economic miracle, sustained by the emergence of lucrative trade relations. The exchange rate of the national currency now became fixed to the currency basket of the country's largest trading partners, and since 1985 it could fluctuate freely within a fixed corridor.

Interestingly, all four batches of banknotes Singapore dollar in its history had its own concept. For example, the first of the series, the Orchid, featured the corresponding flower, which became the national symbol of the city-state. This was followed by the Birds series, the Ship series and the current Portrait series, which depicts Singapore's first president. Both paper and polymer banknotes, which are less prone to warping, are in use.

Protection of the Singapore dollar

The monetary policy of the Ministry of Finance of Singapore has long been aimed at strengthening the national currency. The country is fully backed by foreign exchange reserves, inflation It is one of the lowest in the world, and the balance of payments is positive. All these factors have a favorable effect on the exchange rate Singapore dollarThe city's currency is a very important part of the city's identity. International recognition of the city-state currency came in 2003, when Singaporean was included in the world list of freely convertible currencies.

Denominations of the Singapore dollar

One Singapore dollar is equal to 100 cents. Bills of 1, 2, 5, 10, 20, 50, 1000, 10000 are in circulation Singapore dollars, as well as coins in denominations of 1, 5, 10, 20, 50 cents, 1 Singapore dollar, 2 и 5. The international currency symbol is SGD.