The Singapore dollar (sign: $; code: SGD) is the official currency of the Republic of Singapore. Each dollar 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 (MAS) issues the banknotes and coins of the Singapore dollar.
As of 2024, the Singapore dollar is the 13th most traded currency in the world. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is also customarily accepted in Singapore.
History
The Spanish-American silver dollar brought over by the Manila galleons was in wide circulation in Asia and the Americas from the 16th to 19th centuries. From 1845 to 1945 the Straits Settlements (of which Singapore used to be part) issued its local equivalent, the Straits dollar. This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.
Singapore continued to use the common currency upon joining Malaysia in 1963 and after Singapore's independence from Malaysia in 1965, but the formal monetary union between Malaysia, Singapore and Brunei stopped in 1967, and Singapore established the Board of Commissioners of Currency, Singapore (BCCS), on 7 April 1967 and issued its first coins and notes. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 8 May 1973 under the Interchangeability Agreement, and interchangeability with the Brunei dollar is still maintained.
Initially, the Singapore dollar was pegged to the pound sterling at a rate of two shillings and four pence to the dollar, or £1 = S$60/7 or S$8.57; in turn, £1 = US$2.80 from 1949 to 1967 so that US$1 = S$3.06. This peg to sterling was broken in 1967 when the pound was devalued to US$2.40 but the peg to the U.S. dollar of US$1 = S$3.06 was retained. This peg remained for a short time after the Nixon Shock of the early 1970s. As Singapore's economy grew and its trade links diversified to many other countries and regions, Singapore moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973 to 1985.
Before 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore, the Parliament of Singapore passed the Monetary Authority of Singapore Act in 1970, leading to the formation of MAS on 1 January 1971. The MAS Act gave the MAS the authority to regulate all elements of monetary, banking, and financial aspects of Singapore.
From 1985 onwards, Singapore adopted a more market-oriented exchange regime, classified as a Monitoring Band, in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors. This, in theory, allows the Singaporean government to have more control over imported inflation and to ensure that Singapore's exports remain competitive.
On 1 October 2002, the Board of Commissioners of Currency, Singapore (BCCS) merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance.
Currency in circulation As of 2024, the total currency in circulation was S$66.553 billion. All issued Singapore currency in circulation (notes and coins) is fully backed by external assets in its Currency Fund to maintain public confidence. Such external assets consist of all or any of the following: (a) gold and silver in any form; (b) foreign exchange in the form of demand or time deposits; bank balances and money at call; Treasury Bills; notes or coins; (c) securities of or guaranteed by foreign governments or international financial institutions; (d) equities; (e) corporate bonds; (f) currency and financial futures; (g) any other asset which the Authority, with the approval of the President of Singapore, considers suitable for inclusion.
In 2017, the government, in the second reading of the Monetary Authority of Singapore (Amendment) Bill 2017, announced that the Currency Fund will be merged with other funds of the MAS, because the currency in circulation is effectively backed by the full financial strength and assets of MAS, which is much larger than the Currency Fund. As at 31 March 2017, MAS's assets (S$395 billion) were more than seven times larger than the assets of the Currency Fund (S$55 billion). The proposed amendment will merge the Currency Fund with the other funds of MAS and streamline MAS's operations. The Government has said that its support for the currency in circulation, as set out in the Currency Act, remains unchanged.
Singapore's foreign reserves officially stood at over US$288.2 billion, as of July 2022 according to the MAS.
Coins Marine series 1967 In 1967, the first series of coins was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. These coins depicted wildlife and other images relating to the island nation and were designed by Stuart Devlin, the same artist credited for the 1966 designs on Australia's decimal coin series. The sizes were the same as those used for the Malaysian ringgit and based directly on the old coinage of the former Malaya and British Borneo dollar. The 1-cent coin was bronze while the other denominations were copper-nickel. Later, in 1976, the 1-cent coin was changed to copper-clad steel. The production of the first series was phased out by 1985.
First Series (Marine Series) (1967–1985) Value Technical parameters Description Date of issue Diameter Thickness Mass Composition Edge Obverse Reverse1 cent17.78 mm 1.118 mm 1.940 g Bronze PlainA high-rise public housing block with a fountain in front and clouds in the background Value and Year 12 June 1967 1.744 g Copper-clad steel 1976 5 cents 16.26 mm 1.02 mm 1.410 g Cupro-nickel Milled A snake-bird sitting in its nest and preening its feathers. Value and Year 12 June 1967 1.260 g Cupro-nickel clad steel 5 cents (FAO) 21.23 mm 1.27 mm 1.240 g Aluminium A fish and the phrases "INCREASE PRODUCTION" and "MORE FOOD FROM THE SEA." 1971 10 cents 19.41 mm 1.40 mm 2.83 g Cupro-nickel A seahorse with a stylised piece of seaweed. 12 June 1967 20 cents 23.60 mm 1.78 mm 5.66 g A swordfish against a background symbolising water. 50 cents 27.76 mm 2.03 mm 9.33 g A lionfish from tropical waters. $1 33.32 mm 2.39 mm 16.85 g A stylised Singapore lion symbol flanked by two stalks of paddy. Floral series 1985 In 1985, the second series of coins were introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. The reverse of these coins were designed by Christopher Ironside. The new series offered smaller coins depicting a floral theme. One-dollar banknotes were discontinued and gradually replaced with an aluminium-bronze coin. The 5-cent coin was also changed to aluminum-bronze while the 10, 20, and 50 cents remained copper-nickel. Limited numbers of commemorative bimetallic 5-dollar coins with scalloped edges were also periodically issued later during this series. This series is still in circulation. The 1 cent coin was taken out of circulation in 2002.
Second Series (Floral Series) (1985–2013) Value Technical parameters Description Date of issue Diameter Thickness Mass Composition Edge Obverse Reverse 1 cent 15.90 mm 1.10 mm 1.24 g Copper-plated zinc Plain Coat of Arms, "Singapore" in 4 official languages Value and Vanda 'Miss Joaquim' 28 September 1987 5 cents 16.75 mm 1.22 mm 1.56 g Aluminium bronze Reeded Coat of Arms, "Singapore" in 4 official languages Value and Monstera deliciosa 2 December 1985 10 cents 18.50 mm 1.38 mm 2.60 g Cupronickel Reeded Coat of Arms, "Singapore" in 4 official languages Value and Jasminum multiflorum 2 December 1985 20 cents 21.36 mm 1.72 mm 4.50 g Value and Calliandra surinamensis50 cents 24.66 mm 2.06 mm 7.29 g Value and Allamanda cathartica 2 December 1985 Inscribed "Republic of Singapore" and the lion symbol 28 May 1990 $1 22.40 mm 2.40 mm 6.30 g Aluminium bronze Reeded with inscription: "Republic of Singapore" and the lion symbol Coat of Arms, "Singapore" in 4 official languages Value and Lochnera rosea 28 September 1987
Iconic series (2013) On 21 February 2013, the Monetary Authority of Singapore announced a new series of coins in denominations of 5, 10, 20, 50 cents and 1 dollar, which went into circulation on 25 June 2013, featuring Singapore's national icons and landmarks. The coins are struck on a multi-ply plated-steel planchet used by the Royal Canadian Mint and comes with enhanced features to differentiate from fakes. The coins also feature new designs, the one-dollar, now a bi-metallic coin featuring the Merlion, the fifty cents coin featuring the Port of Singapore, the twenty-cent coin depicts Changi International Airport, the ten-cent coin featuring public housing and the five-cent coin featuring the Esplanade. The second and third series of Singaporean coins have medallic orientation.
Third series – Iconic series(2013–present) Value Technical parameters Description Firstissue Diameter(mm) Thickness(mm) Mass(g) Composition Edge Obverse Reverse 5 cents 16.75 1.22 1.70 Brass-plated steel Plain Coat of arms; lettering:SINGAPURA சிங்கப்பூர்新加坡 SINGAPORE Esplanade; value 25 June 2013 10 cents 18.50 1.38 2.36 Nickel-plated steel Interruptedreeding Public housing; value 20 cents 21.00 1.72 3.85 Reeded Changi Airport; value 50 cents 23.00 2.45 6.56 Scalloped Port of Singapore; value 1 dollar 24.65 2.50 7.62 Outer: Brass-plated steel Reeded Merlion; value;Vanda Miss Joaquimlaser engraving Inner: Nickel-plated steel
Banknotes
Orchid series 1967
The Orchid Series of currency notes is the earliest to be in for circulation in Singapore. Issued in the years 1967 to 1976, it has nine denominations: $1, $5, $10, $25, $50, $100, $500, $1,000, and $10,000.
Each note has an orchid design in the centre of the note's front, the orchid being the national flower of Singapore. A scene of Singapore is depicted on the back, which varies across denominations. Standard on each note, is the Coat of Arms, a lion head watermark, and the signature of the Minister for Finance and chairman of the BCCS, on the front of the note. As an added security feature, all notes have at least one vertically embedded security thread, while the $10,000 note has two.