Singapore currency - what is it? Exotic or unprecedented luxury? In fact, it is in no way inferior to the namesake overseas and therefore has the right to be called the “dollar”. It is no accident that financial analysts have already figured out this currency and consider it one of the most promising. The policy of the Ministry of Finance of this city-state supports the Singapore dollar.
Story
Immediately after Singapore became independent in 1967, the Ministry of Finance began to issue its own banknote. Initially, its face value directly depended on the price of the British pound, and this was a ratio of 60 to 7. Then the time came when the sterling zone ceased to exist, then the Singapore dollar to the US dollar was set. And the 1970s marked not only the beginning of trade relations, but also an economic miracle. The most promising fact was that the exchange rate did not just become fixed. By 1985, the Singapore dollar was completely independent of other currencies and fluctuated within the corridor fixed by certain digital frames.
One cannot help but go unnoticed by the fact that all four issues of monetary parties had a unique concept. Each new one was unique and did not have a single hint of the former. What were these parties?
The first party got its name "orchid". The currency was a clear display of this particular flower, which also became the property of the city. On the second part, birds were depicted, on the third - seagoing vessels, on the fourth - a portrait of the first president of the city-state. The fourth batch of currency is used now.
The currency of Singapore is represented by two types of banknotes:
- paper bills;
- polymer bills (retain their appearance longer and are less subject to deformation).
Patronage
The idea of monetary policy in the Ministry of Finance of the city of Singapore was to strengthen the national currency. All factors affecting the currency were analyzed. As a result of successful reforms, the following results were achieved:
- full provision of the country with gold and foreign exchange reserves;
- positive balance of payments;
- the lowest inflation in the world.
It is these three important points that could give the necessary stability to the national currency. And already in 2003, international recognition of the currency nevertheless occurred. This year, the currency of Singapore became freely convertible around the world.
Denominations
Currently, banknotes of the following values are involved: 1, 2, 5, 10, 20, 50, 1000, 10,000 Singapore dollars. There are also coins of such denominations as 1, 5, 10, 20, 50 cents and 1, 2, 5 Singapore dollars. One Singapore dollar is equal to 100 cents. The currency has the international designation SGD.
Singapore dollar to US dollar
Already in 2011, the Singapore dollar lost ground and began to decline compared to the US (due to the situation in the Eurozone). Currently, the ratio of the Singapore dollar to the American counterpart is 0.74. This means that 1 SGD is equal to 74 cents USD. Correlation is linked to effective moments in Singapore's policy development. And among the advantages of the Singapore economy, it is worth noting such as:
- excellent achievements in the field of financial services of the Asian economy;
- development of CD drives;
- high level of shipbuilding development;
- the highest level of biotechnology development.
Singapore dollar to ruble
The Singapore dollar is a foreign currency, in connection with this its rate is set daily by the Central Bank of the Russian Federation.If we cite statistics of this currency over the past decade, we can see that the currency fluctuation for a considerable period of time was near such marks as 23-25 Russian rubles per Singapore dollar. However, after the rapid depreciation of the ruble in 2014, the situation changed. Now the rate is balanced and is at the level of not more than 49-50 rubles per 1 dollar of Singapore. This may indicate firm stability in the economic relations between Russia and Singapore.
Thus, the currency of Singapore, which was launched in 1967, has gained popularity around the world in a relatively short period of time. Leading financial analysts claim that it is stable and promising for investment.
