Singapore Dollar
Currency

Overview

Singapore dollar is most popular Asian currencies that are dollar dominated. This currency is pegged by the Brunei currency such that the Brunei dollar is at par and the currencies are accepted in both nations as a customary tender.

This is a convertible currency and the value is based on the market forces allowing floating in the market of foreign exchange, but is handled by the Monetary Authority of Singapore. This system is found to be good and was adopted by many more economies.

Interesting fact

Singapore dollar is identical to a Chinese lucky charm ‘bagua’. The ‘bagua’ was designed as some ‘feng shui’ masters proposed that each household to display a bagua so that the adverse effect of MRT Tunnel construction is reduced in the country. However, some people disbelieved this concept and so the coin was minted such that it circulated the country.

The revenue sources are based on the international trade and the currency of the nation satisfies the need.

However, the export and import policies are lenient.

Value

Dollar is a monetary unit, besides it is the national currency of several nations. The most popular dollar currency is the US dollar and tops the list. The Asian dollar is dominated by few Asian currencies such as Singapore dollar. This is the official currency of the republic of Singapore and is depicted with "$" sign.

However, Singapore dollar is also denoted as "S$" to avoid confusion. Singapore dollar currency code is SGD and 702 is the numeric code as per ISO standards.

Structure

The banknotes vary in colors such as $2 is in purple, $5 in green, $10 in Red, $50 in Blue, $100 in Orange, $1000 in purple and $10000 in gold. The coinage second series issued in 1985 is in operation. The initial series was in 1967 displaying various designs relating to the past.

The present series of coins have flora theme and this is done with the aim of enhancing the image as city of gardens. The front sides of the coins have Singapore arms image and ‘Singapore’ is written around the circumference. The reverse sides have plants images and the currency value.