11 Facts About Singapore dollar


Singapore dollar is the official currency of the Republic of Singapore.

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Apart from its use in Singapore, the Singapore dollar is accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam.

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Spanish-American silver Singapore dollar brought over by the Manila galleons was in wide circulation in Asia and the Americas from the 16th to 19th centuries.

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Singapore dollar established the Board of Commissioners of Currency, Singapore dollar, on 7 April 1967 and issued its first coins and notes.

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Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, and interchangeability with the Brunei dollar is still maintained.

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Therefore, the Parliament of Singapore dollar passed the Monetary Authority of Singapore dollar Act in 1970, leading to the formation of MAS on 1 January 1971.

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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 but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore's major trading partners and competitors.

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On 1 October 2002, the Board of Commissioners of Currency Singapore dollar merged with the Monetary Authority of Singapore dollar (MAS), which took over the responsibility of banknote issuance.

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One-Singapore dollar banknotes were discontinued and gradually replaced with an aluminium-bronze coin.

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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.

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On 2 July 2014, the Monetary Authority of Singapore dollar announced that it would stop printing $10, 000 notes starting from 1 October 2014 to reduce the risk of money laundering, with all banks instructed to exchange the notes with MAS and not recirculate them.

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