Singapore Dollar (sign: S $ ; code: SGD ) is the official currency of Singapore. It is divided into 100 cents. Usually abbreviated as $ dollar sign, or S $ to distinguish it from other dollar denominated currencies. The Monetary Authority of Singapore issues Singapore dollar notes and coins.
By 2016, the Singapore dollar is the world's most heavily traded twelfth currency by value. In addition to being used in Singapore, the Singapore dollar is also accepted as a customary tender in Brunei in accordance with the Currency Exchange Agreement between the Monetary Authority of Singapore and the Brunei Darussalam Monetary Authority (Monetary Authority of Brunei Darussalam). Likewise, Brunei dollars are also commonly accepted in Singapore.
Video Singapore dollar
Histori
Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, and, from 1953, Malaya and British Borneo dollars, issued by the Board of Commissioners of Currency, Malaya and British Borneo.
Singapore continued to use the common currency after joining Malaysia in 1963, but just two years after Singapore's expulsion and independence from Malaysia in 1965, monetary unity between Malaysia, Singapore and Brunei failed. Singapore established the Currency Board of Commissioners, Singapore, on April 7, 1967 and issued the first coins and records. However, the Singapore dollar was exchanged for the equivalent of the Malaysian ringgit until 1973, and the exchange with Brunei dollar was still maintained.
Initially, the Singapore dollar was pegged to the British pound sterling at S $ 60 = Ã, Â £ 7. This stake lasted until the fall of the Sterling Region due to Nixon Shock in the early 1970s, after which the Singapore dollar was associated with the US dollar for a short time. As Singapore's economic growth and its diverse trade links to many other countries and territories, Singapore is moving toward grouping its currency against currencies tied to trading and not disclosed from 1973 to 1985.
Prior to 1970, the various monetary functions associated with the central bank were carried out by several government departments and agencies. As Singapore develops, the increasingly complex demands of the banking and monetary environment necessitate streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore, the Singapore Parliament passed the Singapore Monetary Authority Act in 1970, which led to the formation of MAS on 1 January 1971. The MAS Act grants 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 was allowed to float (in unknown bandwidth from central parity) but closely monitored by the Singapore Monetary Authority (MAS) against a number the hidden currency of Singapore's major trading partner and competitor. This, in theory, allows the Singapore government to have more control over imported inflation and to ensure that Singapore exports remain competitive.
On March 31, 2003, the Singapore Currency Board of Commissioners (BCCS) joined the Singapore Monetary Authority (MAS), which took over the responsibility of issuing banknotes.
Maps Singapore dollar
Currency in circulation
In 2012, the total outstanding currency is S $ 29.1 billion. All Singapore currencies issued in circulation (notes and coins) are fully supported by external assets in the Currency Fund to maintain public confidence. The external assets consist of all or any of the following: (a) gold and silver in any form; (b) foreign currency in the form of demand or deposits; bank balance and cash during calls; Treasury Bills; note or coin; (c) securities or guaranteed by a foreign government or international financial institution; (d) equity; (e) corporate bonds; (f) currency and financial futures; (g) any other assets to which the Authority, with the consent of the President of Singapore, considers fit to be included.
In 2017, the government, in the second reading of the Monetary Authority of Singapore (Amendment) Bill 2017, announces that the Currency Fund will be combined with other MAS funds, since the currency in circulation is effectively supported by the full financial strength and MAS assets, which are much greater than Currency Fund. As of March 31, 2017, MAS's assets (S $ 395 billion) are more than seven times larger than the Currency Fund (S $ 55 billion) assets. The proposed amendment will incorporate Currency Funds with other MAS funds and simplify MAS operations. The government has said that its support for the currency in circulation, as stipulated in the Currency Act, remains unchanged.
Singapore's foreign exchange reserves officially reached more than US $ 260.7 billion, as of April 2017 according to MAS.
Coins
In 1967, the first series of coins were introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. These coins depict wildlife and other images related to the island nation and designed by Stuart Devlin, the same artist who is credited for the 1966 design on the Australian decimal coin series. Size is the same as that used for Malaysian ringgit and based directly from old currency of former Malaya and British Borneo dollar. The 1 cent coin is bronze while the other denomination is copper-nickel. Then, in 1976, 1 cent was converted into copper-coated steel. The first series production was discontinued in 1985.
In 1985, the second series of coins was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. The opposite of these coins is designed by Christopher Ironside. The new series offers smaller coins that depict the theme of interest. The one-dollar bill had been stopped and gradually replaced with bronze aluminum coins. The 5-cent coin is also converted into aluminum-bronze while 10, 20, and 50 cents remain copper-nickel. The limited number of bimetallic 5-dollar warning coins with jagged edges are also issued periodically later during this series. The Monetary Authority of Singapore will begin withdrawing this series from 2017. The 1 cent coin has been circulated since 2003.
On February 21, 2013, the Monetary Authority of Singapore announced a series of new coins in 5, 10, 20, 50 cent and 1 dollar denominations, which begin to circulate on June 26, 2013, featuring national icons and Singapore landmarks. The coins were struck on a plated multiple-layered board used by the Royal Canadian Mint and equipped with enhanced features to distinguish from fake. The coins also feature a new design, a dollar coin, now a bi-metal coin featuring Merlion, a fifty-cent coin featuring Singapore Harbor, a twenty-cent coin depicting Changi International Airport, a ten-cent coin featuring public housing. and a five-cent coin featuring the Esplanade.
Banknote
Orchid Series
The Orchid series of banknotes are the earliest to circulate in Singapore. Issued in 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 center of the front of the record, an orchid that became Singapore's national flower. A view of Singapore is illustrated in the back, which varies across denominations. The standard on each note, is the Symbol, the lion head sign, and the signature of the Minister of Finance and chairman of the board of Currency Commissioners, Singapore, on the front of the note. As an additional security feature, all records have at least one vertically embedded security thread, while the $ 10,000 record has two.
Bird series
The Bird series of currency records is the second set of records to be published for circulation in Singapore. Released in 1976 to 1984, he had nine denominations, the same number as the Anggrek Series, even though the $ 25 bill was replaced with a $ 20 bill.
Each note features a bird on the left side of the front of the note, a theme chosen to represent a young Singapore "always ready to fly to a higher altitude". The standard on each note, is the Symbol, the lion head sign, and the signature of the Minister of Finance and chairman of the board of Currency Commissioners, Singapore, on the front of the note. As an additional security feature, all records have vertically embedded security threads, while the $ 1,000 and $ 10,000 records have two.
Serial ship
The Ship Series of currency notes is the third set of notes to be published for distribution in Singapore. Issued in 1984 to 1999, it retained the denomination as in the two previous notes series, but replaced the $ 20 note for $ 2 one.
The maritime theme to reflect Singapore's maritime heritage was adopted, and progressively denoted various denominations, various types of ships that have sailed Singapore's waters as a developing country. The vignette is located on the front of the note. At the rear, various scenes depicting Singapore's achievements are displayed, as well as orchids, to symbolize the country's national flower.
The standard on each note, is the Symbol, the lion head sign, and the signature of the Minister of Finance and chairman of the board of Currency Commissioners, Singapore, on the front of the note. As an additional security feature, all notes have a vertically embedded security thread.
Portrait series
Serial Portrait is currently introduced in 1999, with denominations of one and 500 dollars eliminated. These notes feature the face of Yusof bin Ishak, the first president of the Republic of Singapore, on the front, and vice versa depicting the characteristics of civil virtue. There are outstanding papers and polymer notes. The design of the polymer notes is very similar to the relevant paper note except for the slightly slick feel and the small transparent window design on the corner of the bill. Polymer notes are progressively replacing the outstanding banknotes. The note also has a Braille pattern in the upper right corner of the front design.
S $ 10,000 and B $ 10,000 are the most valuable banknotes in the world (which are officially outstanding). In August 2011, this was worth more than seven times more than the next most valuable, Swiss 1000-franc note. On July 2, 2014, the Monetary Authority of Singapore announced that it would stop printing $ 10,000 starting October 1, 2014, to reduce the risk of money laundering. Singapore has now officially stopped producing S $ 10,000 paper money and has thus begun the withdrawal process from active circulation. This is a trend in many countries such as Canada's withdrawal of $ 1000 banknotes in the previous decade and the announcement of the European Central Bank on May 4, 2016 that they will stop production and issuance of 500 euro banknotes. MAS said that the record would remain a valid means of payment until all records were slowly returned because they were damaged.
Banknote warning
Warning banknotes are also released, usually in limited quantities. The first warning banknote was released on July 24, 1990 to celebrate Singapore's 25th independence anniversary. Of the 5.1 million $ 50 denominated banknotes, 300,000 came with overprints on the anniversary date "August 9, 1990". This $ 50 note is the first warning note issued by the Currency Commissioner of Singapore (BCCS) and also the first polymeric banknote in the history of Singapore currency. In addition, the $ 50 bill is the first banknote designed in Singapore by Singaporean artists.
On December 8, 1999, to celebrate the upcoming millennium 2000, three million millennia $ 2 records were circulated. This note is similar to the $ 2 portrait series, except that the serial number prefix is ​​replaced with the Millennium 2000 logo. Note this millennium is printed on paper because the polymer notes have not been introduced.
On June 27, 2007, to commemorate 40 years of currency agreement with Brunei, S $ 20 warning was launched; the back is identical to the $ 20 Brunei banknote that was launched simultaneously. A $ 20 banknote circulation version can be redeemed at banks in Singapore from July 16, 2007, limited to two sheets per transaction.
On August 18, 2015, to commemorate 50 years of Singapore's development, the Monetary Authority of Singapore launched a set of six warning notes. This note consists of five S $ 10 polymer notes and a S $ 50 note. This note design draws inspiration from significant milestones and achievements in Singapore's history, the multiracialism that defines the nation and the values ​​and aspirations that support Singapore's progress. The front of the $ 50 and $ 10 notes portraits Yusof Ishak, Singapore's first president, as in the current Portrait series.
The $ 50 note highlights the history, transformation and future of Singapore. This shows Singapore's Prime Minister, Lee Kuan Yew, chanting "Merdeka!" - the call for Singapore's independence struggle. The record makes use of a distinctive golden color, reflecting the Gold Jubilee of Singapore.
Five $ 10 bills have a common front design and various rear designs that illustrate the theme 'Vibrant Nation, Endearing Home'. Each note reflects the values ​​or aspirations that define the theme: 'Parenting Community, Active Citizens',' Opportunities for All ',' Safe and Secure ',' Strong Family 'and'... regardless of race, language or religion. '.
In 2017, to commemorate the 50th anniversary of the Currency Exchange Agreement between Brunei and Singapore, both the Brunei Darussalam Monetary Authority and the Monetary Authority of Singapore issue a $ 50 polymer paper bill to commemorate the event.
Exchange rate
Exchange rate chart
Current exchange rate
See also
- Singapore Economy
References
External links
- Images and specifications of the 2013 coin series in Singapore
- Images from four record series
Source of the article : Wikipedia
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