|
The Singapore currency is called Singapore Dollar and is divided into 100 cents. The currency code of Singapore Dollar is SGD. The coins are in the form of 5 cents, 20 cents, 50 cents and 1 Dollar. The notes include S$1, S$2, S$5, S$ 50, S$ 500, S$ 500, S$ 1000 and S$ 10,000. The Singapore Dollar is loosely tied with the U.S Dollar. The exchange rate with the U.S Dollar has been stable and is between 1.63 SGD to 1.83 SGD per I USD since 2000. If one looks into the history of the Singapore currency it highlights that initially it was called the Straits Dollar (1845- 1939). Later it was replaced by the Malayan Dollar and then by the Malaya and British Borneo Dollar. But as Singapore was expelled from the Malayan union the monetary union between Singapore, Brunei and Malaysia broke and the Board of Commissioners of Currency issued the Orchid Notes. The Singapore Dollar could be exchanged with the Malaysian Dollar till 1973. But the Singapore Dollar is still exchangeable with the Brunei currency.
All the major credit cards are accepted in the hotels, restaurants and shops. Apart form this US and Australian Dollars, British Pound and Yen are accepted in the large shopping centers. In the Singapore economy there is no restriction of export or import of local and foreign currency. The foreign currency and travelers cheque can be changed at most banks and licensed moneychangers. ATM's are also in operation.
|
