Singapore Dollar (SGD) Profile
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2.Singapore dollar is pegged by Brunei dollar at par.
Singapore dollar users
The Singapore dollar is used by Singapore (officially the Republic of Singapore) which is a an island city-state in Southeast Asia.
Singapore was founded on February 6, 1819 and had been as a British trading post for more than one century. Singapore gained independence from the United Kingdom on August 31, 1963 and soon joined with Malaya, Sabah and Sarawak to form the new Federation of Malaysia on September 16 in the same year. Singapore separated from the Federation of Malaysia and became an independent state on August 9, 1965.
Singapore dollar history
The Singapore dollar was introduced once upon independence from Malaysia in 1967. It has been pegged by Brunei dollar at par and the two currencies are interchangeable.
The Singapore dollar was initially pegged to the British pound sterling at a rate of 7 GBP=60 SGD and then to shifted to the U.S. dollar from the early 1970 for a short time. From 1985, the Singapore dollar was allowed to float. The exchange rate of Singapore dollar to the U.S. dollar is at 1 USD = 1.2371 SGD as per date of February 28, 2013.
Singapore dollar coins and banknotes
The Singapore dollar is subdivided into 100 cents.
Currently in circulation coins are in denominations of 5, 10, 20, 50 cents, 1 dollar, and banknotes are in denominations of 2, 5, 10, 50, 100, 1000 dollars.