Is it he private banks or SG govt?
SGD" and "S$" redirect here. For other uses, see SGD
(disambiguation).
The dollar (currency
code SGD) is the currency of
Singapore. It is normally abbreviated
with the dollar sign
$, or alternatively S$ to distinguish it from other dollar-denominated currencies. It is
divided into 100 cents.
Between 1845 and 1939, Singapore used the Straits
dollar.[1]
This was replaced by the Malayan
dollar,[1]
and, from 1953, the Malaya and British Borneo dollar,
which were issued by the Board of Commissioners of Currency, Malaya
and British Borneo.[1]
Singapore continued to use the common currency upon joining
Malaysia
in 1963[1]
but, two years after Singapore's expulsion and independence from
Malaysia in 1965, the monetary union between
Malaysia, Singapore and Brunei broke down.[1]
Singapore established the Board of Commissioners of Currency,
Singapore, on April 7, 1967[2] and issued its first coins
and notes.[1]
Nevertheless, the Singapore dollar was exchangeable at par with the
Malaysian
ringgit until 1973.[1]
Interchangeability with the Brunei
dollar is still maintained.[1]
Consequently, the dollar was initially pegged to the British
pound at a rate of $60 = £7.
The Board of Commissioners of Currency, Singapore, was dissolved
on October
1, 2002 and its functions, property and
liabilities had been transferred to the Monetary Authority of
Singapore.[3]
In 1967, the first series of coins was introduced in
denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. Except for
the bronze 1 cent, these coins were struck in cupro-nickel. In
1985, a second series of coins was introduced in the same
denominations. The sizes of the coins were reduced (most
substantially for the larger denominations) and the 5 cents was
struck in aluminium-bronze. In 1987, the 1 dollar coin was further
reduced in size and switched to being struck in
aluminium-bronze.
The current series of coins feature the Coat of
Arms of Singapore on the obverse, and a floral theme on
the reverse.
On June 12,
1967, the first
series of notes, known as the Orchid series, was introduced in
denominations of 1, 5, 10,50, 100 and 1000 dollars. 25 and 500
dollar notes were introduced in 1972, followed by 10,000 dollars in
1973. Between 1976 and 1980, the Bird series was introduced, including
a 20 dollar note introduced in 1979. This series did not include a
25 dollar note. The Ship series was introduced between
1985 and 1989 in the same denominations except for the absence of a
20 dollar note. Notes for 2 dollars were introduced in 1990.
The current Portrait series was introduced in 1999, with the 1
and 500 dollar denominations omitted. These notes feature the face
of Yusof bin
Ishak, the first president of the Republic of Singapore,
on the obverse, and the reverse depicts a feature of civic virtue.
There are both paper and polymer notes in circulation. The design
of the polymer notes are very similar to the corresponding paper
note except for the slightly slippery feel and a small transparent
window design in the corner of the banknote. Polymer notes are
progressively replacing the paper banknotes in circulation. On
27 June
2007, to
commemorate 40 years of currency agreement with Brunei, the $20
note was launched; the back is identical to the Bruneian $20 note
launched concurrently. A circulation version of the $20 note can be
exchanged at banks in Singapore beginning July 16, 2007, limited to two pieces per
transaction.