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This peg to sterling was broken in 1967 when the pound was devalued to US$2.40 but the peg to the U.S. Initially, the Singapore dollar was pegged to the pound sterling at a rate of two shillings and four pence to the dollar, or £1 = S$60/7 or S$ 8.57 in turn, £1 = US$2.80 from 1949 to 1967 so that US$1 = S$3.06. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, and interchangeability with the Brunei dollar is still maintained. Singapore established the Board of Commissioners of Currency, Singapore, on 7 April 1967 and issued its first coins and notes. Singapore continued to use the common currency upon joining Malaysia in 1963, but only two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo. From 1845 to 1939 the Straits Settlements (of which Singapore used to be part of) issued its local equivalent, the Straits dollar. The Spanish-American silver dollar brought over by the Manila galleons was in wide circulation in Asia and the Americas from the 16th to 19th centuries. On display at the British Museum in London ġ0 dollar note, Oriental Bank Corporation, Singapore, 1885. Likewise, the Brunei dollar is also customarily accepted in Singapore. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam).
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The Monetary Authority of Singapore (MAS) issues the banknotes and coins of the Singapore dollar.Īs of 2019, the Singapore dollar is the 13th-most traded currency in the world by value.
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It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Singapore dollar ( sign: S$ code: SGD) is the official currency of the Republic of Singapore. For other uses, see SGD (disambiguation).