What is the Singapore Dollar (SGD)?

Singapore Dollar also referred to as SGD is the official currency of Singapore. SGD is the code used in the foreign exchange market. One SGD is divided into 100 cents and it’s represented with a $ sign just as S$ to distinguish from other dollar-denominated currencies. The Monitory Authority of Singapore (MAS) is responsible for issuing the currency coins and banknotes of Singapore. Being the 13th most traded currency in the world, Singapore Dollar SGD is one of the most powerful and widely traded currencies globally. Singapore dollar and Brunei dollar had been used customarily and interchangeably within the two countries. After the breakdown of the monitory union between the two countries, in 1965 the Singapore dollar was just introduced. The all issued Singapore currency is backed by the external reserves and assets in the Currency Fund. In 2017, the Currency fund was merged with the MAS by the legislation passed by the country government. Singapore was a British colony in 1946 and in 1963 it became a part of Malaysia and finally, in 1965, Singapore left it to become an independent state.

The gross domestic product of the country during 2015-2018 was 2.9%, 3.0%, 3.7% and 3.1% and the inflation rate during the same period was 3.2%, 0.8%, 2.6%, and 1.9%. Singapore as a country is highly dependent on its exports including different petrochemicals, pharmaceuticals and electronics. Additionally, the robust financial sector of Singapore and the stable real estate prices attract foreign investors magnetically.

Singapore dollar fluctuates against the different global currencies. At the time I’m writing the SGD value is 1.36 S$ and the USD/SGD rate is 0.36 it means it will cost 1.36 S$ to buy one US dollar US$1. If the rate increases to 1.5 due to some reason than SGD would maintain its value by falling in relative to USD and will not have a huge impact on the exchange rate. All the exchange rates of SGD are guided by MAS the monitory authority of Singapore. So, looking at the facts and the past performance of the SGD currency, it’s very clear to find out how beneficial it would be to trade and exchange in SGD.

Professional traders say that trading in SGD could be more valuable than some other fiat currencies like Euro and United States Dollar USD. You can buy not only Singapore Dollar SGD but can also sell and exchange it with other fiat and global cryptocurrencies. There are many methods available for storing and trading your SGD but the mobile-friendly e-wallets are the easiest and instant way for the international fiat-crypto business. The B4U e-wallet is one of the fast, secure and the best wallets to start or continue the profits of your digital asset. Download B4U Wallet Mobile App today to buy, sell and exchange Singapore Dollar SGD with other multiple fiat and cryptocurrencies.