The currency of Singapore is the Singapore Dollar (SGD), also known as the Singaporean dollar. This currency serves as the official means of exchange in the Republic of Singapore and is one of the most stable and globally recognized currencies in the world.
What is the official currency in Singapore?
The Singapore dollar (SGD) is the official currency of the island nation of Singapore, recognized by the symbol S$. It is subdivided into 100 cents and is managed by the Monetary Authority of Singapore, which oversees its issuance and regulation in the country.
What is the Singapore Dollar?
The Singapore dollar (symbol: S$; code: SGD) serves as the official currency of the Republic of Singapore, where it is divided into 100 cents. To distinguish it from other dollar-denominated currencies, it is commonly abbreviated as the dollar sign $ or S$. The issuance of banknotes and coins of the Singapore dollar is the responsibility of the Monetary Authority of Singapore (MAS).
As of 2022, the Singapore dollar holds the distinction of being the 10th most-traded currency in the world in terms of its total value. In addition to its primary use in Singapore, the Singapore dollar is also recognized as legal tender in Brunei, in accordance with the Currency Interchangeability Agreement established between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is similarly accepted in Singapore.
Where is Singaporean dollar used?
The primary use of the Singaporean dollar (SGD) is within Singapore, a sovereign city-state and island nation situated in Southeast Asia. SGD serves as the official and exclusive currency for all transactions conducted within the country, encompassing purchases, payments, and financial transactions.
Outside of Singapore, SGD is not widely adopted, and it is not a commonly accepted currency in most other countries. When traveling to foreign destinations, individuals typically need to convert their SGD to the local currency of the country they are visiting for everyday expenses and financial transactions.
Is Singapore cryptocurrency used?
Singapore is taking a prominent role in driving cryptocurrency adoption in the Asia-Pacific region, having invested approximately $196 million in cryptocurrency companies across 24 deals during the third quarter of 2022. The nation's primary goal is to reinforce its standing as a global financial hub through digital innovation and fintech development. Singapore benefits from a well-connected population, a robust telecommunications infrastructure, and a highly skilled workforce, creating a conducive environment for cryptocurrency adoption. Moreover, its taxation system is attractive to investors, as there is no capital gains tax. The city-state boasts a cryptocurrency ownership rate estimated at 19 percent, exceeding the global average of 15 percent.