The Singapore dollar is the official currency of Singapore, carrying the sign $ and the currency code SGD. Every dollar divides into one hundred cents, and it is commonly written as S$ to distinguish it from other dollar currencies around the world. The Monetary Authority of Singapore is responsible for issuing the country’s banknotes and coins.

Singapore’s monetary history reaches back to the Spanish-American silver dollar, which moved through Asian trade networks from the sixteenth to the nineteenth centuries. From 1845 to 1945, Singapore was part of the Straits Settlements, which used the Straits dollar. That was eventually replaced by the Malayan dollar and then the Malaya and British Borneo dollar.

When Singapore joined Malaysia in 1963 and then became an independent nation in 1965, it continued using the shared currency. The monetary union between Malaysia, Singapore, and Brunei dissolved in 1967, at which point Singapore established its own currency board and issued its first national coins and banknotes. The Singapore dollar remained exchangeable with the Malaysian ringgit at par until 1973, and it continues to be interchangeable with the Brunei dollar today.

The Singapore dollar was initially pegged to the British pound. Following the pound’s devaluation in 1967, Singapore briefly maintained a peg to the US dollar at S$3.06 per dollar. As Singapore’s economy grew more deeply integrated with international trade, a fixed exchange rate became less suitable. Since 1985, the currency has operated under a managed float, with the Monetary Authority of Singapore monitoring its value against a weighted basket of trading partner currencies.

The Monetary Authority of Singapore was created in 1971 to bring the country’s monetary, banking, and financial oversight under one roof. In 2002, it absorbed the Board of Commissioners of Currency, taking over full responsibility for currency issuance.

Singapore’s banknotes and coins draw on national symbols, historical figures, and the country’s multicultural character. The current Portrait Series banknotes carry the image of Yusof bin Ishak, Singapore’s first president, on the front. The reverse sides of each denomination illustrate a different theme: education, the Garden City concept, sports, and arts and culture. The $50 note, for instance, displays musical instruments representing Chinese, Malay, Indian, and Western traditions.

The coins also reflect national identity. The $1 coin features the Merlion and the Vanda Miss Joaquim orchid, while other denominations carry the Singapore lion and various national motifs.

Under the long-standing interchangeability agreement between Singapore and Brunei, Singapore dollars are accepted as legal tender in Brunei and Brunei dollars are accepted in Singapore. Malaysia’s equivalent arrangement with Singapore ended in 1973.