SGD stands for Singapore Dollar, the official currency of Singapore. It is represented by the symbol “$” or “S$” and is managed by the Monetary Authority of Singapore (MAS).
The SGD was introduced in 1967, replacing the Malaysian and British currencies that were previously used in Singapore. Since then, the SGD has become one of the most stable currencies in the world, with a strong financial and economic reputation.
The SGD is widely used for various purposes in Singapore, including payment for goods and services, investment, and foreign exchange. It is also accepted as legal tender in some neighboring countries, such as Brunei and parts of Malaysia.
The value of the SGD fluctuates against other currencies, and is influenced by factors such as economic growth, inflation rates, and government policies. The MAS monitors and manages the SGD to ensure its stability and to support the overall health of the Singaporean economy.
The SGD is divided into 100 cents, with coins available in denominations of 1, 5, 10, 20, and 50 cents, and notes available in denominations of $2, $5, $10, $50, $100, $1,000, and $10,000.
Overall, the SGD is an important currency in Southeast Asia and the global financial market, with a strong reputation for stability and reliability.