The Singapore dollar is the official currency of the island of Singapore. The dollar is subdivided by 100 cents. The Singapore dollar was brought into circulation in 1967 after the country gained independence from Malaysia.
Intially the dollar was pegged to the Pound but during the 1970’s that was switched to the US dollar. This pegging didn’t last long however and as Singapore developed into an important trading nation the government decided to float the currency on the exchange market. Today the Singapore dollar is closely monitored by the countries monetary authority.
Singapore is made up of 63 separate islands and is home to 5 million people. The modern day nation was established by the British in 1819 after British merchant Sir Stamford Raffles negotiated a deal with the local sultan. It remained a part of the British Empire up until 1963. Today the country is one of the busiest trading nations in the world and is home to the busiest transhipment port on the planet. The World Bank considers Singapore as the easiest place to do Business.