The Currency in Singapore, Singapore dollar, Brunei dollar... |

The Currency in Singapore, Singapore dollar, Brunei dollar...

There is one currency in Singapore, the Singapore dollar, however the Brunei dollar can also be used and is widely accepted

Posted on

3 February 2014

Last updated on 28 June 2017
The Currency in Singapore, Singapore dollar, Brunei dollar...

Singapore obtained political independence from Malaysia in 1965. On 12 June 1967, the currency union which had been operating for 29 years came to an end, and the three participating countries, Malaysia, Singapore and Brunei each issued its own currency. Singapore issued its own currency, by the newly established Board of Commissioners of Currency, Singapore (BCCS) under the Currency Act of 1967. However, to maintain some degree of currency cooperation, the three countries agreed on the Interchangeability Agreement of 1967, which allowed the new Bruneian, Malaysian and Singapore Dollars to be used as customary tender in all three countries.

This meant that the currencies of the 3 countries were interchangeable at par value. In 8 May 1973, the Malaysian government decided to terminate the agreement, however Brunei and Singapore continued with the Agreement until the present day.

The Board of Commissioners of Currency, Singapore, was dissolved on October 1, 2002 and its functions, property and liabilities have been transferred to the MAS Currency Department.

Learn more about the Singaporean curency here >> 

Facts about the currency

Name: Singapore Dollar
Symbol: $
Coins: Cents: 100c in 1$ - 1c, 5c, 10c, 20c, 50c
Bank Notes: Notes available in Singapore - $1, $2, $5, $10, $50, $100, $500, $1000, $10000
Central Bank: Monetary Authority of Singapore
Users: Singapore

The Singapore dollar or dollar (sign: $; code: SGD) is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents.

The Monetary Authority of Singapore and the Brunei Currency and Monetary Board still maintain the historic exchangeability of their two currencies, the Singaporean dollar and the Brunei dollar, respectively. The dollar is accepted as "customary tender" in Brunei according to the Currency Interchangeability Agreement. Likewise, the Brunei dollar is customarily accepted in Singapore.