DEFINITION of 'SGD (Singapore Dollar)'
The currency abbreviation for the Singapore dollar (SGD), the currency of Singapore. The Singapore dollar is made up of 100 cents and is often presented with the symbol $ or S$ to set it apart from other dollar-based currencies. In Singapore, the dollar is also known as the "Sing".
BREAKING DOWN 'SGD (Singapore Dollar)'
The Singapore dollar was first issued in 1965 after the breakdown of the monetary union between Malaysia and Brunei, but has remained interchangeable with the Brunei dollar. Exchange at par with the Malaysian ringgit ended in 1973.
The value of the dollar was originally pegged to the British pound (GBP) at a rate of 60:7. In the early 1970s, this peg was moved to the U.S. dollar briefly before being pegged to a hidden basket of foreign currencies between 1973 and 1985. Since 1985, Singapore has allowed its dollar to float within an undisclosed range, which is monitored by the Monetary Authority of Singapore.