Singapore dollar exchange rate – SGD/PLN

Singapore from 1826 to 1946 was part of the „Straits Settlements” group, which included British territories located in Southeast Asia. During this period, the currency of Singapore, and the other territories in the group, was the Straits Settlements dollar. In 1939, the Malay dollar came into use in Singapore, which was used until 1967. The Singapore dollar has been the official currency of Singapore since 12 June 1967. The country wanted to become independent from Malaysia and the creation of its own monetary system was a big step in this direction. Initially, the Singapore dollar was pegged to the British pound and later to the US dollar. However, in the 1980s, the Singapore government decided to float the SGD exchange rate in order to be able to respond freely to the changes taking place in global markets. At the time, Singapore pursued a policy of controlled appreciation by deliberately overvaluing the SGD to stimulate growth in the economy. Thanks to its stability, low interest rates and low inflation, Singapore has for many years been recognised as one of the most competitive economies in the world. The SGD exchange rate is of great importance to many counterparties, as Singapore's currency is mainly trade-based. The Singapore dollar is pegged to the Brunei dollar at a rate of 1:1.

The Singapore dollar is commonly known as the sing. 1 Singapore dollar is divided into 100 cents. The SGD is issued by the Monetary Authority of Singapore (MAS). There are coins in circulation with denominations of 1, 5, 10, 20 and 50 cents and S$1, as well as S$2, S$5, S$10, S$50, S$100, S$1,000 and S$10 000 banknotes. On the obverse of each coin is Singapore's coat of arms - a heraldic shield featuring a crescent and five stars, held by a lion and a tiger. Underneath these is a ribbon with the inscription „Majulah Singapura”, which means „Onward Singapore”. On the reverses, we can see the Lake Flower (1 cent), the Yellow Ixora (50 cents) or the Vanda Miss Joaquim (Singapore's national flower, 1 SGD), among others. Each coin also features the country's name in four languages. On the other hand, the front sides of the banknotes are decorated with the image of Yusof bin Ishak, Singapore's first president and – as on the obverses of the coins – the country's coat of arms. The backs of the banknotes show scenes depicting various aspects of Singapore's development, e.g. the SGD 10 banknote shows young people playing football and tennis, the SGD 50 is decorated with musical instruments and the SGD 1000 represents the Singapore Parliament. The SGD exchange rate remains under the constant control of the Singapore authorities. This enables it to manage inflation and ensure the competitiveness of Singapore's exports.