What currency is sgd and why is Singapore dollar worth?

Friends who do foreign exchange investment will see a variety of currencies, of course, the common ones are the US dollar and the British pound, etc., but there are still many other countries' currencies, such as sgd. So what is the specific currency of sgd? This article will introduce to you, and by the way, why the Singapore dollar is valuable.

what currency is sgd

SGD is the currency symbol for the Singapore dollar, and the currency code is "S$". In fact, the Singapore dollar has only been officially issued since 1967. Previously, from 1845 to 1939, Singapore used the "Straitsdollar" issued by the Straits Settlements as the currency of circulation. After 1940, Singapore followed Malaya to use the Malayan Dollar. On August 9, 1965, Singapore was forced to After independence, the Malayan and British Persian dollars were still used. However, due to the devaluation of the British pound in 1967, the Singapore government issued its own Singapore dollar.

Singapore is often referred to as the Switzerland of Asia, and the Singapore dollar is extremely stable, not only over the past decade, but even over the past two decades, the Singapore dollar has appreciated against the US dollar faster than all the currencies of Asian countries except Japan. The Singapore dollar is one of the currencies that has recovered from the Asian financial crisis. Therefore, investing in SGD Singapore dollars is also the choice of many people.

Why is the Singapore dollar valuable?

Singapore's economy has traditionally been dominated by commerce, including entrepot trade, processing exports, and shipping. It is the largest seaport, important commercial city and entrepot trade center in Southeast Asia, as well as an international financial center and an important aviation center. Singapore's economic development after independence has been eye-catching, and it is known as one of the four Asian tigers. Tourism is one of the pillar industries of Singapore's economy (three pillar industries: international trade, processing industry, tourism).

After independence, the government adhered to a liberal economic policy and vigorously attracted foreign investment to develop a diversified economy. In the early 1980s, it began to accelerate the development of capital-intensive, high-value-added new industries, and invested heavily in infrastructure construction, striving to attract foreign investment with the most favorable business environment. Taking manufacturing and service industries as the twin engines of economic growth, it has continuously improved its industrial structure. In the 1990s, it paid special attention to the information industry, and has invested in the construction of the "Singapore Comprehensive Network" across the island. In order to further promote economic growth, vigorously implement the "regional economic development strategy", accelerate overseas investment and actively develop economic activities abroad.

Now everyone should know what currency sgd is. sgd is actually the currency of Singapore. In addition, through the introduction of this article, investors should also be able to understand that the sgd currency is also very valuable, so when choosing an investment currency, you can also consider the Singapore dollar. Of course, the choice of currency is important, but the foreign exchange investment level of investors is even more important, and investors need to continuously improve their abilities.