Is it he private banks or SG govt?
Originally posted by Catknight:Is it he private banks or SG govt?
SGD" and "S$" redirect here. For other uses, see SGD (disambiguation).
The dollar (currency code SGD) is the 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.
Between 1845 and 1939, Singapore used the Straits dollar.[1] This was replaced by the Malayan dollar,[1] and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.[1]
Singapore continued to use the common currency upon joining Malaysia in 1963[1] but, two years after Singapore's expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down.[1] Singapore established the Board of Commissioners of Currency, Singapore, on April 7, 1967[2] and issued its first coins and notes.[1] Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973.[1] Interchangeability with the Brunei dollar is still maintained.[1] Consequently, the dollar was initially pegged to the British pound at a rate of $60 = £7.
The Board of Commissioners of Currency, Singapore, was dissolved on October 1, 2002 and its functions, property and liabilities had been transferred to the Monetary Authority of Singapore.[3]
In 1967, the first series of coins was introduced in denominations of 1, 5, 10, 20 and 50 cents and 1 dollar. Except for the bronze 1 cent, these coins were struck in cupro-nickel. In 1985, a second series of coins was introduced in the same denominations. The sizes of the coins were reduced (most substantially for the larger denominations) and the 5 cents was struck in aluminium-bronze. In 1987, the 1 dollar coin was further reduced in size and switched to being struck in aluminium-bronze.
The current series of coins feature the Coat of Arms of Singapore on the obverse, and a floral theme on the reverse.
On June 12, 1967, the first series of notes, known as the Orchid series, was introduced in denominations of 1, 5, 10,50, 100 and 1000 dollars. 25 and 500 dollar notes were introduced in 1972, followed by 10,000 dollars in 1973. Between 1976 and 1980, the Bird series was introduced, including a 20 dollar note introduced in 1979. This series did not include a 25 dollar note. The Ship series was introduced between 1985 and 1989 in the same denominations except for the absence of a 20 dollar note. Notes for 2 dollars were introduced in 1990.
The current Portrait series was introduced in 1999, with the 1 and 500 dollar denominations omitted. These notes feature the face of Yusof bin Ishak, the first president of the Republic of Singapore, on the obverse, and the reverse depicts a feature of civic virtue. There are both paper and polymer notes in circulation. The design of the polymer notes are very similar to the corresponding paper note except for the slightly slippery feel and a small transparent window design in the corner of the banknote. Polymer notes are progressively replacing the paper banknotes in circulation. On 27 June 2007, to commemorate 40 years of currency agreement with Brunei, the $20 note was launched; the back is identical to the Bruneian $20 note launched concurrently. A circulation version of the $20 note can be exchanged at banks in Singapore beginning July 16, 2007, limited to two pieces per transaction.
Originally posted by Catknight:Is it he private banks or SG govt?
In any country, it is the central bank who is in charge. By controlling the amount of money in the economy, the central bank can alter the exchange rate/inflation rate/spending power of the economy. This is called monetary policy, I think...
For more information, you could post in Homework Forum and let the more pro economics forumers answer you.
Originally posted by eagle:In any country, it is the central bank who is in charge. By controlling the amount of money in the economy, the central bank can alter the exchange rate/inflation rate/spending power of the economy. This is called monetary policy, I think...
For more information, you could post in Homework Forum and let the more pro economics forumers answer you.
he like to post in singles club more recently dun knoe for watever reason though
Originally posted by Catknight:Is it he private banks or SG govt?
Errrm. Wad has this thread got to do with SC?
I know of two cases of money printing.
One. During WW2, the Japanese Imperial Army, confiscated all the legal tenders and issued their own promisory notes, the Banana notes. They just printed them with no value backing them. They were worthless.
Two. In Uganda during the rule of Idi Amin, the country was short of money, Amin simply instructed the treasury to print more money.
How a nation's wealth is estimated, and the money issued to represent that, is beyond me.