Historical Sketch

Singapore was founded in 1819 by the British East India Company, which had acquired the territory from the Sultan of Johor. In 1826, a unified government was established for the so-called Straits Settlements, comprising Singapore, Penang, and Malacca. After the Japanese occupation during World War II, the restored British administration dissolved the Straits Settlements in 1946, and Singapore was constituted as a separate crown colony. Colonial rule ended less than two decades later. In 1963, Singapore first joined neighboring Malaysia but seceded in the following year to become an independent republic.

Monetary History Overview

After independence, Singapore remained in the common currency area with Malaysia and Brunei. In April 1967, a separate currency commission began operations in Singapore, and two months later, the area was dissolved. The Singapore Dollar was introduced on par and remained pegged to the Pound Sterling, but repegged to the US Dollar when Great Britain floated its currency in November of the same year. In 1973, the Dollar was floated. At the same time, the mutual recognition of banknotes and coins in Malaysia and Singapore ceased, but continued between Singapore and Brunei as their two currencies remained pegged. The Singapore currency has remained stable over the years, the value could also be maintained during the Southeast Asian currency crisis of 2006-2007.

Singapore joined the International Monetary Fund (IMF) on 03.08.1966.

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