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Buy fake Singapore dollar online. The Singapore dollar (symbol: S$; code: SGD; also abbreviated SG$; referred to as the dollar, SG dollar, or Singaporean dollar) is the official currency of Singapore. It is divided into 100 cents. It is normally abbreviated with the dollar sign $, or S$ to distinguish it from other dollar-denominated currencies. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar.
As of 2020, the Singapore dollar is the thirteenth-most traded currency in the world by value and one of the strongest valued currencies in the Asia-Pacific. Apart from its use in Singapore, the Singapore dollar is also accepted as customary tender in Brunei according to the Currency Interchangeability Agreement between the Monetary Authority of Singapore and the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam). Likewise, the Brunei dollar is also customarily accepted in Singapore. Buy fake Singapore dollar online with bitcoin
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Between 1845 and 1939, Singapore used the Straits dollar. This was replaced by the Malayan dollar, and, from 1953, the Malaya and British Borneo dollar, which were issued by the Board of Commissioners of Currency, Malaya and British Borneo.
Singapore continued to use the common currency upon joining Malaysia in 1963, but only two years after Singapore’s expulsion and independence from Malaysia in 1965, the monetary union between Malaysia, Singapore and Brunei broke down. Singapore established the Board of Commissioners of Currency, Singapore, on 7 April 1967 and issued its first coins and notes. Nevertheless, the Singapore dollar was exchangeable at par with the Malaysian ringgit until 1973, and interchangeability with the Brunei dollar is still maintained.
Initially, the Singapore dollar was pegged to the pound sterling at a rate of two shillings and four pence to the dollar, or S$60 = £7, working out to 8.57 dollars to the pound sterling. This peg lasted until the demise of the Sterling Area due to the Nixon Shock in the early 1970s, after which the Singaporean dollar was linked to the US dollar for a short time. As Singapore’s economy grew and its trade links diversified to many other countries and regions, Singapore moved towards pegging its currency against a fixed and undisclosed trade-weighted basket of currencies from 1973 to 1985.
Before 1970, the various monetary functions associated with a central bank were performed by several government departments and agencies. As Singapore progressed, the demands of an increasingly complex banking and monetary environment necessitated streamlining the functions to facilitate the development of a more dynamic and coherent policy on monetary matters. Therefore, the Parliament of Singapore passed the Monetary Authority of Singapore Act in 1970, leading to the formation of MAS on 1 January 1971. The MAS Act gave the MAS the authority to regulate all elements of monetary, banking, and financial aspects of Singapore.
From 1985 onward, Singapore adopted a more market-oriented exchange regime, classified as a Monitoring Band, in which the Singapore dollar is allowed to float (within an undisclosed bandwidth of a central parity) but closely monitored by the Monetary Authority of Singapore (MAS) against a concealed basket of currencies of Singapore’s major trading partners and competitors. This, in theory, allows the Singaporean government to have more control over imported inflation and to ensure that Singapore’s exports remain competitive. On 1 October 2002, the Board of Commissioners of Currency Singapore (BCCS) merged with the Monetary Authority of Singapore (MAS), which took over the responsibility of banknote issuance.
As of 2012, the total currency in circulation was S$29.1 billion. All issued Singapore currency in circulation (notes and coins) are fully backed by external assets in its Currency Fund to maintain public confidence. Such external assets consists of all or any of the following: gold and silver in any form; foreign exchange in the form of demand or time deposits; bank balances and money at call; Treasury Bills; notes or coins; securities of or guaranteed by foreign governments or international financial institutions; equities; corporate bonds; currency and financial futures; any other asset which the Authority, with the approval of the President of Singapore, considers suitable for inclusion.
In 2017, the government, in the second reading of the Monetary Authority of Singapore (Amendment) Bill 2017, announced that the Currency Fund will be merged with other funds of the MAS, because the currency in circulation is effectively backed by the full financial strength and assets of MAS, which is much larger than the Currency Fund. As at 31 March 2017, MAS’s assets (S$395 billion) were more than seven times larger than the assets of the Currency Fund (S$55 billion). The proposed amendment will merge the Currency Fund with the other funds of MAS and streamline MAS’s operations. The Government has said that its support for the currency in circulation, as set out in the Currency Act, remains unchanged. Singapore’s foreign reserves officially stood at over US$260.7 billion, as of April 2017 according to the MAS.
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The Monetary Authority of Singapore (Abbreviation: MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. It was established in 1971 to act as the Singapore Government’s banker. The MAS was founded in 1971 to oversee various monetary functions associated with banking and finance. Before its establishment, monetary functions were performed by government departments and agencies. The acronym for its name resembles mas, the word for ‘gold’ in Malay, Singapore’s national language – although it is not pronounced in the same way.
As Singapore progressed, an increasingly complex banking and monetary environment required more dynamic and coherent monetary administration. Therefore, in 1970, the Parliament of Singapore passed the Monetary Authority of Singapore Act leading to the formation of MAS on 1 January 1971. The act gives MAS the authority to regulate all elements of monetary policy, banking, and finance in Singapore.
During the COVID-19 pandemic MAS brought forward its twice yearly meeting from some time in April to 30 March. The MAS decided to ease the Singapore dollar’s appreciation rate to zero percent, as well as adjust the policy band downwards, the first such move since the Global Financial Crisis. This makes it the first time the MAS had taken these two measures together.
The Brunei dollar (Malay: ringgit Brunei, currency code: BND), has been the currency of the Sultanate of Brunei since 1967. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 sen (Malay) or cents (English). The Brunei dollar is issued by the Autoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam).
Under a Currency Interchangeability Agreement in 1967, the Brunei dollar is interchangeable with the Singapore dollar at par. As such, the Brunei dollar is accepted in Singapore as “customary tender”; likewise, the Singapore dollar is accepted in Brunei. Early currency in Brunei included cowrie shells. Brunei is also famous for its bronze teapots, which were used as currency in barter trade along the coast of northern Borneo. Brunei issued tin coins denominated in pitis in AH1285 (AD1868). These were followed by a one cent coin in AH1304 (AD1888). This cent was one hundredth of a Straits dollar.
As a protectorate of Britain in the early 20th century, Brunei used the Straits dollar from 1906, the Malayan dollar from 1939 and the Malaya and British Borneo dollar from 1953 until 1967, when it began issuing its own currency.
The Brunei dollar replaced the Malaya and British Borneo dollar in 1967 after the formation of Malaysia and the independence of Singapore. Until 23 June 1973, the Malaysian ringgit was exchangeable at par with the Singapore dollar and Brunei dollar. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board (now the Authoriti Monetari Brunei Darussalam (Monetary Authority of Brunei Darussalam) still maintain the exchangeability of their two currencies. The dollar is accepted as “customary tender” in Singapore according to the Currency Interchangeability Agreement, although it is not legal tender there.
The Government of the Republic of Singapore is defined by the Constitution of the Republic of Singapore to mean the Executive branch of government, which is made up of the President and the Cabinet of Singapore. Although the President acts in their personal discretion in the exercise of certain functions as a check on the Cabinet and Parliament of Singapore, their role is largely ceremonial. It is the Cabinet, composed of the Prime Minister and other Ministers appointed on their advice by the President, that generally directs and controls the Government. The Cabinet is formed by the political party that gains a simple majority in each general election.
A statutory board is an autonomous agency of the Government that is established by an Act of Parliament and overseen by a government ministry. Unlike ministries and government departments that are subdivisions of ministries, statutory boards are not staffed by civil servants and have greater independence and flexibility in their operations. There are five Community Development Councils (CDCs) appointed by the board of management of the People’s Association (PA) for districts in Singapore. Where there are not less than 150,000 residents in a district, the PA’s board of management may designate the chairman of a CDC to be the mayor for the district that the CDC is appointed for. As it is the practice for MPs to be appointed as Chairmen of CDCs, these MPs have also been designated as mayors.
From 1819 until 1826, Singapore was headed by two residents in succession. Following Singapore’s amalgamation into the Straits Settlements in 1826, it was governed by a governor together with a legislative council. An executive council of the Straits Settlements was introduced in 1877 to advise the Governor but wielded no executive power. In 1955, a Council of Ministers was created, appointed by the Governor on the recommendation of the Leader of the House. Constitutional talks between Legislative Assembly representatives and the Colonial Office were held from 1956 to 1958, and Singapore gained full internal self-government in 1959.
The governor was replaced by the Yang di-Pertuan Negara, who had power to appoint to the post of prime minister the person most likely to command the authority of the assembly, and other ministers of the Cabinet on the prime minister’s advice. In the 1959 general elections, the People’s Action Party (PAP) swept to power with 43 out of the 51 seats in the assembly, and Lee Kuan Yew became the first prime minister of Singapore. The executive branch of the Singapore Government remained unchanged following Singapore’s merger with Malaysia in 1963, and subsequent independence in 1965. As of 2020, the PAP has been returned to power in every general election and has thus formed the Cabinet since 1959.
The term Government of Singapore can have a number of different meanings. At its widest, it can refer collectively to the three traditional branches of government; the Executive branch, Legislative branch (the President and Parliament of Singapore) and Judicial branch (the Supreme Court and Subordinate Courts of Singapore). The term is also used colloquially to mean the Executive and Legislature together, as these are the branches of government responsible for day-to-day governance of the nation and lawmaking. At its narrowest, the term is used to refer to the Members of Parliament (MPs) belonging to a particular political party (or coalition of parties) holding a majority of seats in Parliament sufficient to enable the party (or coalition) to form the Cabinet of Singapore; this is the sense intended when it is said that a political party “forms the Government”.
The Constitution of the Republic of Singapore uses the word Government to mean the Executive branch, made up of the President and the Cabinet. This article describes the Government of Singapore in this technical sense, as well as selected aspects of the Executive branch of the Government.
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