Buy Singapore dollar

Buy Singapore dollar: According to the International Monetary Fund, the total broad money (M3) amounted to SGD 715.98 billion at the end of 2020. For currency hedging, reserves were held in a total amount of 510.26 billion dollars. This corresponds to a ratio of 1:1.4. Or in other words, 10 of 14 dollars are deposited with a counter value, which is internationally already above average.
Approximately 10.80 billion dollars (2.1%) of the currency reserves exist in gold reserves. The remainder consists of foreign currencies, special drawing rights in the International Monetary Fund, and other reserve positions.

About this product

A limited quantity of SGD 1,000 notes will be made available each month from now until December 2020, said the Monetary Authority of Singapore (MAS).

The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes, said the MAS, the country’s de-facto central bank.

The SGD 1,000 note is currently valued at INR 54,501.

Existing SGD 1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment, it added.

Banks can continue to re-circulate existing SGD 1,000 notes that are deposited with them.

The MAS will make available sufficient quantities of other denominations, in particular the SGD 100 note which is the next highest denomination after the SGD 1,000 note, to meet demand.

The MAS is also encouraging everyone to use electronic payment systems.

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