information for global expats

Foreign Exchange for Expats in Singapore

Submitted: April 2014

Singapore’s official currency is the Singapore dollar (SGD). Its commonly used symbol is S$. The Monetary Authority of Singapore (MAS) is responsible for monetary policy.

Singapore does not impose any exchange controls, and there are no restrictions as to the holding of foreign currency in Singapore.

Monetary policy

The Singapore dollar is subject to managed exchange rate regime. The MAS aims at maintaining a stable exchange rate versus an undisclosed basket of foreign currencies. This policy has been in place since 1981.

There is, however, a general objective to maintain price stability as a sound basis for economic growth. Hence, the managed exchange rate regime can be said to be a managed float.

Because of the exchange rate targeting policy, it’s hard to give a clear direction as to how monetary policy is going to be over the coming years. The same goes for the inflation rate, as well as the interest rates on SGD-denominated investments.

Since the 2008 crash, interest rates have been keeping close to zero, which is an ultra-loose monetary policy. As interest rates tend to be below Singapore’s inflation rate, this is bad for savers. The justification for this loose monetary policy is today’s loose “global monetary conditions”. Should the world’s central banks revert to tighter monetary policy, Singapore should follow.



We value input from our readers. If you spot an error on this page or have any suggestions, please let us know.


Moving to Singapore

If you are considering moving to Singapore or are soon to depart, you can find helpful information and advice in the Expat Briefing dedicated Singapore section including; details of immigration and visas, Singaporean forums, Singaporean event listings and service providers in Singapore.

picture1 Read More

Living in Singapore

From your safety to shoppingliving in Singapore can yield great benefits as well as occasional drawbacks.  Find your feet and stay abreast of the latest developments affecting expats in Singapore with relevant news and up-to-date information.

picture1 Read More

Working in Singapore

Working in Singapore can be rewarding as well as stressful, if you don't plan ahead and fulfill any legal requirements. Find out about visas and passports, owning and operating a company in Singapore, and general Singaporean culture of the labour market.

picture1 Read More



About | Useful Links | Global Media Partners | Media | Advertising And Sales | Banners And Widgets | Glossary | RSS | Privacy & Cookies | Terms And Conditions | Editorial Policy | Refer To A Friend | Newsletters | Contact | Site Map

Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. © Wolters Kluwer TAA Ltd 2017. All rights reserved.

The Expat Briefing brand is owned and operated by Wolters Kluwer TAA Limited.