Singapore Dollar (SGD)

Singapore — Monetary Authority of Singapore

Singapore dollar — managed against an undisclosed trade-weighted basket by the MAS.

FX Session:
Tokyo
SGD/USD
0.78381
SGD/USD Exchange Rate
Economic Indicators

No indicator data available.

Monetary Authority of Singapore Press Releases

No press releases available.

About the Singapore Dollar (SGD)

The Singapore dollar (SGD) is the official currency of Singapore. It is unique among major currencies in that monetary policy is conducted through the exchange rate rather than through interest rates — managed by the Monetary Authority of Singapore (MAS) against an undisclosed trade-weighted basket (the S$NEER).

Monetary Authority of Singapore: monetary policy framework

The MAS sets the slope, width, and centre of the S$NEER policy band twice a year, in April and October. Domestic SGD interest rates (SORA) are determined endogenously by the FX policy stance and global interest rates.

What moves the SGD?

  • MAS policy-band parameters: slope, width, and re-centring decisions.
  • Singapore CPI-All Items and MAS Core CPI.
  • Singapore non-oil domestic exports (NODX) and GDP advance estimates.
  • China and ASEAN growth — Singapore is a regional trade hub.
  • US dollar moves and US Treasury yields.
  • SORA-SOFR differential and global risk sentiment.

Key data and events to watch

  • MAS monetary policy statement (April and October).
  • Singapore CPI and MAS Core CPI.
  • NODX monthly trade data.
  • Quarterly GDP advance and full estimates.
  • S$NEER index moves and USD/SGD level.

Frequently asked questions about the Singapore Dollar

Why does Singapore use exchange-rate-based monetary policy?
Singapore is a small, highly open economy where imports and exports are each over 100% of GDP. The exchange rate has a much stronger effect on domestic prices and growth than interest rates, so the MAS targets the trade-weighted SGD as its primary policy lever.
What is the S$NEER?
The S$NEER is the Singapore-dollar nominal effective exchange rate — a trade-weighted basket of currencies of Singapore's main trading partners. Its exact composition and weights are not disclosed by the MAS.
How often does the MAS meet?
The MAS publishes its semi-annual monetary policy statement twice a year, typically in April and October. Off-cycle moves are rare but possible in exceptional circumstances.
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