Tag Archives: Singapore Dollar

HOW FAR CAN SGD 10 GET YOU IN SINGAPORE?

How far does money stretch for someone living in Malaysia? The answer is quite a bit if one seldom dine out. I have just returned from my neighbourhood supermarket (Giant) to top up some grocery. Let's take a look at the receipt.

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RINGGIT FALLS TO NEW LOW OF 3.07 AGAINST SING DOLLAR

Early yesterday morning, Malaysia's ringgit recorded its lowest ever trade against the Singapore dollar at 3.0771. Hurt by falling oil prices and downgrade in Brazil's credit rating, the ringgit fell to this all time low before recovering to around 3.0574 at around 1.20PM today.

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S’PORE SECRETLY SPENDING BILLIONS OF RESERVES TO PROP UP WEAK SGD?

According to the Yahoo news report “Billions of reserves being used to prop up weak SGD” (Mar 13, 2015) – “Singapore is spending billions of reserves to prop up its currency, a report by DBS revealed. According to DBS, Singapore’s reserves have fallen by US$34 billion since July, a trade-off of keeping the SGD on its appreciation path. “In six short months, reserves have fallen by the equvialent of 11% of a full year’s GDP.”

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MAS SAYS IT DID NOT USE RESERVES TO PROP UP SING DOLLAR

MAS said in a news release on Tuesday: "These reports had erroneously cited the fall in Singapore's official foreign reserves (OFR) and MAS' FX swaps since mid-2014 as an indication of heavy intervention by MAS to support the Singapore Dollar Nominal Effective Exchange Rate." Singapore's official foreign reserves declined by US$29 billion from June 2014 to US$249 billion as at end-March 2015. This came after an increase of US$105 billion over the preceding five years.

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