AUD to SGD Exchange Rate

Ah, Singapore: The ‘Lion City’ has one of the world’s highest concentrations of millionaires per capita and a ban on chewing gum. Coincidence?

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What influences the AUD/SGD exchange rate?

The SGD is managed by the Monetary Authority of Singapore (MAS) against the currencies of Singapore’s main competitors and trading partners. The foreign currencies are given weights that are determined by Singapore’s trade dependence on them.1

 

Through a managed float system, the country’s trade-weighted exchange rate fluctuates within a policy band, which is reviewed regularly. In the event that the exchange rate starts to move beyond the band, the MAS will sell or buy foreign exchange to bring the rate into the band again.1

 

The SGD/AUD exchange rate may fluctuate based on the Aussie dollar’s status as a commodity currency. If primary Australian exports including iron ore, coal, gas and gold go up, the AUD/SGD exchange rate may be affected.

AUD/SGD Snapshot

The Singapore-Australia Free Trade Agreement (SAFTA) is a central pillar of the economic relationship with Singapore, Australia's largest trade and investment partner in South-East Asia.” – Australian Government Dept. of Foreign Affairs & Trade2

 

  • In 2015, Australia ranked 12th in GDP, while Singapore ranked 37th.3

  • Singapore is the top Asian insurance marketplace, and it’s one of the best locations in Asia for asset management. The country is also the most business friendly regulatory environment on the planet, according to the World Bank.4  

  • In 2014, Singapore was the 15th biggest importer in the world, and it was the 20th biggest exporter in the world.5 Australia, on the other hand, was the 21st biggest exporter and importer in the world.6

  • Because the majority of Singapore’s goods are imported, MAS determined that the exchange rate would be the best way to guide the SGD lower or higher and manage inflation. The country is the only major economy that uses the exchange rate in its monetary policy.7  

 

Whether you’re planning on investing in a business in Singapore or sending money back home to friends and family, OFX can help you save on your international money transfers. If you need to make a payment to Singapore, use OFX so you don’t get stung by high bank margins and fees. Register today to get access to our low rates and personalised service.

 

Currency Name: Singapore Dollar

Currency Code: SGD

Currency Symbol: S$  

Central Bank: Monetary Authority of Singapore

Countries Used In: Singapore, Brunei

Major Unit: One Dollar    

Minor Unit: One Cent   

Note Denominations: $2, $5, $10, $20, $25, $50, $100, $1,000, $10,000

Coin Denominations: 1, 5, 10, 20, 50 cents; $1, $5

 

SGD to AUD exchange rate analysis. Check out our daily market analysis to learn the factors influencing the SGD to AUD exchange rate today.

Sources:

  1. http://www.mas.gov.sg/~/media/MAS/Monetary%20Policy%20and%20Economics/Monetary%20Policy/MP%20Framework/exchangePolicy.pdf
  2. http://dfat.gov.au/trade/agreements/safta/pages/singapore-australia-fta.aspx
  3. http://databank.worldbank.org/data/download/GDP.pdf
  4. https://www.austrade.gov.au/Australian/Export/Export-markets/Countries/Singapore/Doing-business
  5. http://atlas.media.mit.edu/en/profile/country/sgp/#Imports
  6. http://atlas.media.mit.edu/en/profile/country/aus/
  7. http://www.straitstimes.com/business/economy/10-things-you-should-know-about-singapores-monetary-policy