As global inflation persists, the Singapore dollar has established itself as one of Asia’s most resilient currencies against the US dollar this year. Many analysts still remain positive on the currency, expecting the authorities to further tighten monetary policy to strengthen the Singapore dollar and combat rising prices. For context, MAS has strengthened the SGD three times, in January, April, and July, two of the announcements being impromptu.
All of this has undoubtedly had an impact on our daily lives. If you’ve been planning a trip, you’ve probably noticed that our currency is trading at record highs against several foreign currencies.
The following table illustrates how much you can get for S$1000 at the start of the year compared to now:
| |
January 2022 |
October 2022 |
Percentage Change |
| Japanese Yen |
$85,320 |
$101,045 |
+18.4% |
| Malaysian Ringgit |
$3,100 |
$3,240 |
+4.6% |
| RMB (China) |
$5,710 |
$4,970 |
+5.4% |
| Pound Sterling (UK) |
$550 |
$620 |
+12.7% |
| Euro |
$650 |
$710 |
+9.4% |
| Dollar (US) |
$740 |
$700 |
-5.8% |
While this is great news for travellers and will help...
