Singapore Economic Information
Central Bank: Monetary Authority of Singapore
Currency: Singapore dollar (SGD or S$)
Singapore's reputation as one of the world's most business-friendly economies helps attract investments from over 7,000 multinational corporations. A heavily trade-reliant country, Singapore ranks within the top 10 competitive economies in the world and is considered one of the most competitive small economies. A large factor in Singapore's strong economic power comes from the country's strategic location on major sea lanes. Exchange rate speculation of the Singapore dollar can be difficult as the free-floating currency's value is tied to a basket of undisclosed currencies from the country's largest trading partners.
Key industries:
Electronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences and entrepot trade.
Agricultural products:
Rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish and ornamental fish.
Export commodities:
Machinery and equipment (including electronics), consumer goods, chemicals and mineral fuels.
Import commodities:
Machinery and equipment, mineral fuels, chemicals and foodstuffs.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 1/4/2009. These rates were not available to retail customers and were not the rates offered by EverBank®. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Singapore dollar:
Reasons to consider
- The Monetary Authority of Singapore's policy for 2008-09 is to continue to appreciate the Singapore dollar against the U.S. dollar.
- Thirteen free trade agreements with countries, including the U.S., help Singapore maintain its competitive position as the manufacturing and research & development center in the region.
- The Singapore government is investing hundreds of millions of dollars to promote and develop its biotechnology industry. This effort has already attracted major investments in pharmaceuticals and medical technology.
Risk factors to consider
- Singapore depends heavily on exports and downturns in the global economy could impact its economy.
How EverBank can help with your Singapore dollar needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Index CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Index CD(s):
DollarBull® CDs: Open a single currency CD in reverse—you benefit if the U.S. dollar appreciates against a chosen currency.
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
-
- EverBank, the EverBank Infinity Sphere and the EverBank logo, along with WorldCurrency, Pan-Asian and DollarBull are proprietary service marks of EverBank. All rights reserved.
