Singapore dollar - a new benchmark?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

To successfully conduct business, engage in business and commerce, it is necessary to show flexibility of mind and look for new ways to solve certain problems. In our time - the age of new technologies and opening opportunities - to interact with new, previously unknown sources of income, only a lazy businessman will not look for certain ways to develop his business that could take him to a new level. An ambitious person will always find an option that best suits the needs of the business.

Working with currencies that are not too well known, and therefore not “popular” enough for our entrepreneurs (and the Singapore dollar is one of them) is one of the ways to make your deposits reliable, protecting them from most of the inevitable risks. Still, the bulk of exchange rates are based on world currencies, while the least common of them remain stable.

One of the Asian countries whose currencies are becoming more attractive is Singapore. It is a city-state with a rather complicated economic history. Initially, the official money of the country was the so-called "Straits dollar". After much turmoil using Malay and Borneo dollars, Singapore has finally released its own currency, which is known as the Singapore dollar.

After gaining independence in the middle of the twentieth century, the country was so poor that it even had to buy fresh water. And the Singapore dollar exchange rate was at a very low level. However, the encouragement of foreign investors and a tough full-scale fight against corruption did their job and turned the state in a matter of decades into one of the most prosperous countries in Asia, whose economy is based on high-tech electronics production, close cooperation with the largest corporations and cooperation with a large number of international partners.

Unsurprisingly, the Singapore dollar is a very stable and profitable currency. Therefore, it is quite attractive for Russian entrepreneurs. After all, the exchange rate of the Singapore dollar against the ruble is very convenient for our businessmen.

At the moment, the currency of this Asian tiger is approaching the indicators of the leading financial states of the world. For 1 Singapore dollar you get more than 80 US cents.

This is no coincidence, of course. The country has an excellent propensity for large investment flows, its own multinational corporations and low taxation, along with low corruption and attractive conditions for foreign partners who are attracted by simplicity.and the clarity of economic legislation that strengthens the Singapore dollar as a result.

Is it safe to invest in this currency? Practice says yes, there are no problems with investments. And it's not that there are no economic crises in Singapore. On the contrary, in 2001 the difficult situation in production significantly weakened the country's economy. But she managed to overcome this situation, and this is the main thing. In addition, the Singapore dollar is included in the list of currencies, the exchange rate of which is set by the Bank of Russia on a daily basis, which facilitates all kinds of transactions with it.