Singapore Forex Brokers

May 20, 2013 7:00 pm

Singapore_forexThe Singapore dollar was initially created in 1967, and ever since then it is really popular tool for forex trading. This is why we would like to give you some information regarding its liquidity, fluctuations and so on. After the dismantling of the Sterling in 1970s the Singapore dollar was actually linked to the US Dollar for a really short period of time.

Due to the complicated links in trade to other regions and links, from 70s to 80s, the Singapore official currency pegged its value against undisclosed and fixed number of currencies.

Ever since 1985 the foreign exchange rate market of Singapore started aiming at more market-oriented regime. And thus the currency (Singapore dollar) was allowed to float under MAS’s monitoring (Monetary Authority of Singapore).

Best Singapore Forex Brokers

The current exchange rate of Singapore is classified, however, its primary goal is to keep the maintaining public confidence. The currency in circulation is 100% backed by assets of international kind. Singapore dollar is being monitored by MAS against an undisclosed number of currencies.

The central parity of the Singapore dollar is determined depending on the basis of countries which are considered to be the main source of competition in export markets and imported inflation. Both bandwidth and parity are periodically reviewed in order to ensure that they are consistent.

The exchange regime of Singapore is considered to be effective and good measures for maintaining the stability of domestic price and competitiveness of export for open and small economies. Good thing is that the flexibility of Singapore foreign exchange market is pretty large during economic fluctuations.

As stated above, the Singapore foreign exchange market is a great place for foreign investments, so it might not be a bad idea to give it a try. Of course, like every other market, it is recommended to know a little bit of forex trading and have some experience. This will help you forecast the trend and future movements of forex market and therefore generate huge profits.

Where to Trade

BinaryTribune is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action, Binary Options and Social Trading.

Related