The Singapore dollar is the official currency of Singapore. The currency is also used in Brunei due to the agreement between the Singapore government and the Brunei government to maintain the exchangeability of their two currencies. It is subdivided into 100 cents and is denoted by S$. The Singapore dollar has a currency code of SGD and is regulated by the Monetary Authority of Singapore. The Singapore dollar was originally issued in 1965 following the breakdown of a monetary union with Malaysia. It is estimated that a total volume of US$33 billion is traded daily on the foreign exchange market.
The Singapore dollar (SGD) maintains a free floating currency exchange rate that is allowed to fluctuate within an undisclosed policy band which is monitored by the Monetary Authority of Singapore (MAS). The currency has banknotes of S$2, S$5, S$10, S$50, S$100, S$500 and S$1000 denominations in circulation. Each bill features artworks of the first President of Singapore, Yusof bin Ishak on one side and illustrations of civic virtue on the other. Singapore's economy is viewed as one of the most competitive economies of the world that primarily relies on the export of consumer electronics, information technology products, pharmaceuticals and financial services.