The official currency of Singapore is the Singapore Dollar (SGD), which is valued at 0.70 US dollars (approximately). Singapore’s currency is available in paper and polymer (plastic) notes. Available currency denominations: S$2, S$5, S$10, S$50, S$100, S$1,000 and S$10,000. Available coin denominations: 5, 10, 20 and 50 cents and S$1. The largest note available in ATMs is $50.
Singapore can be expensive. A basic dormitory stay can cost from S$9 to S22-25 per night. Night safaris cost S$15, while zoo tickets cost S$10 each. Trips to Sentosa and the Birdpark cost S$5 and S$12 respectively. Add in local transportation costs and you’ll need a daily budget of S$30 to S$50.
Singapore is a one-party democratic city-state, ruled by the People’s Action Party (PAP). PAP restricts civil liberties such as freedom of speech and assembly, while encouraging liberal economy and foreign trade. Singapore has a stable political and legal environment, the reason behind the city’s dynamic economy. Singapore’s low tolerance for corruption enables a strong judicial framework, where the rule of law is respected by all.
The city encourages entrepreneurship with offers of loans and support. The city also encourages global trade, while maintaining a vibrant indigenous commercial activity. The private sector is highly competitive and successful. Foreign investors are encouraged to invest in Singapore.