Singapore is a Southeast Asian nation nestled off the southern end of the Malay Peninsula. This city-state consists of one mainland, and 63 small islands and islets. It is among the busiest ports in the world and is the largest in the region. Singapore was a British settlement but is now a Commonwealth state.
With control over the Strait of Malacca that links the Indian Ocean to the South China Sea, this sovereign state has a highly developed free-market economy. Singapore’s economy relies heavily on exports of consumer electronics, pharmaceuticals, and information technology merchandise.
Between 2004 and 2007, real GDP growth was at an average of 7.1% but because of the global recession, its economy declined in 2009. However, in 2010, it soared to nearly 14.7% with its strong exports. The nation has drawn considerable investments in the manufacturing of medical technology and pharmaceuticals. The government is geared toward making Singapore the financial hub and high-tech center in Southeast Asia.
The Singaporean dollar (SGD) is the island state’s official monetary unit which is made up of 100 cents. The SGD was established after the fall of the financial system union of Malaysia and Brunei. The Board of Commissions of Currency Singapore was formed on April 7, 1967, and issued its first series of notes and coins. With a spray of orchid, which is the national flower of Singapore, featured on the front of each banknote, this series is called the Orchid Series. The back design of these banknotes depicts a city scene.
The Bird Series was released between 1976 and 1980, highlighting birds that best describe Singapore as a young sovereign state - strong, resilient, and independent. The Ship Series was first introduced in 1984 to recognize the merchant shipping that plays a significant role in Singapore’s growth. The Portrait Series, on the other hand, was released in 1999. Banknotes from this family of notes all feature the portrait and the life of Encik Yusof bin Ishak, the nation’s first president.