What Do You Know About the Exchange Rate?
At this moment, secondary students from Singapore are enjoying their holidays. This well-earned school break only happens in a blue moon. After a (some even had to go through a longer period of time) gruelling week of examination, these lads can finally let their hair down and as they like to call it these days, Keep calm and party on! It is rewarding and fulfilling to relax and go a bit wild. Since it’s two months away from the new school term, many are booking tickets to go overseas for their holidays. Who knows, these globetrotter wannabes are currently online to check the current exchange rate in Singapore.
Take Note of Exchange Rate
The colourful days of autumn; the sweet, springtime breeze; a hot day down the sandy beach; a landscape of bare trees and brown grass. Not to mention the crunch of snow beneath your feet! We get it. All these beautiful scenes sound tempting. But before you backpack for the ‘one in a lifetime trip’, you should first take note of the exchange rate. You are going to spend money there, ultimately. Have you thought of it this way? The exchange rate is like a chameleon. See it for yourself: it is constantly changing. The exchange rate never stays the same. Take the U.S. dollar, for instance. Unlike the Singapore dollar, it is known to change approximately 17,000 times a day! Who knew things like the exchange rate could be this insane! Could it be due to the economic crisis? What do you think?
The Exchange Rate Policy in Singapore
Fancy a visit to the United States? Feast your eyes on the Statue of Liberty. How about Hollywood? The exchange rate for SGD$1 is currenty standing at US$0.81. According to the Monetary Authority of Singapore (MAS), the exchange rate policy is sporadically reviewed to make certain that it stays consistent with underlying fundamentals of the economy. In Singapore, after each review, information will then be provided to explain the bearing of the exchange rate policy moving forward.
It is vexing when the exchange rate is not to our liking. As if the cost of living in Singapore is not preposterous enough. HDB flats aren’t getting cheaper, and so are cars. When it comes to the exchange rate, what we could only do is find money changer stores offering the best deals. Then again, maybe we should take a breather and not be so obsessed with the it.
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