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https://www.straitstimes.com/singapore

https://www.channelnewsasia.com/news/singapore

https://www.businesstimes.com.sg/keywords/singapore-dollar

https://www.straitstimes.com/tags/singapore-dollar

https://www.channelnewsasia.com/news/topic/singapore-dollar

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Effect of Covid-19 on Singapore's Economy

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Effect of Covid-19 on Singapore's Economy

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FITCH Solutions; a market research firm based in Singapore has projected the current account balance for Singapore in 2020 to shrink considerably due to the effects of the coronavirus pandemic. The country expects a surplus of 12.9 percent of GDP in 2020, down 4.4 percent from 17.3 percent of GDP in 2019.The downward trend would be attributed in part to a lower trade surplus for commodities, resulting from significant global economic turmoil caused by the Covid-19 pandemic.February,2020 also marked the lowest goods trade balance of S$1.9 billion since the global financial crisis of 2008/09.
https://www.businesstimes.com.sg/government-economy/singapores-current-account-surplus-to-tumble-in-2020-due-to-covid-19-fitch

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The slump in oil prices will weigh on Singapore's economic growth and manufacturing output, and if they stay low for longer, may cut profits of lenders as well.

While the mention of oil in Singapore is usually linked to big names in the Republic's offshore rig-building and refining industry, a high-profile bankruptcy has put the spotlight on trouble brewing in the fuel trading business.

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History of petrol industries in Singapore

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History of petrol industries in Singapore

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The petroleum industry in Singapore dates back to 1891. In 2007, the country exported approximately 68.1 million tons of petroleum. The same year, the Singaporean government published a report titled Energy for Growth, describing how the industry would be sustained.

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Lower oil prices no silver bullet for Singapore

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Lower oil prices no silver bullet for Singapore

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On a normal scenario, Singapore might’ve been one of the winners from the oil war between the Organisation of Petroleum Exporting Countries (OPEC) and Russia, analysts revealed. But the COVID-19 outbreak and its effect on people’s purchasing power has sunk this pathway.

Global oil prices dived 30% after talks of production cuts between Organisation of Petroleum Exporting Countries (OPEC) and Russia deteriorated. As of the evening of March 9, oil prices at the Brent Crude and WTI Crude Indexes are riding at US$30-36.

Markets plunged overnight when stocks opened on Monday, and Singapore was not spared—with the Straits Times Index (STI) falling 6% in one day.

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Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers

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Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers

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The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the  rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East.
Pump prices have fallen again, bringing a litre of petrol back to what it cost in 2009 - the last time crude oil was near the current level of less than US$50 a barrel.

The latest round of price reductions started last Thursday, at Singapore Petroleum Co (SPC) and Caltex. By last Friday, Shell and Esso had followed suit.

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The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East.

Here are some stories from The Straits Times archives which explain the oil price crash and its implications for the economy, key industries and consumers.
Singapore will benefit from cheaper oil: Analysts
Singapore will be a big winner from cheaper oil although the central bank may have to let the currency weaken if inflation sinks too low, analysts said yesterday.
A smoother ride on growth path

The latest dramatic plunge in oil prices to below US$49 a barrel, with no apparent bottom in sight, has come as a shock to investors and analysts, given the relatively stable state of the global economy.

But the fall is also an unexpected bonanza for consumers, and should act as an international stimulus for growth and, in turn, Singapore's economy. Read more here
Pump prices slide again, hitting six-year lows
Pump prices have fallen again, bringing a litre of petrol back to what it cost in 2009 - the last time crude oil was near the current level of less than US$50 a barrel.

Petrochemical industry
Stressful year for oil and gas sector
Oil and gas producers and the firms that service the energy industry are in for a tough year as slumping oil prices hit new lows, said Moody's Investors Service yesterday.

Airline and shipping companies
Some airlines cut fuel levy
Air travellers may be close to reaping the savings from lower crude prices that motorists have been enjoying at the pump.
Maersk sees stable but slower growth in regional demand
Container shipping giant Maersk Line has so far not seen major benefits from the fall in bunker and crude oil prices, and its profit outlook is still driven primarily by global trade levels.
The ringgit rout: Good or bad for Singapore?
The Malaysian ringgit, Asia's worst-performing currency in 2014, fell to fresh historic lows at the start of the new year on news that crude oil prices had broken below the psychologically significant US$50 threshold.
Singapore gets its first taste of deflation in five years
The relatively rare phenomenon of negative inflation hit Singapore last month - its first appearance in five years.

The effect - also known as deflation - occurs when prices in one month decline over the same period a year earlier.

Property and stock markets
When falling oil prices weaken property demand

Just by comparing the charts tracking the movement of crude oil prices and the local real estate prices, there would appear to be some correlation between the two asset classes.
Oil woes 'unlikely to rein in stocks'
Trouble in Europe and a plunge in crude oil prices are unlikely to halt the climb in global stocks this year, said DBS Bank.

Its chief investment officer of group wealth management and private banking, Mr Lim Say Boon, said at a briefing yesterday that "the stock market started the year with a new wall of worries". Read more here

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Oil price rout: How falling oil prices impact the Singapore economy, businesses and consumers

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The price of oil this week plunged more than 55 per cent to under US$50 a barrel since June last year. This is the lowest price since the depths of the 2009 recession, and some analysts are saying the rout could continue to US$35 a barrel in the near term.The Arabic phrase for "oil below US$50" is now a trending hashtag in the Middle East..

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Characteristics of petroleum market for Singapore

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Characteristics of petroleum market for Singapore

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- Singapore is the largest reffing and trading center in the region

- The country does not have any oil reserves of its own

- Country has to depend on the international market for its trading activities

- More than two-third of the products are exported after processing

- The import dependence and export oriented nature of the market makes Singapore refiners more vulnerable to market changes.

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The economy of Singapore is highly dependent on the oil industries.The values of the oil industry output and oil trade both exceed that of any other commodity in the economy. Value added in the industry is substantial and government revenue generated by this section is estimated to be significant. Forward and backward linkage of the oil industry to the rest of the industries is strong.

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 Role of the Petroleum Industry in Singapore's Economy

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 Role of the Petroleum Industry in Singapore's Economy

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The oil industries in Singapore affects the economy in a number of ways. It contributes to the manufacturing output, export earning, investment expenditure, employment and government revenue. It also indirectly influences the trade and service sectors of the economy. How ever the industry itself is affected by international oi market and the external economic environment.

Sharma, S. (1989). Role of the Petroleum Industry in Singapore's Economy (Vol. 67). Institute of Southeast Asian.

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How big is the petroleum industry in Singapore

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How big is the petroleum industry in Singapore

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20,000 barrels per day is Singapore's oil production which is 5% of the nation's GDP.

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Major headlines for Singaporean dollar and petroleum are from 2015 including:

Oil price crash brings out Singapore dollar bears:

The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices. Deutsche Bank believes it could weaken to S$1.40 this year, a level not seen since July 2010, while Standard Chartered expects it to hit S$1.37; the USD/SGD is currently trading at S$1.33.

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Bearish forecasts for the Singapore dollar are growing amid expectations that crude oil's recent tumble will result in looser monetary policy.

The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices. Deutsche Bank believes it could weaken to S$1.40 this year, a level not seen since July 2010, while Standard Chartered expects it to hit S$1.37; the USD/SGD is currently trading at S$1.33.

Declining inflation will lend a dovish tilt to the central bank's policy bias this year amid cheaper oil prices, underpinning currency weakness, Deutsche Bank said in a recent report.

Read More Signs point to easing bias for Singapore

"Given the 50 percent annual plunge in oil, core inflation should fall to under 1 percent on year by April. This we believe will open up room for the Monetary Authority of Singapore (MAS) to ease policy," it said, referring to the country's central bank.

Energy and food items combined have a weighting of 27 percent in Singapore's consumer price inflation basket. Brent crude prices have plunged more than 50 percent since August, trading around $50 presently and major banks including Goldman Sachs expect the commodity to close out the year at that level.

Monetary policy in the Southeast Asian city state is based on a trade-weighted exchange rate that comprises a basket of currencies, called the Singapore Dollar Nominal Effective Exchange Rate (SGD NEER). Meanwhile, core inflation, a measure that excludes the price of accommodation and private road transport, is the main target variable for monetary policy and is expected to average between 2-3 percent this year, according to official forecasts.

"Singapore is one of the few countries that include energy prices in her measure of core inflation, given reliance on imported energy and the direct impact of foreign exchange policy on imported prices. The dramatic decline in oil prices should therefore be considered an important input to policy here," Deutsche Bank said.

Economists at Goldman Sachs recently revised down their 2015 consumer price inflation forecast to 0.9 percent from 1.5 percent on the back of oil's slide.

Deutsche Bank believes MAS easing will occur in a two-stage process: first, it will allow the SGD NEER band to break the middle band of 0.5 percent, after which the bank will lower the policy slope from 2 percent per annum presently to 1 percent at its next meeting in April.

The middle band has acted as a floor for the SGD NEER over the past two years. Anytime the Singapore dollar comes close to testing that level, officials typically resort to a drawdown of reserves to defend the currency.

Read More Singapore property:Are foreigners about to bail?

"In recent weeks however, SGD NEER has broken this level, and is now trading 40 basis points below the middle band on our model. In our view, this break acts as a signal that MAS could entertain easing in the future," Deutsche Bank said.

Last week, Standard Chartered noted that the SGD NEER traded 0.6 percent into the weaker half of the policy band, and said it had potential to drop further.

Calls for looser policy remain contrarian among the majority of analysts who say it's unlikely to happen anytime soon.

"Even with core inflation below official targets, there's no way we see MAS easing policy. Core inflation would have fall close to zero or even below that for the MAS to act. 1 or 1.5 percent is not a significant enough level," Nizam Idris, head of strategy, fixed income and currencies at Macquarie, said over the phone. He expects the currency to resume its upward trend towards the second half of the year, with a year-end target of S$1.35.

Maybank shared that view, noting that hurdles for a monetary policy change remains high. In a report last month, it said the risks were finely balanced between growth and inflation, which should see MAS likely maintain its historical policy of "modest and gradual" appreciation of the SGD NEER.

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us dollar / singapore dollar fx spot rate

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Oil price crash brings out Singapore dollar bears

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Bearish forecasts for the Singapore dollar are growing amid expectations that crude oil's recent tumble will result in looser monetary policy. The Singapore dollar dropped more than 7 percent against the U.S. dollar over the past six months as the Federal Reserve brought its asset purchase program to an end and appears on course for further weakness given lower oil prices.

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live crude oil price in singapore dollars | oil sgd | live crude oil prices  | live futures prices and charts | commodities | exchange rates uk

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Live Crude Oil Price in Singapore Dollars | OIL SGD

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Live Crude Oil Price in Singapore Dollars | OIL SGD | Live Crude Oil Prices | Live Futures Prices and Charts | Commodities | Exchange Rates UK

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Singapore Petroleum Company Limited, in short SPC, is a subsidiary of Chinese state-owned company PetroChina. It is involved in the exploration and production of petroleum, refining, trading and petroleum product distribution.

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Oil price change indirectly impacts the local currency owing to its effects on fiscal deficit and current account deficit.
The petroleum industry in Singapore is accountable for part of the country's economy, exporting about 68,100,000 tonnes (67,000,000 long tons; 75,100,000 short tons) of oil . Singapore is dubbed the undisputed oil hub in Asia.

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Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the Malayan Dollar, which in turn was replaced by the Malaya and British Borneo Dollar in 1953. Singapore used this common currency until the monetary union between Malaysia, Singapore and Brunei broke down in 1965.

Singapore became independent in 1963, and issued its first coins and notes on April 7, 1967.

Singapore pegged its dollar to British Pound Sterling until the early 1970s, then to the US Dollar for a short period of time. From 1973 to 1985, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies, reflecting its diversified trade links.

From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

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SGD - Singapore Dollar rates, news, and tools

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The Singapore Dollar is the currency of Singapore. Our currency rankings show that the most popular Singapore Dollar exchange rate is the SGD to MYR rate. The currency code for Dollars is...

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The Singapore Dollar has hit a rough patch, hitting 1.40 against the greenback on recession fears and what might be the widest budget deficit since the late 90s. A lot is being thrown at the COVID-19 outbreak's impact on the economy, but will this punish the local currency even more? DBS Senior Currency Economist Philp Wee joins us on Forex Fridays to talk about the fate of the Sing Dollar, and why some safe havens are losing their luster.

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Analysts expect volatility in USD/SGD in the near term

ERP AT MOST LOCATIONS TO BE SUSPENDED FROM APRIL 6

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MAS eases SGD appreciation to 'zero slope', lowers mid-point of policy band in one-two blow

SGD makes brief gains following MAS's monetary easing

Quick takes: MAS carefully nipped Singdollar strength in the bud, analysts say

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SGD bounces slightly after fiscal blast

Singapore's COVID-19 cases exceed 800 with 70 new infections

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AUD dive to weigh on some Singapore listcos

Singapore dollar, South Korean won get dumped as virus cases rise

SINGAPORE BUDGET 2020: SINGAPORE AIMS TO RIDE STORM WITH EYE ON FUTURE, SAYS HENG SWEE KEAT

LEAK OF CLOSED-DOOR CHAN CHUN SING MEETING 'DEEPLY DISAPPOINTING' AND A 'BETRAYAL', SAYS SINGAPORE CHINESE CHAMBER PRESIDENT

CORONAVIRUS: BUSINESSES COUNT THE COST OF THEIR CONTINUITY PLANS

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6th Feb 2020:SGD can ease without any off-cycle action by MAS

CORONA VIRUS: IMPACT ON AVIATION SECTOR WILL BE WORSE THAN SARS OUTBREAK, SAYS KHAW BOON WAN

ICA, HSA SEIZE MORE THAN $60,000 WORTH OF E-VAPORIZERS AND ACCESSORIES

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DIY closes chain home-fix closed stores because of financial problems

7% tax on Netflix and all the other overseas subscription services

Conflict of fake news law and freedom of speech

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SGD main news and headlines which affected the currency atmost.

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The past pattern of Singaporean dollar is full of ups and downs, from changes in economy and laws to disputes with the only land neighbor Malaysia are the things which affected the currency.

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Overview

The Singapore Dollar is the currency of the island state of Singapore. The currency is issued and monitored by the Monetary Authority of Singapore. All issued Singapore Dollars in circulation are fully backed by Singapore's foreign reserves to maintain public confidence.

Singapore Dollar coins circulate in denominations of 1, 5, 10, 20 and 50 cents and 1 Dollar.

Economy

Highly urbanized Singapore ranks in the world's top five as a financial center, an oil refining center, a port, and for number of US Dollar at par millionaire households per capita.

Singapore's free-market economy operates in an open and corruption-free environment with stable prices and high per-capita GDP.

Singapore's economy depends heavily on exports, which include consumer electronics, information technology products, pharmaceuticals, and financial services.

Real GDP growth is strong. It contracted slightly in 2009 because of the global financial crisis, but has since rebounded on the strength of renewed exports.

History

Singapore used the Straits Dollar from 1845 and 1939. It was replaced by the Malayan Dollar, which in turn was replaced by the Malaya and British Borneo Dollar in 1953. Singapore used this common currency until the monetary union between Malaysia, Singapore and Brunei broke down in 1965.

Singapore became independent in 1963, and issued its first coins and notes on April 7, 1967. The Singapore dollar remained at par with the Malaysian Ringgit until 1973.

Singapore pegged its dollar to British Pound Sterling until the early 1970s, then to the US Dollar for a short period of time. From 1973 to 1985, Singapore pegged its currency against a fixed and undisclosed trade-weighted basket of currencies, reflecting its diversified trade links.

From 1985 onwards, the Singapore Dollar has floated within an undisclosed bandwidth, closely monitored by the Monetary Authority of Singapore (MAS) to guard against imported inflation and ensure that Singapore's exports remain competitive.

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The Singapore Dollar is the currency of the island state of Singapore. The currency is issued and monitored by the Monetary Authority of Singapore. All issued Singapore Dollars in circulation are fully backed by Singapore's foreign reserves to maintain public confidence. Singapore Dollar coins circulate in denominations of 1, 5, 10, 20 and 50 cents and 1 Dollar.