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Silver Price Singapore
Singapore is an island nation located in Southeast Asia. Known officially as the Republic of Singapore, the nation lies just north of the equator at the southern tip of the Malay Peninsula. Singapore has one main island, as well as 62 islets. The government of the country is a unitary dominant-party parliamentary republic. Singapore has a population of approximately 5,600,000 and covers a land area of 278 square miles. The nation’s primary languages are English, Mandarin, Tamil and Malay.
The official currency of the country is the Singapore Dollar. Like numerous other global currencies, the Singapore Dollar can be subdivided into 100 smaller units of currency called cents. The currency is one of the most widely traded global currencies by volume. The Singapore Dollar is good, legal tender throughout the country, and is also accepted as tender in Brunei. The Brunei Dollar can be used both in Brunei as well as Singapore. The currency has been allowed to float since the mid 80s, but it is managed and can only float within a specified bandwidth of a central parity.
The Singapore Dollar is issued and managed by the nation’s central bank, known as the Monetary Authority of Singapore. The nation’s central bank was established in 1971, and in addition to currency management is also tasked with oversight of the nation’s financial system including banking, insurance and securities.
If you are in the market for silver in Singapore, or simply want to see current silver prices, quotes will be available in the local currency. Oftentimes, however, quotes are also available in other major global currencies such as U.S. Dollars, Great British Pounds, euros or Japanese Yen. The metal is typically quoted by the ounce, gram or kilo, although sometimes other local units of measure may also be used.
The economy of Singapore is a highly developed free market economy that ranks highly in numerous key categories. The country’s economy is considered to be pro-business and extremely open, with very favorable tax rates as well. Singapore also has one of the highest per-capita GDP rates in terms of purchasing power parity anywhere in the world.
The Singapore economy is involved in numerous areas of industry. Some of the biggest arenas the nation is involved in include electronics, rubber, chemicals, ship repair, offshore construction, financial services and petroleum refining.
Government-linked companies owned through a sovereign wealth fund play a key role in the nation’s economy. The country is also a major foreign direct investment financier.
The government promotes financial savings and investment, and has policies in place to assist its citizens with issues such as healthcare and retirement.
Demand for silver in Singapore could potentially increase as its economy becomes even more advanced and as potential uses for the metal continue to be discovered. Not only that, but demand could climb as investors seek out alternatives to more traditional asset classes such as stocks and bonds.
Silver is available in numerous forms for investment, including bullion bars, rounds, coins and collectibles. These products are readily available. The Singapore Mint, for example, produces a number of silver collectible coins.