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January 03, 2022
The rebound in the value of the Singapore Dollar was the fastest in more than a decade. Export-Import activities are getting busier, making the use of the SG Dollar more frequent and making its value grow, even more, making it the strongest in Asia.
The analysis has shown that the estimated forex value of Asian currencies will most likely stay in the red or negative phase. Even at the close of the year, many forex analysts view that only a few Asian currencies can maintain a positive trend.
Prime Minister of Singapore, Lee Hsien Loong, said that the new year 2022 will be a great year for trade and the future of the Singapore Dollar. But the consideration of the Omicron case in Southeast Asia, of course, should not be ignored regarding its effect on trade.
But most importantly, the Singapore Dollar is predicted to reach a new record by making the fastest rebound after falling deep in early May. The status as a currency that has strengthened the most compared to other Asian currencies is the key.
Singapore is accelerating in the fourth quarter of 2021 until the beginning of 2022 by making trade policies that are no longer as strict as before. The problem of prohibiting travel and imports, which is filled with various policies, makes it difficult to grow.
But with easing virus restrictions and other policies that help them to build their economy, this will be a platform for Singapore to grow faster than in previous decades. GDP and exchange rates will feel the effects.
According to a survey conducted by Bloomberg for economists, they estimate that the Singapore Dollar will be greatly affected because trade and industry are getting easier to do. And a little percent growth will give a tremendous contraction.
Senior Economist at DBS Bank gave his views on the future of the SG Dollar, “Singapore is very tight and is on the road to recovery with all services for manufacturing and exporting being carried out more often and that will be a calculation”.
After recovering from the worst pandemic period of time, Singapore immediately sought a trading partner who was highly reliant on global trade. The Prime Minister said that the SG Dollar deserved to get a higher value because it had a big impact on Southeast Asia.
At the end of 2021, manufacturing increased by 12.8 percent from the previous year with the construction that was always intensified. Regarding exports and imports, Singapore has always been the liaison so that their policies must be strict.
Almost all Asian currencies are always in a negative trend when the market closes due to the Covid-19 pandemic. Tourism that is not opened, practically makes the currency of a country rarely bought by tourists, so no surprise if there be an extraordinary decline.
The Thai baht fell rapidly to make it its worst value since 2000, meanwhile the South Korean Won fell 9% to its worst since 2008, and the Rupiah fell by 1% with economic factors making the currency performance difficult to grow.
But thanks to the growth and new policies regarding trade, Singapore, which incidentally has had a lot of influence in Southeast Asia, has become one of the currencies that accompanies the Taiwan Dollar and Chinese Yuan which are also experiencing growth in value.
Even when compared to other currencies, the Singapore Dollar experienced the biggest increase. And this is a bit more to reach the record from more than 10 years ago. The performance of economists in that country success build this Singaporean economy.
The Singapore dollar remains the strongest in Southeast Asia by being the fastest growing in the past year. The economic and trade policies make this happen even though there are other problems they have to deal with.
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