Singapore officially separated from Malaysia in 1965, and by 1967, the Currency Interchangeability Agreement (CIA) was formed between Malaysia, Singapore, and Brunei, ensuring equal currency value and acceptance across the three nations.
When Ringgit and Singapore Dollar Were Equal: The Lost Agreement
Under this pact, RM1 equaled SGD1, and both were usable interchangeably—similar to how Brunei and Singapore still share parity today. However, global monetary changes in the 1970s, including the collapse of the Bretton Woods system, led Malaysia to withdraw from the agreement in 1973.
Since then, the Malaysian Ringgit and Singapore Dollar have diverged significantly, with the latter now one of Asia’s strongest currencies.
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