having a currency pegged to undisclosed currencies to portray so called "stable currency" is just an illusion folks, because it is as good as long as that basket agrees to accept the pegged currency... so once sgd loses its real purpose to that basket you can kiss goodbye to your savings... what keeps sgd at whatever exchange rate now is tied to something else... 
just to give you a clue, think of switzerland and see what's really driving swiss francs.. no it's not the watches...
This sounds really smart, until you see the history
pegged to pound
pegged to dollar
pegged to a trade weighted basket of foreign currencies (undisclosed weights)
pegged to an undisclosed band around a undisclosed basket of currencies
It is said to be fully backed by the currencies in the basket. But when the elements in the basket change in value, the degree of backing will also change. And you have to wonder, is some of the backing in foreign sovereign bonds, by chance?
The next step is probably a fully floating singapore dollar, unless gold backing or sound money should suddenly become popular, which is improbable.
just to give you a clue, think of switzerland and see what's really driving swiss francs.. no it's not the watches... Singapore currency is weighted against a basket of currencies, I find that it is the most effective way as compared to others. It gives us far more control over our own currencies and less worries of being attacked by the likes of Soros as in the British pound
This sounds really smart, until you see the history
pegged to pound
pegged to dollar
pegged to a trade weighted basket of foreign currencies (undisclosed weights)
pegged to an undisclosed band around a undisclosed basket of currencies
It is said to be fully backed by the currencies in the basket. But when the elements in the basket change in value, the degree of backing will also change. And you have to wonder, is some of the backing in foreign sovereign bonds, by chance?
The next step is probably a fully floating singapore dollar, unless gold backing or sound money should suddenly become popular, which is improbable.