EUR / SGD - Euro / Singapore Dollar

EUR to SGD Exchange Rate History: Euro vs. Singapore Dollar in a Controlled Float Arena

The EUR to SGD exchange rate offers unique insights into two contrasting economic ecosystems—the Eurozone, with its vast and diverse membership, and Singapore, a small but highly globalized economy known for its prudent monetary policy and export-led model. While the euro reflects broader European dynamics, the Singapore dollar (SGD) is managed under a basket, band, and crawl (BBC) exchange regime, targeting effective exchange rate stability rather than direct interest rate control.

1999–2004: Euro Introduction, SGD Stability

When the euro launched in 1999, the EUR/SGD rate opened near 1.90. The euro initially weakened due to skepticism over monetary union effectiveness, falling against most currencies, including the SGD. Meanwhile, Singapore’s Monetary Authority (MAS) maintained a stable policy path, keeping the SGD within its nominal effective exchange rate (NEER) band.

By 2002, EUR/SGD dropped to around 1.55, reflecting early euro weakness and continued strength in Singapore’s export performance and current account surplus.

2005–2008: Eurozone Strength and Commodity Boom

During the mid-2000s, the euro gained on the back of rising ECB interest rates and global confidence in the EU project. The EUR/SGD rate climbed, reaching 2.10 by 2008, as the euro benefitted from capital inflows and a weakening USD (to which SGD is partially correlated).

Singapore’s economy expanded rapidly during this period, but the MAS allowed gradual SGD appreciation to curb imported inflation. Despite this, the euro’s momentum drove the pair higher, making this period one of the strongest for the EUR against the SGD.

2009–2012: Global Financial Crisis and Singapore’s Resilience

The 2008 crisis flipped the dynamics. Risk aversion saw capital flee emerging markets and smaller economies, pushing EUR/SGD above 2.00 in early 2009. But Singapore’s rapid post-crisis recovery, large FX reserves, and trade surplus restored SGD strength.

By 2011, EUR/SGD had dropped below 1.70, and by 2012 it reached 1.60, reflecting renewed investor confidence in Asia versus persistent eurozone debt issues.

2013–2019: Range-bound Movements Amid Global Policy Divergence

This period saw relative stability in EUR/SGD, ranging from 1.45 to 1.60. The ECB’s ultra-loose monetary policy—marked by negative rates and QE—kept the euro under pressure. Conversely, Singapore continued tightening through NEER adjustments, supporting the SGD.

The MAS maintained a strong SGD stance to manage imported inflation, and Singapore’s AAA-rated stability helped cap any euro gains. This was a period of policy divergence but subdued volatility in the exchange rate.

2020–2024: COVID-19, Inflation, and Central Bank Realignment

The pandemic initially drove EUR/SGD back up to 1.60 in 2020, with risk-off sentiment favoring larger currencies. However, Singapore’s efficient COVID-19 response and rapid economic reopening helped the SGD recover.

In 2021–2022, global inflation triggered tightening cycles. The ECB lagged the MAS in tightening, causing the EUR to weaken relative to the SGD. By mid-2023, EUR/SGD touched a low of 1.42, the lowest since 2007.

As of April 2025, EUR/SGD trades near 1.46, reflecting Europe’s tepid recovery and Singapore’s continued current account surplus and strong external position.

✅ Key:

🟢 = SGD appreciated vs EUR
❌ = SGD depreciated vs EUR
⚠️ = Minimal or range-bound change

📊 EUR to SGD Exchange Rate by Decade

The EUR/SGD exchange rate is a clear reflection of how small, open economies with prudent monetary regimes like Singapore can outperform larger but less nimble blocs like the eurozone. With its strong external balance and credible monetary authority, Singapore remains a regional anchor, while the euro continues to grapple with cyclical divergence among its members.