The official currency used in Singapore is the Singapore Dollar (SGD), which is divided into 100 cents. The Monetary Authority of Singapore issues the banknotes and coins of the Singapore dollar. The Singapore dollar is one of the most stable currencies in Southeast Asia. Banknotes are available in denominations of $2, $5, $10, and $50, while coins come in five denominations of five cents, ten cents, twenty cents, fifty cents, and $1. Banknotes that are rarely used include $100, $500, $1000, and $10,000. Coins and notes are issued by the Monetary Authority of Singapore. While some shopping centers and hotels accept Australian Dollars, along with US Dollars, Japanese Yen, Pounds Sterling, and even traveler’s cheques, it is recommended to use the local currency for daily transactions as some merchants may not accept foreign currency. Major credit cards are accepted in most hotels, restaurants, and department stores.