When the Japanese occupied Singapore in 1942, they introduced the military yen. The new currency was commonly referred to as “banana money”. The First Series of banana note issued by Yokohama Specie Bank around early 1942 was with serial numbers. Subsequently,¬†around September 1942 the Second Series were issued and they do not have any serial numbers at all. The prewar British currency was still legal tender but was quickly replaced by the new Japanese currency in the open market. The military notes were intended for circulation on par with the Straits and Malayan dollar notes, but their value decreased dramatically over time. By 12 August 1945, the exchange rate had dropped to 950 Japanese military dollars for 1 Straits dollar. The Japanese currency was rendered worthless when it was demonetised by the British after they regained control of Malaya in September 1945.

 

(Source: http://eresources.nlb.gov.sg/infopedia/articles/
SIP_2016-03-09_114438.html)

 


 

In 1959, determined to steer Singapore towards a broader-based economy, the government applied for a United Nations (UN) steel mission to visit the country to study particular lines of industrial growth for Singapore. The UN team arrived in Singapore in February 1961. The team thoroughly studied a proposal to establish a S$600-million iron and steel mill, and also worked out the basic programme for the development of the country’s steel industry. In December 1961, the government announced the formation of a S$50-million steel company, the National Iron & Steel Mills Ltd, following a recommendation by the UN mission. Incorporated on 12 August 1961, the company's capital was funded primarily by local businessmen who took an 80 percent stake, while the remaining 20 percent was provided by the Economic Development Board (EDB).

 

(Source: http://eresources.nlb.gov.sg/history/events/
d0446093-fec5-4eed-84d3-6d18c62d663f)

 


 

In 12 August 2004, Lee Hsien Loong became Singapore's third prime minister at the age of 52, taking over Goh Chok Tong who was prime minister for 14 years.