SINGAPORE: There are currently about 26 million pieces of S$1,000 notes still in circulation, the Monetary Authority of Singapore said on Friday (Nov 6).
MAS had said on Tuesday that Singapore will stop issuing S$1,000 notes from Jan 1 next year to reduce money laundering and terrorism financing risks.
AdvertisementAdvertisementFrom now until December, a limited quantity of S$1,000 notes will be made available each month.
This is a pre-emptive measure to mitigate the higher money laundering and terrorism financing risks associated with large denomination notes, said MAS on Tuesday.
“We do not expect to add a significant number of notes into circulation from now to December 2020, especially with e-payment adoption gaining further traction in recent months,” MAS said in response to CNA queries on Friday.
Existing S$1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment. Banks can continue to recirculate existing S$1,000 notes that are deposited with them.
AdvertisementAdvertisementSingapore stopped issuing S$10,000 notes in 2014, then one of the world's most valuable banknotes. The S$10,000 notes that remain in circulation remain legal tender, MAS confirmed on Friday.
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