SINGAPORE – The Monetary Authority of Singapore (MAS) has announced its plan to discontinue the issuance of the S$1,000 (RM3,048) note from Jan 1, 2021 onwards.
The central bank said that from now until December 2020, a limited quantity of the 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,” it said in a statement.
MAS said the move is aligned with international norms, adding that major jurisdictions have already stopped issuing large denominations.
Existing S$1,000 notes in circulation will remain as 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,” it said.
MAS said it will make available sufficient quantities of other denominations, particularly the S$100 note – which is the next highest denomination after the $1,000 note – to meet demand. – Bernama, November 3, 2020
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