Singapore to discontinue S$1,000 notes.
The Monetary Authority of Singapore (MAS) has announced its plan to discontinue the issuance of the S$1,000 note from Jan 1, 2021.
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.
MAS said the move is aligned with international norms, adding that major jurisdictions have already stopped issuing large denomination notes.
It noted that existing S$1,000 notes in circulation will remain as legal tender and can continue to be used as a means of payment.
No comments:
Post a Comment