The Monetary Authority of Singapore (MAS) announced today (Nov. 3) that it plans to discontinue the issuance of the S$1,000 note from next year, Jan. 1.
Notes still legal tender and can be used as means of payment
Existing S$1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment, MAS said in a press release dated Nov. 3.
Banks can also continue to recirculate existing S$1,000 notes that are deposited with them.
Sufficient quantities of other denominations, such as the S$100 note, in particular, will be made available to meet demand.
From now until December 2020, a limited quantity of S$1,000 notes will be made available each month.
MAS said that this is a pre-emptive measure to mitigate money laundering and terrorism financing risks associated with large denomination notes.
The move is aligned with international norms, MAS added, and major jurisdictions have already stopped issuing such large denomination notes.
Previously, in 2014, Singapore discontinued the issuance of S$10,000 notes.
Top photo via nkt9696/Carousell