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Go green using fit-for-gifting currency notes: MAS tells public

Singapore Business Review logo Singapore Business Review 7/12/2022 Staff Reporter
© Provided by Singapore Business Review

Residents are encouraged to use the Fit notes instead of new notes.

To ensure sustainability is met in Lunar New Year, the central bank advised members of the public to use fit-for-gifting currency notes (Fit notes) or e-hong baos instead of new notes.

The Monetary Authority of Singapore (MAS) indicated in its statement that Fit notes are used currency notes that are clean and suitable for recirculation.

“The condition of these notes has been verified by banknote processing machines and are similar in quality to notes from automated teller machines,” said MAS.

MAS issues about 100 million pieces of new notes yearly for the new year and other festive events. A large majority of this number are used for gifting and returned to MAS after the new year.

“Whilst most of the returned notes are recirculated to meet public demand, such as to replace unfit notes in circulation, the volume of such notes far exceeds replacement needs. The excess notes are subsequently destroyed before the end of their useful life,” it said.

New notes generate unnecessary carbon emissions and waste of resources if they are created just for the demand of festive gifting.

“To reduce the carbon emissions from new notes, MAS and The Association of Banks in Singapore (ABS) advocate the use of Fit notes and e-hong baos. Members of the public who prefer to give physical hong baos for LNY can play their part in protecting the environment by choosing to use Fit notes instead of new notes,” said MAS.

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