S’pore Will Stop Issuing $1,000 Notes From 2021, Existing Ones Can Still Be Used For Payment

Singapore Will Stop Issuance Of $1,000 Note To Lower Risks Of Money Laundering

Singaporeans might be familiar with the navy $50 dollar note, but sightings of its purple $1,000 counterpart is far more elusive.

However, on Tuesday (3 Nov), the Monetary Authority of Singapore (MAS) announced that it will be discontinuing the $1,000 note from 2021.

Source

This is so that they can lower risks of money laundering and terrorism financing.

$1,000 note to be discontinued from 1 Jan 2021

In a press release on Tuesday (3 Nov), the Singapore central bank announced that the $1,000 note will be discontinued from 1 Jan 2021.

MAS says the move will help lower the risks of money laundering and terrorism financing linked to large-denomination notes.

Singapore is apparently not the only country to phase out notes of higher monetary. In 2014, the European Central Bank also started phasing out its largest €500 note.

Discontinued note can still be used for payment

Though discontinued in the very near future, the $1,000 note will continue to be legal tender and can be used as a form of payment.

In light of the discontinuation, MAS says it will “make available sufficient quantities of other denominations” to meet demand.

The $100 note will be the ‘area of focus’ of this effort, since it is the next higher denomination after the $1,000 note.

The central bank also urges Singaporeans to use electronic payments such as PayNow and FAST.

$1,000 note — a collectable in the future?

With the discontinuation of the $1,000 note, the purple note may very well become turn into a collectable.

Do you happen to have some $1,000 note at home? If so, do you plan on keeping or using it? Share your thoughts in the comments below.

Have news you must share? Get in touch with us via email at hello@mustsharenews.com.

Featured image adapted from Carousell

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