Singapore authority seeks to cut banknote waste in new year celebrations

Chinese dragon

The Monetary Authority of Singapore (MAS) is asking the public to consider breaking with its tradition of giving new banknotes as gifts during the Chinese new year, in order to avoid wasting around 50 million banknotes.

The tradition of hong bao involves giving red envelopes containing new banknotes to children and loved ones at the time of the lunar new year. This requires MAS to print around 100 million S$2 banknotes, about half of which have to subsequently be destroyed to prevent excess

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: