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

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