The Monetary Authority of Singapore (MAS) is considering reducing the legal tender limits on coins, the central bank announced on March 16.
In a consultation paper, the authority invited parties to comment on proposed limits to the amount of each coin denomination that can be used for payments. Interested parties have until April 6 to respond.
Currently, the central bank places limits on denominations of less than 50 cents, for which only payments of $2 or less are legal. A payee is therefore