The MAS issues all Singapore dollar notes and coins and administers the Currency Act. It is responsible for the integrity, security, quality and confidence in the Singapore currency. MAS works closely with the banks and security couriers to ensure a cost-efficient and effective distribution of the Singapore currency as well as the availability of the currency to meet public demand. All notes and coins issued by MAS are legal tender in Singapore, and are fully backed by external assets in the Currency Fund. MAS also issues numismatic notes and coins to commemorate significant events and to generate interest in notes and coins collection.