Organisational Initiatives CURRENCY DEPARTMENT Money Matters The Currency Department manages the currency stock to ensure the integrity and quality of the Singapore currency. As at 31 March 2005, the gross and active currency in circulation was S$15.5 billion (See Chart 22) and S$13.9 billion respectively. The gross currency in circulation increased 6.7% over the year, with S$31.4 billion worth of notes and coins issued to banks and S$30.2 billion returned. The Currency Interchangeability Agreement between Singapore and Brunei continues to operate in both countries. Over the last year, the total Brunei currency repatriated to the Brunei Currency and Monetary Board was S$670.9 million, S$7.8 million less than in 2003. The amount of Singapore currency repatriated to Singapore increased by S$1.2 million to S$4.2 million in 2004. As part of MAS’ commitment to improving the durability, quality and security of currency notes, we introduced the S$10 polymer portrait notes into circulation in May 2004 to gauge public acceptability. The notes were well received by the public with a 100% machine acceptance. The introduction of the 2004 Singapore Identity Plan Coins in November 2004 marked the first time coloured coins were circulated in Singapore. The issue of the ‘Year of the Rooster Coin’ in December 2004 launched the third Chinese Almanac Series. It proved extremely popular among collectors.