ANNUAL REPORT 2002 / 2003


ORGANISATIONAL INITIATIVES

CURRENCY DEPARTMENT

Looking After the Dollars and Cents

The Currency Department was created on 1 October 2002 following the merger of the Board of Commissioners of Currency, Singapore (BCCS) with MAS. The primary role of the department is to maintain the integrity of the Singapore currency issue. Its main functions are the daily supply of notes and coins to banks, redemption of their excess requirements, and processing of the currency redeemed.

At 31 March 2003, the gross currency in circulation was $13.8 billion, an increase of 3.2% over the year. Notes made up 93.2% of this. During the year, $29.2 billion worth of notes and coins were issued to banks and $28.0 billion returned.

On 1 October 2002, the Currency Act was amended to provide a clearer definition of "legal tender". With the new provision, a person can refuse to accept any or all Singapore currency denominations as payment, as long as he makes this clear in writing. Otherwise, he must accept Singapore notes and coins subject to the limits specified in the Act.

Looking ahead, ways to make Singapore currency notes more durable and secure will be explored, as well as more cost-effective and efficient ways to deliver notes to the banks and the public.

In a public perception survey last year, 86.0% of those surveyed said they were either very satisfied or satisfied with the Singapore currency. They also gave useful feedback on design and security features which will be taken into account when planning future currency series.

Under the Interchangeability Agreement between Singapore and Brunei, a total of $686.6 million Brunei currency was repatriated to the Brunei Currency Board, $32.0 million more than in 2001, for the year in review. The amount of Singapore currency repatriated to Singapore decreased by $1.0 million, from $6.0 million to $5.0 million in 2002.

Key Currency Statistics

 

 

Strategic Planning Office Currency Department Human Resources Department Corporate Services Department
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