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Currency Department

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Dollars and Cents Management  
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  CURRENCY DEPARTMENT

Dollars and Cents Management
 

The Currency Department (CD) is responsible for the issuance of currency. It maintains the integrity and quality of the Singapore currency and proactively manages the currency stock. As at 31 March 2006, the gross and active currency in circulation was S$16.4 billion (See Chart 11) and S$14.7 billion respectively. The gross currency in circulation increased 5.3% over the year, with S$33.5 billion worth of notes and coins issued to banks and S$32.7 billion returned.

The Currency Interchangeability Agreement between Singapore and Brunei continues to operate in both countries. For the year in review, the total Brunei currency repatriated to the Brunei Currency and Monetary Board was BN$640.3 million, BN$30.6 million less than in 2004. The amount of Singapore currency repatriated to Singapore increased by S$2.5 million to S$6.7 million in 2005.

In July 2005, we launched a set of coins with the National Day Parade (NDP) 2005 logo to commemorate Singapore’s 40 years of independence. This was the first time that the NDP logo was featured on a Singapore commemorative coin.

Following favourable feedback from the public, banks and note handling machine operators on the S$10 polymer notes issued in 2004, MAS decided to issue S$2 polymer notes from January 2006.