Good Public Response to “Good-as-New” $2 Notes for “Hong Bao”

Singapore, 15 February 2013…. The Monetary Authority of Singapore (MAS) announced that the Go Green “good-as-new” notes initiative this Lunar New Year has been a success: 11% of the $2 notes issued in the run-up to the Lunar New Year comprised “good-as-new” notes. In total, MAS issued 13% fewer brand new notes.

2   Mrs Foo-Yap Siew Hong, Assistant Managing Director, MAS, said, “This is the first year MAS has embarked on this initiative and we are very encouraged by the public response. The take-up rate for “good-as-new” notes at banks was between 8 and 12% of the total $2 notes issued. We hope the public will continue to support the Go Green initiative and use “good-as-new” notes in the next Lunar New Year.”

3   “The banks were actively promoting the “good-as-new” $2 notes to the public and we are encouraged by the response. The Association of Banks in Singapore (ABS) now has a better appreciation of the public’s reaction and demand for these “good-as-new” notes and will continue to work with our member banks and MAS to promote the acceptance of such notes during the next Lunar New Year.”, said Mrs Ong-Ang Ai Boon, ABS Director.

4   MAS would like to thank ABS and the banks for promoting and facilitating the exchange of “good-as-new” $2 notes, as well as the media for spreading the green message. Most importantly, MAS would like to thank the public for using the “good-as-new” $2 notes instead of brand new notes for “hong bao” during the Lunar New Year.

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Last Modified on 15/02/2013