Dear Editor

I refer to the letter "Why no new notes for this period" (TODAY, 11 Oct).

2   MAS issues new notes based on demand and not because of a particular festive period.  Our policy is to issue recirculated notes first and to draw on our stock of new notes only when the recirculated notes are insufficient to meet demand. There is a peak period each year between December and February when the demand for S$2 and S$10 notes is exceptionally high.  We would therefore issue new notes during this time and this could result in the misperception that new notes are issued only during Chinese New Year.

3   As the stocks of S$5 and S$10 recirculated notes were depleted in recent months, we had been issuing new notes in these two denominations to the banks. Mr Ishwar Mahtani could visit any of the 3 local banks and certain full-licensed foreign banks to exchange the new notes. He could get in touch with Yeo Swee Seng at tel number 63494663 and e-mail address "ssyeo@mas.gov.sg " if he encounters problems in obtaining new notes.

Yours sincerely,

Angelina Fernandez
Director (Communications)