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The Monetary Authority of
Singapore (MAS) today announced that it will introduce $10 polymer portrait
notes into circulation on 4 May 2004.
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To preserve public familiarity and
minimise modifications to note handling machines, the design of the new
polymer notes is similar to the current $10 paper portrait notes except for a
few changes to incorporate security features unique to polymer technology.
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MAS will continue to issue the
current $10 paper notes as part of a phased introduction of the new $10
polymer notes.
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To date, 15 countries have
introduced polymer notes in their currency system. Among them Australia,
New Zealand and Romania have fully replaced paper notes with polymer ones.
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Polymer notes can last three to
four times longer than paper notes as the notes are more resistant to dirt and
are not easily torn. They are therefore more cost-effective. Their
security features offer better protection against counterfeiting, particularly
against digital counterfeiting e.g. scanners, colour printers and
photocopiers.
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For the above reasons, and the
positive experience in countries that had adopted polymer notes, MAS is
re-introducing polymer notes in Singapore.
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Singapore introduced its first
polymer notes in 1990. The note lacked wide acceptance then as there
were machine acceptance issues, the main one being the ability of ATMs to
dispense these notes.
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The public also found the notes
springy, sticky and difficult to fold. These problems have since been
overcome with technological advances. Printing has also become less
costly and it is feasible to issue them more extensively.
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The $10 denomination was selected
as it is commonly used in cash payments. It is also widely dispensed
through ATMs and accepted at Cash Deposit Machines (CDMs). Please see Annex
A for further details.
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Availability & Usage
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As a start, MAS will issue $100
million worth of new polymer notes. Depending on public demand for them, more
polymer notes will be issued subsequently. The phased introduction will allow
banks and businesses to fine-tune their machines and make the necessary
adjustments gradually to avoid abrupt and costly changes.
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For the launch, the notes will be
available at seven banks and at selected ATMs and CDMs that they have
calibrated to dispense and accept the notes. The notes can also be used
at the General Ticketing Machines (GTMs) at nine SMRT stations. Please
refer to Annex A for the list of banks and GTMs.
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More.....
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MAS issues new polymer $10 portrait notes
