News

New plastic notes go into circulation in Singapore

May 5, 2004

SINGAPORE - ATMs and automated ticketing machines at MRT stations have been recalibrated to dispense the new plastic $10 notes that went into circulation in Singapore this week.

These are the first Singapore bank notes to have Deputy Prime Minister Lee Hsien Loong's signature, according to a story on Channel NewsAsia.

This is not the first time Singapore has issued plastic money. In 1990 the government issued plastic $50 bills; however, the notes sometimes stuck together, which led to unexpected windfalls for some ATM users.

This time around, the banks were better prepared for the new notes.

"The bank has upgraded all the software of our ATMs. It is able to read the new $10 notes. The cash deposit machines that we have are also able to accept the new notes," said Low-Ngo Min Ying, head of a branch of Standard Chartered Bank.