Singapore aims to match Hong Kong with ‘good-as-new' new year banknotes

The Monetary Authority of Singapore (MAS) said it is "very encouraged" by the public's response to a new campaign aimed at persuading people to use 'good-as-new' banknotes as gifts in the recent new year celebrations, instead of brand new notes.

The ‘Go Green' initiative by MAS, launched in January on the grounds of saving money and natural resources, reduced the quantity of S$2 ($1.61) notes printed by the monetary authority by 13% compared with the previous year. The MAS said 11% of all S$2 notes issued were ‘good as new' – that is, used but still in good condition.

The Chinese (or lunar) new year fell on February 10 this year and was accompanied by the tradition of giving new banknotes as gifts, called hong bao in Singapore, and lai see in Hong Kong.

In Hong Kong, the practice of encouraging the use of good-as-new banknotes for lai see has run since 2006, and according to the Hong Kong Monetary Authority (HKMA) "continues to be well supported by the public".

The HKMA says 45% of all the HK$10 ($1.29), HK$20 and HK$50 notes used in the month running up to New Year were used notes – slightly down on the 46% figure for the equivalent period a year earlier.

In Hong Kong, the practice of encouraging the use of good-as-new banknotes for lai-see has run since 2006

Foo-Yap Siew Hong, assistant managing director of the MAS, says she hopes the public "will continue to support the ‘Go Green' initiative and use good-as-new notes in the next lunar new year".

The monetary authority benefited from the co-operation of the Association of Banks in Singapore (ABS), whose director Ong-Ang Ai Boon says it will "continue to work with our member banks and MAS to promote the acceptance of such notes during the next lunar new year".