MAS: New folders on the way, demand 'overwhelming', Latest Singapore News - The New Paper

MAS: New folders on the way, demand 'overwhelming'

This article is more than 12 months old

The Monetary Authority of Singapore (MAS) said in a statement that a new set of folders will be printed for the commemorative SG50 notes.

These will correct the misspelling of Singapore's first President, Yusof Ishak and replenish the current stock of folders which are being taken up much faster than expected.

An MAS spokesman said: "Banks will continue to issue the current folders (which will have the corrective stickers on them from Aug 25 onwards) with each exchange of the SG50 notes."  

Those who have the current folders and would like to exchange them for new ones, will be able to do so at a later date.

MAS will inform the public soon on when the new folders are expected to be ready.     
The statement added that the demand for SG50 notes and folders has been "overwhelming" but there is no need to rush.  

"We have received very positive feedback on the designs and themes of the notes, which many felt were a nice memento for Singapore’s 50th birthday. 

MAS would like to reassure the public that there will be enough SG50 notes for all Singaporeans, and there is no need to rush.  

A total of 20 million $50 notes, and 15 million of each of the five $10 notes is being printed."

Singaporeans will have priority until Sept 30 this year to obtain the notes.  

But the statement does ask for patience regarding the folders.

"While bank branches are well-stocked with the SG50 notes, time is still required to arrange for the distribution of the folders to the branches each day and the banks may not be able to meet the daily high demand for the folders.  If they are unable to obtain the folders, people may wish to visit the bank branches on another day.  However, if they want to only exchange the notes, without the folders, they may continue to do so.  There will be enough folders, especially when the new folders arrive."

Finally, MAS asks that the public do not take more than what has been allocated.

We have also received feedback from the banks that there are customers who queue repeatedly to get more than the stipulated two folders.  We would like to appeal to the public to refrain from doing so, in fairness to others.