SINGAPORE: Go green with the red packet or ’hong bao’ this Lunar New Year — by treating some two—dollar notes like they’re "good—as—new".
The Monetary Authority of Singapore (MAS) is issuing these "good—as—new" notes to reduce wastage, along with brand new ones, for the coming Lunar New Year.
It said the notes are clean and crisp, and were retrieved immediately after the Lunar New Year in the past few years.
MAS prints and issues 100 million $2 polymer notes to the banks each Lunar New Year, in response to the tradition of giving brand new notes as ’hong bao’.
However, only about half of the new $2 notes issued are required to meet normal circulation demand.
MAS accumulates and destroys excess $2 polymer notes before the end of their lifespan.
It said this is a waste of resources and is not environmentally friendly.
Printing the excess 50 million $2 notes uses more than 200,000 kWh of electricity — equivalent to powering up one HDB block for six months — and consumes 10 tonnes of ink.
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