Extra manpower, months of preparation: How millions of notes are distributed for Chinese New Year in Singapore
MAS has been constantly encouraging the use of fit-for-gifting papers over new versions, citing conservation problems.
Most new notes are used only when before being returned to the central bank, then , processed and reissued as fit-for-gifting information. However, the hoard of these papers continues to grow, MAS said.
S$ 2 ( US$ 1.50 ) notes remain the most popular denomination for Chinese New Year gifting, with the stock of fit-for-gifting S$ 2 notes increasing by 15 to 20 million pieces annually over the past two years.
” Over occasion, when storage capacity is exceeded, the additional will need to be incinerated, resulting in unwanted wastage”, the central bank said.
MAS estimated that each year there are 20 million extra new S$ 2 information issued. The carbon footprint of these documents is equivalent to 400 four-room HDB flats, and to offset this may require planting 10,000 new trees every year.
Despite this, demand for new information remains great. Customers continue to ask why there aren’t as many fresh notes because they still hold on to old-fashioned customs, according to Ms. Tan, the unit service manager at DBS.
Regardless of whether the records are brand-new, she assures them that the consumers of red boxes would be very happy to receive the funds.  ,
That solution seems to touch clients. ” You can see the elderly all laughing”, Ms Tan said.