Another one bites the dust. As of January 2021, the Asian city-state of Singapore will no longer issue $1,000 bank notes, according to the Monetary Authority of Singapore.
It is anticipated the demise of the $1,000 note would follow that of the Singapore $10,000 bank note. The $10,000 note has not been issued since October 1, 2014. According to the MAS web site, the issuance of the five-figure value notes was “a preemptive move to mitigate the higher money laundering risks associated with large value cash transactions. However, existing $10,000 notes that are in circulation remain legal tender in Singapore.”
A S$10,000 bank note had an exchange rate of $7,420 US at the time this article was being written. Likewise, a S$1,000 note had an exchange rate of $742.
MAS…