Cashless society? Singapore’s currency in circulation still hitting new highs at S$69 billion

Singapore's total currency in circulation reached a record high of S$69.6 billion in the past five years, according to the Monetary Authority of Singapore (MAS). However, the pace of growth in money supply has slowed, averaging 3% per year from 2023 to 2025, compared to an average of 7% per year from 2020 to 2022. The increase in CIC is mainly driven by higher denomination notes, which may be used for transactions, held as a store of value, or for contingencies.

MAS stopped issuing the S$1,000 note in January 2021 to mitigate higher money laundering and terrorism financing risks associated with large denomination notes. Though the S$1,000 note remains legal tender, MAS states that existing notes will continue to be used as a means of payment. Analysts suggest that people still prefer holding cash for precautionary measures and as a store of value, especially in the event of cyberattacks or disruptions to electronic payments infrastructure.

The growth in cash circulation is not unique to Singapore and is a global phenomenon known as the "paradox of banknotes."