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

Singapore's currency in circulation (CIC) has reached a new high of S$69.6 billion, according to the Monetary Authority of Singapore (MAS). This growth has been driven mainly by the use of higher-denomination notes, which may be used for transactions, held as a store of value, or kept for contingencies. The MAS stopped issuing the S$1,000 note in January 2021 to mitigate risks associated with large denomination notes.

Despite the push for a cashless society, the pace of money supply growth has slowed, averaging 3% per year from 2023 to 2025, compared to an average of 7% per year from 2020 to 2022. Analysts suggest that people are more likely to hold larger denomination notes as insurance against cyberattacks or disruptions to electronic payments infrastructure.