{
  "id": 6658343,
  "title": "Cashless society? Singapore’s currency in circulation still hitting new highs at S$69 billion",
  "url": "https://urgent.news/2026/09/10/cashless-society-singapores-currency-in-circulation-still-hitting-new",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-10T23:00:00.000Z",
  "source": {
    "name": "The Business Times - Singapore",
    "slug": "the-business-times-singapore",
    "url": "https://www.businesstimes.com.sg/singapore/cashless-society-singapores-currency-circulation-still-hitting-new-highs-s69-billion"
  },
  "original_language": "en",
  "account": "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.\"",
  "summary": "MAS says growth driven mainly by higher-denomination notes for transactions, or held for contingencies",
  "key_points": [
    "Singapore's currency in circulation hit S$69.6 billion, a record high.",
    "Money supply growth slowed to 3% per year from 2023 to 2025.",
    "S$1,000 note discontinued in 2021 to reduce money laundering risks."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Cashless society? Singapore’s currency in circulation still hitting new highs at S$69 billion",
        "url": "https://urgent.news/2026/09/10/cashless-society-singapores-currency-in-circulation-still-hitting-new-6658706",
        "published": "2026-09-10T23:00:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}