News in Brief

COVID-19 Banknote Transmission Remains a Concern in Taiwan

Fear of COVID-19 transmission by banknotes remains in Taiwan despite the worldwide research that demonstrates the risks are extremely small, no more than touching any other object in a public space.

In the run up to the Lunar New Year, the Bank of Taiwan, which is state-owned, has put only new NT Dollar banknotes in 765 ATMs as part of the government’s efforts to reduce COVID-19 transmission.

It is customary to exchange used notes for new ones as part of the ‘red envelopes’ tradition of giving family members money to wish them good fortune.

MAS ‘Good-as-New’ Initiative Reduces Note Demand

In 2013 the Monetary Authority of Singapore (MAS) launched a ‘good-as-new’ initiative for the S$2 at the Lunar New Year. Since then, the demand for new S$2 notes at that time of year has dropped by about 20% each year. This represents an important saving because the number of S$2 notes far exceeds those needed for normal circulation requiring the excess to be destroyed.