Following the announcement from Monetary Authority of Singapore (MAS) on 03 Nov 2020, Singapore will stop issuing the $1,000 bill starting from 2021.
The reason for discontinuing such high denomination is because it will help to reduce the risk of money laundering and terrorism financing. Singapore is not the first country to take such a measure. One example was the European Central Bank discontinuing its largest denomination of $500 6 years ago.
Even though the $1,000 bill will be discontinued, it can still be used as a form of payment in the future. MAS ensured that sufficient quantities of other denominations will be made available.
With the $1,000 bill phasing out, the next largest denomination of Singapore currency will be the $100 bill.
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