No new 5-cent coins minted in past 5 years, but no plans to withdraw from circulation: DPM Gan
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The Monetary Authority of Singapore (MAS) has no plans to stop the issuance of five-cent coins as there continues to be public demand for these coins, said Deputy Prime Minister Gan Kim Yong.DPM Gan, who is also the Chairman of MAS, was responding to a parliaNo new 5-cent coins minted in past 5 years, but no plans to withdraw from circulation: DPM Gan
The Monetary Authority of Singapore (MAS) has no plans to stop the issuance of five-cent coins as there continues to be public demand for these coins, said Deputy Prime Minister Gan Kim Yong.DPM Gan, who is also the Chairman of MAS, was responding to a parliamentary question on Monday (Feb 24) by Member of Parliament Fadli Fawzi. Fadli, who represents Aljunied GRC, had asked about the cost of minting each five-cent coin, and whether the Government has any plans to withdraw five-cent coins from circulation if the difference between the face value of the coin and its product cost is negative. In his written reply, DPM Wong said that MAS has not minted any new five-cent coins in the last five years, adding that the authority also has no plans to mint new five-cent coins.He also updated that the estimated cost of producing a five-cent coin remains below its face value. Turning to the question on circulation, DPM explained that there is still public demand for five-cent coins. Read more
