Give 'green' $2 hongbao this CNY

Last year, 17 per cent of all $2 notes issued by MAS during Chinese New Year consisted of good-as-new notes - up from 11 per cent in 2013. MAS said it has nearly doubled the amount of energy saved from printing fewer $2 notes since it started the goo
Last year, 17 per cent of all $2 notes issued by MAS during Chinese New Year consisted of good-as-new notes - up from 11 per cent in 2013. MAS said it has nearly doubled the amount of energy saved from printing fewer $2 notes since it started the good-as-new note initiative in 2013.ST PHOTO: WANG HUI FEN

New notes, as well as good-as-new $2 notes, will be made available for Chinese New Year at retail banks from tomorrow, said the Monetary Authority of Singapore (MAS).

Introduced in 2013, good-as-new notes are clean and crisp notes retrieved immediately after the previous Chinese New Year.

Last year, 17 per cent of all $2 notes issued by MAS during Chinese New Year consisted of good-as-new notes - up from 11 per cent in 2013.

MAS said the initiative has been well received and that it will continue to work with the Association of Banks in Singapore (ABS) to further promote their use.

Mr Low Kwok Mun, MAS'assistant managing director forfinance, risk and currency, saidit has nearly doubled the amount of energy saved from printingfewer $2 notes since the launch of the initiative.

"The energy saved in 2015 could power 100 four-room HDB flats for seven weeks, compared with only four weeks in 2013," he added.

ABS director Ong-Ang Ai Boon said its member banks were happy to see the growing acceptance of good-as-new notes.

This year, pupils from East View Primary School will help spread the word about the $2 notes initiative and how it has helped to save the environment.

In addition, they will encourage their families and relatives to support the initiative.

A version of this article appeared in the print edition of The Straits Times on January 19, 2016, with the headline 'Give 'green' $2 hongbao this CNY'. Print Edition | Subscribe