Singapore announced on Tuesday it will stop issuing new S$1,000 notes from the beginning of next year, PTI reported. The step has been taken to counter money laundering and terror financing risks.

The Monetary Authority of Singapore (MAS), the country’s de-facto central bank, said the decision is aligned with international norms and that major jurisdictions have already stopped issuing such large denomination notes.

The S$1,000 note is currently valued at US$734.

From now onwards, a limited quantity of S$1,000 notes will be available till January, the MAS said.

Existing S$1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment, it added.

Also, banks can continue to re-circulate existing S$1,000 notes that are deposited with them.

The MAS has said it’ll make available sufficient quantities of other denominations, in particular the S$100 note which is the next highest denomination after the S$1,000 note, to meet demand.

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The MAS is also encouraging everyone to use electronic payment systems.