Issuing Banknotes and Coins
Following its merger with the Board of Commissioners of Currency on 1 October 2002, the MAS assumed the function of currency issuance.
MAS has the exclusive right to issue banknotes and coins in the Republic of Singapore. Their dimensions, designs and denominations are determined by the Monetary Policy Committee with Government approval. The banknotes and coins thus issued have the status of legal tender within the country for all transactions, both public and private, without limitation.
Read more about this topic: Monetary Authority Of Singapore
Famous quotes containing the word coins:
“A war undertaken without sufficient monies has but a wisp of force. Coins are the very sinews of battles.”
—François Rabelais (1494–1553)