SINGAPORE : By the end of the week, wallets will be carrying new five dollar notes.

The Monetary Authority of Singapore (MAS) will issue S$5 polymer notes from Friday, 18 May, the third denomination in the Portrait Series to be converted from paper into polymer.

Speaking on the move, the MAS' Assistant Managing Director, Mrs Foo-Yap Siew Hong said, "Polymer notes are cleaner and last longer than paper notes. MAS received favourable feedback from the public, banks and retailers on the S$10 and S$2 polymer notes introduced earlier. As such, we decided to proceed with issuing S$5 polymer notes."

The MAS also decided to issue the new S$5 note in the Portrait Series just like the S$2 and S$10 polymer notes, as it is familiar to the public. The polymer note will also retain the same size and security features in the other polymer dollar notes.

The $5 polymer notes will circulate alongside the $5 paper notes, both of which will remain legal tender.

With more polymer notes in circulation, the MAS is working closely with relevant banks, transport companies and major machine operators to have note-accepting machines recalibrated to accept the polymer notes. - CNA/sf