- Title: SINGAPORE: NEW SINGAPORE CURRENCY TAKEN OUT OF TREASURY FOR DISTRIBUTION TO BANKS
- Date: 4th June 1967
- Summary: SINGAPORE TREASURY; ARMOURED VANS ARRIVE TO COLLECT BOXES OF MONEY FOR BANKS; POLICE STANDBY AS BOXES OR MONEY LOADED INTO VANS; VANS AWAY UNDER POLICE ESCORT. 1. LS TREASURY BUILDING 0.04 2. MS ---- DITTO ---- (TWO SHOTS) 0.08 3. MLS VANS ARRIVE AT TREASURY 0.16 4. MS BOXES OF MONEY CARRIED TO VANS 0.21 5. CU POLICEMAN STANDBY 0.23 6. MS MORE BOXES BEING CARRIED TO VANS AND LOADED (THREE SHOTS) 0.39 7. CU PHOTOGRAPHS OF NEW CURRENCY (TWO SHOTS) 0.42 8. CU BOXES OF MONEY (TWO SHOTS) 0.51 9. MS VANS AWAY UNDER POLICE ESCORT (FOUR SHOTS) 0.07 Initials CAR/VS/MK/CA/RBI Script is copyright Reuters Limited. All rights reserved
- Embargoed: 19th June 1967 13:00
- Keywords:
- Location: SINGAPORE
- Country: Singapore
- Reuters ID: LVA6KZ335QILII9AA5MNV1J4MZZE
- Story Text: ON JUNE 12, SINGAPORE, MALAYSIA AND THE BRITISH BORNEO-PROTECTORATE OR BRUNEI, WILL ISSUE SEPARATE CURRENCIES. THE ISSUING OF THESE CURRENCIES FOLLOWS THE BREAKAWAY OF SINGAPORE FROM MALAYSIA IN AUGUST, 1965.
IN SINGAPORE TODAY (SUNDAY), THE REPUBLIC'S NEW CURRENCY WERE DISTRIBUTED TO THE VARIOUS BANKS FOR ISSUING ON JUNE 12. A HEAVILY ARMED POLICE FORCE CORDONED OFF THE GOVERNMENT TREASURY BUILDING FROM WHERE THE BOXES OF MONEY WERE TAKEN OUT AND ESCORTED TO THE BANKS.
ACCORDING TO THE SINGAPORE FINANCE MINISTER, MR. LIM KIM SAN, THE NEW CURRENCY WOULD BE ONE OF THE FEW IN THE WORLD WHICH WOULD BE FULLY BACKED 100 PER CENT BY GOLD OF FOREIGN EXCHANGE ASSETS. THE NEW CURRENCY WOULD REMAIN FULLY CONVERTIBLE.
THE CURRENCY ARE IN DENOMINATIONS OF $1, $5, $10, $50, $100, AND $1,000. THE DOLLAR IS WORTH 2s 4d (STERLING) OR 0.390299 GRAMES OF FINE GOLD.
THE DESIGNS OF THE NEW NOTES, DESCRIBED AS "MODERN AND IMAGINATIVE" ARE SYMBOLIC OF THE DIFFERENT ASPECTS OF LIFE IN SINGAPORE. THE MAIN MOTIF ON THE FRONT OF THE NOTES IS THE ORCHID -- EACH DOMINATION HAVING A DIFFERENT LOCAL HYBRID.
THE ORCHID IS FAST BECOMING A SYMBOL OF SINGAPORE. IT IS NOT ONLY DECORATIVE, BUT IS ALSO BECOMING AN INCREASINGLY IMPORTANT SOURCE OF FOREIGN EXCHANGE FOR SINGAPORE.
MEANWHILE, THE OLD MALAYSIAN DOLLAR WILL BE ALLOWED TO CIRCULATE IN SINGAPORE UNTIL IT CEASES TO BECOME LEGAL TENDER IN THE REPUBLIC. THE OLD CURRENCY ISSUING AUTHORITY -- THE BOARD OF COMMISSIONERS OF CURRENCY, MALAYA AND BRITISH BORNEO -- WILL DECIDE ON A DATE TO DECLARE THE DOLLAR INVALID IN SINGAPORE.
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