Stop circulating 5-cent coins
I am glad the Monetary Authority of Singapore wants to limit payments in coins. May I suggest that it stop circulating five-cent coins? (MAS eyes limits for payments with coins; March 17).
I am glad the Monetary Authority of Singapore wants to limit payments in coins. May I suggest that it stop circulating five-cent coins? (MAS eyes limits for payments with coins; March 17).
Food and drink at hawker centres, for example, are priced in round-figures; even the washroom charge is 10 to 20 cents.
I once had a few five-cent coins that I wanted to use at a hawker centre, but a stallholder rejected them, explaining that he had stopped accepting the coins because he had so many of them. I understood his difficulties, and there was a long queue anyway.
Inflation will catch up, and stopping the circulation of five-cent coins in, say, three years’ time would leave everybody with four coin denominations to deal with, which would be easier.