Commemorative Bank Note Draws Long Queues at Banks
Singapore bank branches experienced overwhelming demand for the country's $20 commemorative notes. Punters are seen reselling sets at sky-high prices.
Long queues formed at many bank branches since early morning across the city-state as Singaporeans waited eagerly to get their hands on the $20 notes issued to commemorate Singapore's 200 years of history. The notes were snapped up within hours at some bank branches yesterday as it was the first day they were available for exchange.
«Within the first three hours of our branches opening, six to seven branches had already run out of notes,» said Jean Oh, OCBC Bank's head of branch service and risk management, who was quoted in «Straits Times» (behind paywall). The note, issued by the Monetary Authority of Singapore, marks the country's bicentennial year. Each person is allowed to exchange up to 20 pieces per transaction.
Stocks Depleted Quickly
Two million pieces of the commemorative note were made available for exchange at face value at the branches of nine major retail banks from yesterday. Five banks said that at least 40 percent of their stock had been depleted due to overwhelming demand, according to local media reports.
DBS Bank, United Overseas Bank said that about half of their branches were out of the new notes. Meanwhile, some lucky enough to get their hands on the new notes were already trying to make a quick sale. A set of notes containing three running numbers is seen listed for sale on the Carousell app at S$268.
