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Is S'pore ready to go cashless with NIRP?

Advances in cashless payment technology here have expanded the space in which interest rates can be reduced without causing disruptions in consumer banking.

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Nowadays, a NETS FlashPay card facilitates payment for goods and services with just a tap on a scanner instead of having to punch in a number.

ON MARCH 10, the European Central Bank (ECB) cut its interest rate further to -0.40 per cent. Earlier this year, on Jan 29, the Bank of Japan (BOJ) stunned markets with a surprise move to negative interest rates. So far, five central banks have adopted the negative interest rate policy (NIRP):

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