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National Bank ceased issuing coins in denominations of 1, 2, 5 and 25 cents.
It's the Ukrainian truth.
How will this happen? What will change for business and buyers? What happened?
On July 1, 2018, the National Bank of Ukraine stopped an additional issue of 1, 2, 5 and 25 cents. The central bank will only have 10 and 50 cents. Commercial networks from this date, in the absence of small coins, will round the sum of the check
In other words, these coins will be removed from circulation?
Yes, but gradually. The coins of small denominations will be outstanding pending the decision of the Board of Directors of the National Bank of Ukraine on their withdrawal.
All in the supermarket, the rest of these pieces will not be issued.
in cash In the case of a buyer of small denominations, he may continue to pay them, and in case of presence of such coins, the seller may give to the buyer the rest of these coins [19659009] only in the absence of the parts of the denominations indicated, the buyer and the seller Round the total amount of the purchase in a check
I have a lot of coins currency. Can I exchange them for paper money?
Yes. By Decree No. 25 dated March 15, 2018, the National Bank of Ukraine obliged all Ukrainian banks to accept coins of small denominations for registration on accounts, deposits, letters of credit, transfers, coins and banknotes of other denominations
As noted in its resolution of the NBU, a rounding should be understood as a mathematical operation of replacing a number in the direction of an increase or decrease with appropriate precision.
The sum ending with a number from 1 to 4 rounded down to plus sum. The amount ending with the number 5 to 9 is rounded to the nearest amount
Thus, commercial, restaurant and cash settlement businesses with consumers using settlement operators should be indicated the documents total the rounded and rounded figures.
Should I round off in the case of cashless settlements?
No, there is no money to round up.
The optimization of small denomination circulation is not an invention of the NBU. According to the director of the monetary circulation department of the National Bank, Viktor Zayvenko, the current range of banknotes and coins is too large and is not totally compatible with the changes that have occurred since the time of the monetary reform.
"At the level of the purchasing power of 1 hryvnia is equal to 7 kopecks of the 1996 sample. If in 1996 there was a need for the circulation of small parts, then it is now" , – says Zayvenko
Reduce state money expenditure and ensure the circulation of money for more than 90 million USD per year
Many circulating of these coins [19659004] On June 1, 2018, cash (banknotes and coins) circulated to 360.8 billion UAH Of these, the coins – 2.1 billion UAH
The NBU assured that the suspension of the issuance of small coins will not affect price growth.
"We believe that any impact on inflation will be absent," said Volodymyr Lepushinsky, director of the Department of Monetary Policy and Economic Analysis of the NBU
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