Lithuanian banks plan to round cash transactions to the nearest 5 or 10 cents to simplify change.
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A new decision will round the total amount of cash purchases to the nearest 5 or 10 cents. The Bank of Lithuania states this will simplify cash transactions and reduce the amount of coins collected or lost in tills, which is estimated to save about a third of a million euros annually. This rounding will only apply to the final basket total when paying with cash. While over 80 percent of residents have been informed, system providers note that implementation presents challenges, particularly with sales involving discounts or installment payments, potentially leading to inconsistencies across different retail chains. Although the initial adjustment requires investment and time for cash register and accounting system updates, the long-term benefit is expected to be simplified transactions and faster processing. In the Eurozone, approaches vary; some countries like the Netherlands and Sweden do not circulate small coins and apply rounding, while others continue to use them. Southern European countries, such as Greece, Cyprus, and Spain, show the most resistance to eliminating small coins. Italy is an exception, having stopped circulating small coins since 2018. Austria is currently monitoring the situation without immediate plans to stop issuing coins.
