European countries are phasing out 1 and 2 cent coins, rounding cash payments to simplify transactions.
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Ukraine previously removed 1, 2, and 5 kopeck coins, followed by 25-kopeck coins; all cash payments are now rounded to the nearest 10 kopecks. The National Bank views this change as necessary due to the high cost of minting small coins that do not re-enter circulation. Similarly, eight European countries, including Lithuania joining a group of seven, have stopped minting and legally mandated rounding for cash transactions in stores starting from May. In practice, cash payments are rounded to the nearest 5 or 10 cents; card payments remain precise. The Bank of Lithuania states this simplifies cash calculations and reduces lost coins. While some countries like Italy have already adopted these measures, a unified decision across the Eurozone is required for such changes. Public opinion on eliminating small coins varies, with Southern European nations showing more resistance compared to those where the reform has been implemented.
