The National Bank of Ukraine (NBU) has decided to stop striking coins of low denominations – 1 kopiyka, 2 kopiykas, 5 kopiykas, 25 kopiykas coins, acting NBU Governor Yakiv Smolii has said.
“The National Bank stops striking 1 kopiyka, 2 kopiykas, 5 kopiykas, 25 kopiykas coins. All these denominations of coins will be in circulation, but in the future they would not be replenished with new coins of these denominations,” he said at a press conference in Kyiv on March 14.
Accordingly, starting from July 1, Ukraine will use the rules for rounding up the total amounts of cash payments: the amount of a receipt, which ends at 1-4 kopiykas, will be rounded down to the nearest amount ending at 0 kopiykas; the amount that ends at 5-9 kopiykas will be rounded up to the nearest amount, which ends at 0 kopiykas.
At the same time, Smolii said that 1 kopiyka, 2 kopiykas, 5 kopiykas, 25 kopiykas coins will continue to serve as a means of payment. If the buyer has coins of small denominations, he or she can still use them, and if the seller has these coins, he or she can give the buyer a change in these denominations.
He said that the initiative to round down the sums of receipts would not affect prices of goods and services and impact inflation.
