Estonia to adopt ‘rounding rule’ for cash payments
Central bank to phase out one and two euro cent coins as they are “too expensive to produce and handle”
Estonia is to become the seventh country to phase out one and two euro cent coins after its parliament approved a law to round cash payments to the nearest five or zero.
The Bank of Estonia on August 5 launched a new frequently asked questions portal about the rounding rule for merchants. The Baltic state will follow Belgium, Finland, Ireland, Italy, the Netherlands and Slovakia in adopting the change.
Merchants will still be allowed to set prices freely and the change will not affect those paying
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Coins
Estonia’s head of cash on sunsetting low-value coins
Bank of Estonia’s Rait Roosve speaks about the country’s decision to stop minting one- and two-euro cent coins
Central European countries see rise in counterfeiting
Danish central bank to upgrade banknotes ahead of overhaul
Canada introduces first Charles III coins
Argentina updates 2,000-peso note; ECCB commemorative note honours cricketer; and more
Currency round-up: New yen banknotes to arrive in July 2024
De La Rue outlook brightens; Egypt continues transition to polymer; and more
Currency round-up: India withdraws 2,000-rupee note
De La Rue replaces chair; Canada and Philippines win currency awards; and more
Argentina importing banknotes amid high inflation
Curaçao picks Crane for new currency; Cuba drops visual aids from banknote
Currency round-up: De La Rue issues profit warning
Central African central bank to release new coins; and more
Currency round-up: Ukraine issues war anniversary note
Caymans redesigning banknotes; Travelex expands wholesale business; and more