The final end of one and two cent coins is approaching. See how it will work when paying TVNOVINY.sk – TVNOVINY.sk

The final end of one and two cent coins is approaching. Although not officially abolished by the Ministry of Finance, it will significantly limit their use in public spaces. Classic rounding will be used for this. The change will take place in a few days. “This step will simplify the issuance of coins, lighten our wallets, help older people to handle them, and at the same time reduce the cost to entrepreneurs of fees when they needed to deposit or process them in a bank. The change will also have a positive impact on the environment, “said the Ministry of Finance in a press release issued in a year ago. At that time, the proposal was approved by the government with effect from 1 July. Traders have long argued that they take such a measure with open arms. “Traders support the abolition of one and two-cent coins because they cause unnecessary costs in administering these small coins,” said Martin Krajčovič, chairman of the Slovak Alliance of Modern Trade, in April last year. This is how it will work in practice In practice, it will not be a cancellation, but a system of rounding. “We would like to emphasize that the individual items will not be rounded, but only the final amount of the entire purchase,” the ministry explains. How cash payments will be rounded: – If the purchase amount ends with one or two cents, the resulting payment is rounded down. – If the purchase amount ends at three, four, five, six or seven cents, the resulting amount is rounded to five cents. – And if the purchase amount ends at eight or nine cents, the payment for the purchase is rounded up. Of course, the rounding rules only apply to cash transactions; for non-cash payments, the amount does not need to be rounded. In the case of a combined payment, ie if the customer wants to pay part of the amount, for example by card, and part in cash, only the part that is paid in cash is rounded. At the beginning of July, Slovakia will join countries such as Italy, Belgium and the Netherlands, where restrictions on the use of the smallest cent coins already apply.