Daily Management Review

Belgian authorities report deficit of one and two euro cent coins


09/25/2018


The Ministry of Finance of Belgium informed people about the deficit of coins worth one and two euro cents.



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The Belgian state earlier refused to coin copper coins of this denomination because of the high cost of the process.

"People should use their coins for their intended purpose; keeping them at home does not make sense," Finance Ministry spokeswoman Florence Angelici told reporters. According to her, 1.63 billion coins of one and two euro cents have accumulated in the hands of the population of Belgium at the present time.

The representative of the Ministry of Finance advised those who store coins in their homes to actively pay with the coins in stores. There is also an opportunity to exchange euro cents for bills at the National Bank of Belgium. The only limitation is that you need to bring at least 5 kg of coins.

The Ministry of Economy of the Kingdom, for its part, is already preparing a draft law on rounding settlement amounts when paying for goods in cash. Since 2014, traders in Belgium are allowed, if necessary, to round up amounts to five euro cents, but this was not included in practice.

According to a study conducted earlier by the Eurobarometer's statistical service, citizens of EU member countries belonging to the euro area support the withdrawal of one and two euro cents from circulation, but fear that this step may lead to an increase in inflation.

According to the Eurobarometer, in general for the countries of the euro group, 66% of respondents support denial of one cent coins. Other 60% agree with the need to withdraw two cents from circulation. Ireland, Belgium and Luxembourg are the most prominent supporters of abolition of small coins: over 80% of respondents expressed their opinion in favor of this.

At the same time, the survey showed that 65% of respondents believe that disappearance of one and two cents will lead to a rounding of prices for goods, which in turn will affect the growth of prices.

The members of the EU Council on Economics and Finance, for their part, declared their readiness to consider the possibility of the euro group's rejection of the production of small euro cents, provided that at the national levels an agreement is reached between buyers and sellers to round up prices for consumer goods.

The practice of rounding up prices has been used successfully in the Netherlands, and Finland generally refused to use coins worth one and two cents since the introduction of the euro since January 1, 2002.

source: reuters.com






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