Author Topic: Ukraine: Central bank wants rid of small pieces  (Read 1099 times)

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Offline chrisild

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Ukraine: Central bank wants rid of small pieces
« on: February 19, 2010, 12:55:41 PM »
The National Bank of Ukraine plans to take the three smallest denominations out of circulation. Producing the 1, 2 and 5 kopiyka coins is apparently more expensive than the face value: Making one coin worth 1 kopiyka costs 16 kopiykas - and between half a billion and one billion of those steel pieces are issued every year.

Here is a Radio Ukraine article in German; have not found the English version.
http://www.nrcu.gov.ua/index.php?id=475&listid=111846

According to the article, many of the pieces are taken out of the country as scrap metal. So the National Bank has now suggested to withdraw these three denominations. If the plan is approved by the government, four coin denominations would "survive": 10, 25, 50 kopiykas, and 1 hryvnia.

Christian