In Latvia, 47% of the population supports the abandonment of one- and two-cent coins, according to the spring 2024 “Payment Radar” of the Bank of Latvia.
The number of people who support the abandonment of small denomination coins exceeds the number of people who expressed the opinion that coins of these denominations should be left in circulation (42%).
On the other hand, in the fall of 2023, 49% of the respondents expressed the opinion that coins of small nominal values should be removed from circulation, while 46% – that they should be left.
Historically, the highest support for the revision of the nominal values of euro cent coins was in February 2022, when 51% of respondents expressed support for the idea of abandoning one and two euro cent coins.
The Bank of Latvia has developed a draft law on the rounding of the final amount of payment in cash, which is being negotiated with the Ministry of Finance and the State Revenue Service, as to how rounding of the final amount of the purchase in cash could be implemented in practice.
The biggest challenge is adapting the cash registers and cash register systems to reflect the rounding of the final amount of the purchase on the purchase receipt. Traders should not only introduce changes in the systems, but also certify them in accordance with the current regulations. This would significantly impact costs and increase implementation time. Currently, the Bank of Latvia, in cooperation with the Ministry of Finance, is looking for the most business-friendly solution to the problem.
Tags: Latvijas Banka population supports abandonment cent coins Latvia
