Set as homepage  |  Add to Favorites
News Center
AAC Machine
AAC Plant
Probiotic Machine
News Center
Russia to abolish coins of small denominations
Date: 2010/9/24 Click: 1293
The Russian Central Bank (CB) submitted a proposal to the State Duma, stopping the circulation of coins worth one and five kopeks, Moscow's Vedomosti business daily reported on Monday.

One Russian ruble consists of 100 kopeks.
CB's First Deputy Chairman Georgy Luntovsky said minting of all coins has been loss-making, with the only exception of two highest denominations, coins of five and ten rubles.

Currently, these coins make around one percent of all money in cash circulation.

This is the second time the CB applies to the State Duma with the proposal to eliminate the small change, after it was rejected in 2008.

According to deputy head of State Duma's financial committee Pavel Medvedev, the proposal will be supported "by 100 percent certainty" during Monday's discussion.

Experts said the elimination of kopeks coins should be smooth as the population have already been dropping small changes for some time. According to the polls, up to 90 percent Russian people would not bother to save the change less than 10 kopeks.
Copyright © 2003-2013 Hopeland Chem-Tech Co., Ltd. All rights reserved.
Add.: Rm. B-1708, Taaffeite International Commerce Plaza, 4th Gaoxin Road, Xi'an City, Shaanxi Province, China
Postal Code: 710075
Cell phone: +86 135 7190 0119
Tel: +86 29 6296 0726
Fax: +86 29 6296 0725
Email: /

Web Stats: