For a long time, lack of small denomination coins remained one of the highest priorities on the agenda of the EBA Retail Committee, as it complicated the work of retail chains with consumers. Now, we are happy to inform that on March 15, 2018, the Resolution of the Board of the National Bank of Ukraine “On Optimization of the circulation of coins of small denomination ” No. 25 was adopted. This resolution will enter into force on July 1, 2018.
The Resolution foresees:
- termination of the additional issue into cash circulation of coins in denominations of 1, 2, 5 and 25 kop.;
- trade and service companies will round out the total amount of cash payments in checks and in acts of return of funds or another document, issued while money refund in case of return of the goods;
- rounding will not be carried out during cashless settlements;
- trade and service companies which use cash registers must indicate in their checks the total amounts before and after rounding when making cash payments. Rounding is not a discount or a surcharge, advertising or stimulation of the sale of goods (works, services) in the sense of these terms, defined by the legislation of Ukraine.
Until now, retail networks have been looking for different ways to get out of this situation – transferring the rest to loyalty cards, rounding up commodity prices, etc. But this does not solve the problem, as a buyer has the right to demand the rest. If the seller refuses, explaining this with the lack of coins, this is already a violation of consumer rights. The lack of coins is the reason for bringing a person to administrative liability, which is at risk of a fine.
The EBA repeatedly appealed to the National Bank of Ukraine with a request to resolve the issue of circulation of coins at the legislative level. And now, finally, the decision has been taken.
The European Business Association expresses its sincere gratitude to the Governor of the National Bank of Ukraine Yakiv Smolii and the whole team of experts and specialists who have made a great effort to solve this problem situation. This is the first step in the policy of optimizing cash circulation.