The decision has come about as many traders often find that they don’t have enough of the coins in their till and the National Bank also has run out of its stock of 1 and 2 cent coins.
A bill proposing rounding of prices to the nearest 5 cents was tabled in September. Now the cabinet has agreed to the proposals.
A shortage of coins
The Federal Economy Minister Kris Peeters told VRT News that “Many traders and customers find the small 1 and 2 eurocent coins irritating”.
"A shortage even built up a few months ago because they are more often saved than used”
Traders have been allowed to round off the nearest 5 cent since 2014. However, as no one wanted to be the first to start
"This is why we are making rounding up or down mandatory for cash payments”, Mr Peeters added.
Rounded up or rounded down?
- From 1 December 2019:
- 1 and 2 cent will be rounded down to 0 cent
- 3 and 4 cent will be rounded up to 5 cent
- 6 and 7 cent will be rounded down to 5 cent.
- 8 and 9 cent will be rounded up to 10 cents.