The final amount of a basket of goods or services in Lithuania will be rounded off from May 2025, thus gradually phasing out the 1 and 2 cent coins after 65 lawmakers on Thursday voted in favor of such changes, 20 were against and 31 abstained.
Mindaugas Linge, chairman of the parliamentary Committee on Budget and Finance, says the rounding is a win-win situation.
From May 2025, the final amount of a purchase will only be rounded up to the nearest multiple of 5 cents for cash payments: an amount ending in 1 or 2 cents, 6 or 7 cents would be rounded down to 0 or 5 cents, and rounded up to 5 or 10 cents for amounts ending in 3 and 4 cents, or 8 and 9 cents.
The coins will not be withdrawn from circulation and can continue to be used for payment.
Rounding would not be used for non-cash payments, currency exchange, cash transfers, cash deposits and withdrawals.
Six EU countries now round off the final amount of goods in order to move away from one and two cent coins. Estonia is also planning to introduce the rounding of small cents from 2025.
Source: BNS
(Reproduction of BNS information in mass media and other websites without written consent of BNS is prohibited.)