4th January 2013
Friday, May 24th, 2013
NBP to withdraw groszy coins
Poland's National Bank (NBP) plans to withdraw low-denomination coins from the market reports Gazeta Wyborcza. Their production costs exceed their nominal value. The 1 groszy coin costs 5 groszy (zł.0.05) to make. Currently 8 billion coins out of the 12 billion on the Polish market have face value of 1,2 and 5 groszy.
The Poles don't like to use low-denomination coins, and they keep them around the house instead in their wallets. In the next three years, the NBP plans to prepare a legislation allowing for rounding up the amounts in payments. If the new law is passed, there will be no more production of coins with the face value of one and two groszy.
From Warsaw Business Journal
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