Main / Press releases and speeches / Press releases / Cash payments in euros to be rounded to the nearest 5 cents
The President of the Republic of Finland has ratified the act on the rouding of cash payments in euros. The rounding rule does not apply to the prices of individual products, which are set at the cent level, nor to giro transfers.
Rounding in cash payments will virtually eliminate the need for one and two cent coins in Finland; demand will be restricted to collector coins as well as to other special purposes. This will bring significant savings in coin manufacturing and handling costs. It is also clear from experiences with the current ten-penni coin that small coins are considered impractical.
In spite of the rounding rule one and two cent coins will to some extent be struck in Finland and they have the status of legal tender. Likewise one and two cent coins of other euro area Member States are legal tender in Finland and can be used in shops and banks, for instance.
According to the adopted rounding rule amounts ending in one, two, eight or nine cents will be rounded to the nearest 10 cents; amounts ending in three, four, six or seven cents will be rounded to the nearest amount divisible by 5 cents.
Rounding examples:
11 or 12 cents => 10 cents
13 or 14 cents => 15 cents
16 or 17 cents => 15 cents
18 or 19 cents => 20 cents
Euro notes and coins will be issued on 1 January 2002. During a two-month dual circulation euros will be used in parallel with the markka. Euro notes will be denominated in 5, 10, 20, 50, 100, 200 and 500 euros. Euro coins will be denominated in 1 and 2 euros and in 1, 2, 5, 10, 20 and 50 cents. One euro is FIM 5.94573.
Inquiries: Director Raine Vairimaa, tel. 358 9 160 3014.
Ministry of Finance P.O BOX 28 FIN-00023 GOVERNMENT Tel. +358 295 16001 E-mail: valtiovarainministerio@vm.fi
