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Coin handling fees nixed by parliament; prices may be rounded to 5¢

Slovak Prime Minister Robert Fico said on February 12 that one and two cent euro coins appear to be an obstacle rather than a useful means of payment, because they are complicating life for consumers, merchants and banks, the TASR newswire wrote.

Slovak Prime Minister Robert Fico said on February 12 that one and two cent euro coins appear to be an obstacle rather than a useful means of payment, because they are complicating life for consumers, merchants and banks, the TASR newswire wrote.

"The government is considering how to avoid the problems related to these coins. We are studying the way other countries resolved the problem and we are also considering the potential effects of a major rounding off on the resulting overall price level," said Fico.

The government is thinking about the option of rounding off prices to the nearest €0.05 (five cents) as a way to eliminate the use of one and two cent euro coins. Slovakia cannot directly cancel them as the coins are part of the common European currency.

Fico also highlighted the six-month cancellation of the coin handling fees by banks that was approved by parliament on February 11. It will become effective in March. TASR

Compiled by Zuzana Vilikovská from press reports
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