MOSCOW, February 23 – RIA Novosti. When will Russia stop minting coins and what it depends on, Garegin Tosunyan, president of the Association of Russian Banks, suggested in an interview with Sputnik radio.
Russians began to prefer non-cash payments for settlements. The trend towards cash ditching became especially noticeable during the pandemic. The turnover of cash, especially metal, will continue to decline, Garegin Tosunyan believes. “It does not depend on our citizens, it depends on the decision of the regulatory bodies. They are doing everything now to reduce the volume. In fact, there is a kind of washing out of iron metal money from circulation,” Tosunyan said.
One reason, he noted, is that minting small coins is more expensive than their face value. First of all, of course, this concerns coins with a penny denomination, which for the most part have already actually gone out of circulation. And coins denominated in rubles can still serve, the president of the Association of Russian Banks is sure.
“Ten rubles is actually 10 cents, a little more. Of course, they will not go out of circulation at all soon, the range of significant leaching out of circulation will be no less than 5-10 years. If the ruble strengthens, then the same 10 rubles may turn into not in 10-15 cents, but in 50 cents, but 50 cents – this is a sufficient amount to continue to exist in metal form and be used as change.If there is a depreciation and the same 10-ruble copper coin will not pay off, then leaching will happen 90 percent, “Garegin Tosunyan believes.
If you have accumulated a lot of small change, then in a number of banks you can exchange it for banknotes or credit it to your account. In addition, in some shopping centers there are machines for accepting coins with subsequent crediting to a card or replenishing a phone account – at the client's choice. And you can keep some coins for yourself, just for the sake of interest, advises Garegin Tosunyan.