According to reports, Bank of Lithuania is considering withdrawing 1-2 Euro Cent coins from circulation.
Coins with a denomination of 1-2 euro cents are majorly used for one-time settlements but are often lost or left unused.
As a result of this, the Bank of Lithuania has resumed talks about withdrawing these denominations from circulation. If the proposal is approved, the final amounts of purchases would be rounded off and there will be no need for these coins.
According to recent polls, around 63% of Lithuania’s population would support giving up the smallest denomination coins.
Brigita Ramanauskaitė, the Chief Specialist of the Policy, Issuance, and Control Division of the Cash Department of the Bank of Lithuania, cited statistical data as the basis for the need to withdraw small coins from circulation.
Though the proposal is under discussion, once it is approved, Lithuania would join many other EU countries that have already eliminated their smallest denominations.
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