The Governor of the Reserve Bank of Fiji, Savenaca Narube, today clarified issues surrounding the cessation of the one cent and two cents coins. Narube says the major reason why the circulation of one and two cents will cease is not so much because of the cost of minting them but more so because these coins hardly circulate any longer.
"Due to the rise in incomes and prices, these coins have lost their value and therefore when issued into circulation they do not change hands or circulate like other denominations. Instead, as we all do, we accumulate them in jars, bottles and containers at our homes and offices. This signals clearly to us that their value is virtually insignificant and people do not need them any longer. The cost of minting them therefore becomes an unnecessary burden."
Read article: Fiji Reserve Bank Clarifies Cessation Of Coins - Pacific Magazine
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