The production of one and two cent coins look set to be discontinued and taken out of circulation.
The Central Bank looks likely to recommend the phasing out of one and two cent coins. The cabinet will consider a memo, brought forward by Minister for Finance Michael Noonan, on their use tomorrow.
Paschal Donohoe Minister for Transport, Tourism and Sport, says that trials which took place demonstrated no problems for consumers or business.
The cost of actually minting these coins is now more than the actual role that they play in their economy.
A trial in Wexford last year was deemed a success but how will this impact on consumers? Retailers look to reassure consumers that by rounding cash transactions, consumers will not lose out. Vincent Jennings of the Convenience Stores and Newsagents Association explains that it is only the total amount of purchase that is rounded in price rather than individual products.
Five other EU states have already adopted a policy of rounding prices.
An RTÉ News report broadcast on 15 June 2015. The reporter is Sinéad Hussey.
