Central Banking

Bank of Russia wants to scrap kopek coin

Bank of Russia

The Bank of Russia has proposed to parliament's lower house that Moscow stop minting one and five kopek coins.

The central bank confirmed Thursday that it had written to lawmakers in the State Duma, the lower house of Russian parliament, proposing that the coins be scrapped as their production was "loss-making".

One kopek ($0.0003) is worth one hundredth of a rouble. The central bank highlighted the fact that a one kopek coin costs 47 kopeks to produce, while a five kopek piece costs 69 kopeks,

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