The Numismatic Bibliomania Society

PREV ARTICLE       NEXT ARTICLE       FULL ISSUE      

V12 2009 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 12, Number 1, January 4, 2009, Article 22

RUSSIAN BANKER RECOMMENDS DROPPING TWO SMALLEST COINS

Dick Johnson emailed this submission last week, but somehow it got lost and didn't make it in to last week's issue. Sorry! Here it is. -Editor
In a long year-end interview published December 27, 2008, the head of the Russian Central Bank, Aleksey Ulyukaev, commented on a number of money subjects. Included in this were his statements on Russia's low denomination coins, particularly the 5- and 10-kopek coins. Like low-value coins in other countries it is costing Russia more to manufacture these coins than their face value. Question: Why does the Central Bank produce the [low value] coins? Many shops in Russia no longer take Russian pennies the 10 kopek coins and lower. Why do you produce that many [when] the people dont even care to pick up from the sidewalk? Are they worth the production cost?

Answer: Because we have to. We produce them because we have to in accordance with the legislation. We understand the point and our position is to abolish the smallest coins at least 5 kopeks or 10 kopeks and smaller. But its up to the Parliament to adopt this or that decision, and of course we will fulfill it if they do. Question: By producing these coins you are losing money, aren't you?

Answer: We are losing. To read the lengthy interview click on the URL below (the coin questions are near the end): Russian Central Bank's policy (www.russiatoday.com/spotlight/release/1845/)



Wayne Homren, Editor

Google
 
NBS (coinbooks.org) Web

The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org.

To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com

To subscribe go to: https://my.binhost.com/lists/listinfo/esylum

PREV ARTICLE       NEXT ARTICLE       FULL ISSUE      

V12 2009 INDEX       E-SYLUM ARCHIVE

Copyright © 1998 - 2012 The Numismatic Bibliomania Society (NBS)
All Rights Reserved.

NBS Home Page
Contact the NBS webmaster
coin