Don't expect 99 cents sales in the future as the Prices and Incomes Board starts consultations with stakeholders on the new prices to be implemented as the 1 and 2 cent coins will be slowly taken out of circulation.
PIB Secretary Ane Naulivou told Fijivillage that they are talking to the relevant stakeholders on the pricing structure of the price controlled items which will now be rounded off to the nearest 5 cents which means that consumers will have to pay a few cents more or less on certain items.
However, she confirmed that consultations are also underway on those items which are not under price control.
The Reserve Bank of Fiji will commence withdrawing the 1 and 2 cent coins from October 13th and retailers are now expected to start rounding off their prices to the nearest 5 cents to cater for the changes being brought about.
Deputy Governor Sada Reddy confirmed that as per the cabinet decision earlier this year smaller and lighter 5, 10,20 and 50 cent coins will be introduced and new $1 coins with new metal composition and edge designs are being brought in to replace the current circulation coins.
Reddy said that the marked prices should not change and that the rounding off will occur at a point of sale and for cash transactions only and that is it important that the public realize that current prices should not be affected by this change.
The new coins will begin circulation from January 2009.
Don’t Expect 99 Cents Sales
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