The Consumer Council of Fiji said although ceasing the production of 1 cent and 2 cents coins will lead to cost savings for the Reserve Bank of Fiji, the implications on consumers will need to be considered seriously.
Council's Media Liaison officer Shalvin Prasad said through RBF's rounding figure principle, a product price will be either up or down meaning a product costing $2.42 is to be rounded down to $2.40 while 3 or 4 cent figure will be rounded up to 5 cents.
Prasad said the Council is concerned that some traders may try to beat the proper application of the rounding off principle and the most affected will be the people in the rural areas and outer islands.
Meanwhile, the Deputy Governor of Reserve Bank of Fiji, Sada Reddy said they will soon commence a public awareness campaign for the ceasing of 1 and 2 cents coins and issuing of new structures for coins.
Reddy said the Bank will soon issue guidelines on the rounding off as agreed with PIB and is calling on all the traders to use the same rounding off method for non price controlled items.
He said the Reserve Bank acknowledges that the major concern is for rural areas however the bank will ensure that awareness filters down effectively to these areas.
Money Change Need Consideration
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