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Russia proposes to abandon coins
Demand for small denomination coins among Russian residents is declining, so the possibility of minting should be considered. This idea was put forward in a conversation with RIA Novosti by the Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov. He recalled that the Russian Federation recently began issuing 5-ruble notes again.
"The central bank's approach is correct: it is better to earn money and save it. There is no particular need for change among the current population. I see that many people do not even accept change when it is given to them. "So it is worth considering whether it is worth producing something that people do not need."
Aksakov also noted that the law defines the ruble as the national currency, so there should be 1 ruble in circulation. However, the feasibility of production should be discussed. He added that no devaluation or reforms are planned, since the currency is stable.
The Central Bank of Russia also announced that new 500-ruble banknotes will not be issued until 2024. The banknote design has not yet been completed and will be decided in a national referendum.