|
|
|
  |
| Sunday, 24 April 2005 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
Minting
coins a costly business
Minting coins is costly but a shortage of coins results in the Central Bank resorting to the costly process which erodes the money set aside for development. According to a top official of the Central Bank there are sufficient coins in circulation but in reality there are shortages of coins from time to time. The reasons for this shortage are that coins collected by individuals and charities do not come back into circulation for a long time Central Bank sources said that if coins are collected in small tills instead of the large ones the coins would come back to the system quicker and also help the collecter get interest for his money. He said that when a person gets coins he should use it in the next transaction. Also taking change money for the bus fare will help eliminate a lot of unpleasant situations. He called upon treasurers of charities not to keep the coins for months but to deposit the money as early as possible and earn an interest which can be used for development activities. When coins are brought to the banks the staff should accept the coins promptly. All these measures will help check the unnecessary minting of coins which will benefit the economy in several ways. CB sources said that there is no shortage of coins at present and if there seems to be a shortage the reason is that the coins are not in circulation. Therefore everybody should make an effort to circulate the coins and stop the costly minting and thereby help in the development of the country. (SG) |
|
| News | Business | Features
| Editorial | Security
| Produced by Lake House |
