13 Mar 2008

One and two cent coins to be phased out in Fiji

12:04 pm on 13 March 2008

The price of goods in Fiji will soon change to accommodate the phasing out of one and two cents coins.

The Fiji Times reports Fiji Employers Federation says the removal of the coins will raise inflation "slightly".

Chief executive Ken Roberts says products which were sold for $1.98 would be rounded off to the nearest dollar.

Interim Prime Minister Commodore, Frank Bainimarama, says the new coins would be smaller with the coins gradually increasing in size from five cents to the 50 cents denomination.

Commodore Bainimarama said Fiji would also have a new coin structure by August this year.

The newspaper quotes the Consumer Council of Fiji chief executive Premila Kumar saying the price-controlled items have to follow a maximum price list system.

Mrs Kumar says if a price-controlled product has a maximum price of $1.98, it would have to be rounded off to $1.95.