One Cent Coin - April Fool ?

Effective 1 April 2008, Bank Negara Malaysia has set new rule to the usage of one cent coins.

Quoted from Star paper today; Under this exercise, the total amount of a bill, inclusive of tax, which ends in one, two, six and seven sen will be rounded downwards to the nearest multiple of five sen while the total bill which ends in three, four, eight and nine sen will be rounded upwards.

For example, goods priced at RM1.91 and RM1.92 will be rounded to RM1.90 while RM1.93, RM1.94, RM1.96 and RM1.97 will be rounded to RM1.95. But you may buy five pieces of a RM1.99 item and pay RM5.95.

According to Bank Negara, the introduction of this mechanism is to reduce the demand for the one sen coins. However, the coin remains legal tender for payment of goods and services.

So put aside one cent coin for memoir !