The Malaysian government announced yesterday that by 01 April 2008, the ubiquitous 1 sen coin would no longer be legal tender. This effectively means that the consumer has about five months to get rid of whatever 1 sen coins they have lying around in their pockets, purses, cars and houses before it becomes a worthless copper coin. The Bank Negara says it will save RM18 million yearly on production of 1 sen coins with the implementation next year.
However, consumers are informed that ALL payment totals will be either rounded up or rounded down depending on the final total. I wonder whether the consumer will benefit from this move or will businesses stand to gain more? In the long run, I think businesses will stand to gain in the long run as I'm sure that prices of a lot of goods will be 'restructured' soon to take advantage of this situation. It's just another excuse for the prices of goods and services to go up again. Bah.
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