Russia stops minting kopeks

Credit: Sergey Venyavskiy | RIAN

Last year, the Bank of Russia stopped minting kopeks. Only coins worth one, two, five and ten rubles were released. However, kopeks will remain in circulation for some time as Russians still hold change worth RUR 6.6 bio ($101 mio).

The Central Bank discontinued minting kopeks gradually. In 2012, the regulatory body stopped minting one-kopek and five-kopek coins. In 2018, the Central Bank stopped minting kopeks completely and now mints only ruble coins.

Central Bank representatives explained that currently, there are enough coins in circulation for payments. The total amount of one-kopek coins in circulation is worth RUR 72.8 mio ($1.1 mio), five-kopek coins RUR 288 mio ($4.4 mio) and ten-kopek coins RUR 2.5 bio ($38.4 mio). The total amount of 50-kopek coins is worth RUR 3.6 bio ($55.3 mio).

Kopeks are still used in price setting and will not be completely removed from circulation for now, the Central Bank reports.

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