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Rounding Mechanism Say Bye-Bye to 1 Cent Coin
The Malaysian Government wishes to announce the introduction of a Rounding Mechanism to the nearest multiple of 5 sen for over-the-counter payments to be fully implemented by 1 April 2008.
The Rounding Mechanism only applies to the total amount of a bill and not on individual items. In the Rounding Mechanism exercise, the total amount of a bill which ends in 1, 2, 6 and 7 sen will be rounded down while the total bill which ends in 3, 4, 8 and 9 sen will be rounded up to the nearest multiple of 5 sen.
The implementation of the Rounding Mechanism brings benefits to both businesses and customers. Businesses will be able to save on handling costs and for customers, it will make payment faster and more convenient.
Click HERE to see how the Rounding Mechanism works.
Source: Bank Negara Malaysia
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