One Cent

Our government has announced to fully implement the rounding mechanism to the nearest 5 cents for over-the-counter payments by 1st April 2008. It was believed that the implementation would benefit both consumers and businesses.

In my humble opinion, we pay one or two cents extra for some bills while saving one or two cents in another bill, the prices even out eventually. So, I don't see much benefits or impacts for consumers except we don't have to carry around the one cent coins. Perhaps it will help to reduce few grams from your wallet laa ... or you don't have to dig out one cent coins over the counter.

According to Bank Negara Malaysia's assistant governer Datuk Mohd Nor Mashor, countries such as Australia, Denmark, Finland, New Zealand and Singapore had successfully implemented the mechanism. Let's us hope it will turn out well in Malaysia too, ummm..Malaysia Boleh!!! maaa~ However, a question for us to ponder upon....what if .... what if the retailers exploit the mechanism and tag the items end with 3, 4, 8 and 9 cents so that they can round up to the nearest multiple of 5 cents?


Afterall, what would you do with your one cent coins from now onward as it will be phased out gradually? Spend all the one cent coint you have? Frame up the one cent coins? Kept in your treasure box? Who knows hundred years later, it will be very valuable wor? =P