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Small Coin Makes A Difference To The Pocket

5 April 2005
MEDIA RELEASE

Small Coin Makes A Difference To The Pocket

Through a consultation conducted by the Reserve Bank, the National Council of Women of New Zealand (NCWNZ) advocated for the retention of the five cent coin.

“Most of our members argued for the retention on the basis of the impact on prices and inflation should there be no five cent coin”, said Elizabeth Bang, Acting National President. “It is the people with little disposable income who will be most affected by the removal of these coins.”

“The biggest fear is the inflationary impact when small purchases are rounded up,” continued Mrs Bang. “It is the children and the elderly, and those who buy single items using cash that stand to be most affected by what could be described as an economic inflationary instrument.”

“At the same time as the Human Rights Commission identifies the need for this country to eliminate poverty,” said Mrs Bang, “the Reserve Bank chooses to introduce another mechanism for increasing the pressure on the most vulnerable members of the community.”

NCWNZ is disappointed by the Reserve Bank’s decision to remove the coins from circulation.

ENDS


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