Central Bank to begin phasing out of one and two cent coins later this month

One and two cent coins will be phased out from October 28.

The Central Bank has announced the date as the beginning of rounding in Ireland.

From that day, when consumers get change in cash, it will be rounded up or down to the nearest five cent, to reduce the need for one and two cent coins.

The rounding scheme was successfully trialled in Wexford in 2013.

It will be on a voluntary basis, and one and two cent coins will remain legal tender.

CEO of Retail Excellence Ireland, David Fitzsimons, said it not the case that the price of all goods will be rounded upwards.

"The Central Bank are introducing rounding because the cost of production of one or two cent coins are greater than the actual coin value,

"Basically, the average basket of goods that you bring to the till, the retailer will be asked to round that up or round it down to what the total basket value is.

"We're basically going to see basket values at the till ending in a 0 or a 5."