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The Peruvian Central Reserve Bank (BCRP) announced that from January 1, 2019 the distribution of the Peruvian 5 centimos coin will be stopped and the coin is withdrawn from circulations.
When in 1991 the Nuevo Sol (S/.) - which was renamed Sol (S/) in 2015 - was introduced as new currency of Peru, next to banknotes for S/. 10, S/. 20, S/. 50, S/. 100 and S/. 200, coins for 1 centimo, 5 centimos, 10 centimos, 20 centimos, 50 centimos, S/. 1, S/. 2 and S/. 5 were issued and distributed.
Already in 2011, the 1 centimo (equivalent to about US$ 0.003) was withdrawn from circulation; the 5 centimos coin (equivalent to about US$ 0.015) will suffer the same fate on January 1, 2019.
However, according to the BCRP circular 033-2018 from October 31, 2018, the 5 centimos coins maintain their value and can be exchanged the same way as 1 centimo coins in multiples of S/ 0.10 at any branch of the Peruvian Central Reserve Bank or financial institutions in the country for an unlimited period.
Additionally, for cash payments only the total amount to be paid is rounded in favor of the customer. So, no matter if the bill is for example S/ 1.82 or S/ 1.89, only S/ 1.80 have to be paid. Generally rounding up is prohibited and only permitted with the customers’ express consent.
Be aware that these changes only affect the actual coin and cash payments, but not the value or use of the centimo or online payments and virtual transactions.
