"Residents of Sochi can dispense with petty cash during "Money Week"
The city of Sochi is set to host the annual "Coin Week" event from September 22 to October 4, 2023. This initiative, organised by the Central Bank of Russia, aims to address the issue of coin circulation and shortage experienced by trading enterprises.
During the event, residents and visitors of Sochi can exchange their coins for banknotes or deposit money into their accounts for free, both in banks and large network stores participating in the event. This service is designed to help increase coin circulation and reduce the number of coins that end up in people's possession, thereby reducing the need for new minting.
In 2024, during the "Coin Week," residents of the region returned 1.5 million coins totaling over six million rubles to circulation. The event is not repeated annually, but has a specific date range to ensure maximum impact.
To make the most of this opportunity, the city administration recommends sorting coins by denomination beforehand. Exchange conditions may vary at different points, so it's important to check them on-site. Detailed information and addresses of participants can be found on a special website.
Alexei Zhudik, the director of the Department of Economy and Strategic Development of Sochi's mayor's office, emphasized the importance of the event, stating, "Coin Week is a unique opportunity for our city to boost coin circulation and support local businesses. We encourage everyone to participate and help address the issue of coin shortage."
It's worth noting that the event is not related to banknotes, but rather focused on coins. Russia's central bank produces a large number of coins, and a significant portion of the produced coins does not return to circulation, making events like Coin Week crucial in maintaining a healthy coin economy.
For those planning to visit Sochi during the event, this is a chance to contribute to the local economy while also getting rid of any excess coins you might have. So, mark your calendars and get ready to participate in the "Coin Week" in Sochi!
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