Bank of Russia launches five new coin platforms

New coin platforms were launched in Krasnodar, Samara, Volgograd, Omsk and Kazan, allowing direct coin transfer between banks.

A month earlier, the first coin platform was opened in Nizhny Novgorod, and joined by 21 operating offices of credit institutions. This means six similar services are now available across the country.

The coin platform in Nizhny Novgorod proved its relevance in its first month of operation: its daily circulation totalled one tonne. The highest readings were observed on 27 November 2018, when 1.5 tonnes of coins (more than 80% of the supply) were transferred to the recipient.

Coin platforms aggregate applications from banks experiencing coin surplus or shortage, forward these applications to exchange participants, and track their execution. Before the service was launched, credit institutions usually transferred coins through Bank of Russia offices. These platforms encourage the return of coins into active circulation and improve the effectiveness of this process. All this helps mitigate the costs of coin circulation, and the Bank of Russia’s mintage, transportation and processing expenses. It also raises the level of satisfaction of cash circulation agents and the transparency of coin flows.

In the future, the project is to be expanded and similar platforms will be launched in other Russian cities.