Swedish Rounding
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Swedish rounding - Wikipedia, the free encyclopedia
Swedish rounding is a method by which the total monetary cost of a purchase is ... New Zealand dollar · Reserve Bank of New Zealand · Swedish rounding ...
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Talk:Swedish rounding - Wikipedia, the free encyclopedia
... this text it says that Swedish Rounding has not been used in Sweden ... Isn't all of this just "normal rounding"? What is specifically Swedish about it? ...
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Swedish rounding is a method by which the total monetary cost of a purchase is rounded to the closest Units of measurement of physical currency.
Rounding may become necessary due to the lack of, or elimination of, low denomination coins. Since it may not be possible to make exact change for a purchase, rounding to the lowest denomination of coinage is required.
Rounding is applied to the total of all purchases, and only if a consumer is paying by cash. If payment is being tendered using credit card, debit card, EFTPOS or cheque no rounding is necessary.
History The term came to popular use in New Zealand in 1990, when the 1 and 2 cent coin were removed from circulation. The method adopted by the Reserve Bank of New Zealand for rounding was one based on a system commonly used in Sweden, following the removal of 1 and 2 öre coins from circulation in 1972.
The mechanics of Swedish rounding Here is an example of the mechanics of Swedish rounding, this is important to document as change generation algorithms depend on exact obedience of the mathematical rules of the rounding algorithm.
Rounding with 5c intervals This is the historical algorithm used in New Zealand, but is still in standard use in Australia. It involves rounding to the nearest 5 cents, i.e.
- round down to the nearest multiple of 5 cents for sales ending in 1c, 2c, 6c, 7c;
- round up to the nearest multiple of 5 cents for sales ending in 3c, 4c, 8c, 9c;
- values ending in 0c or 5c remain unchanged.
Rounding with 10c intervals
- round down to the nearest 10 cent value for sales ending in 1c, 2c, 3c, 4c;
- round up to the nearest 10 cent value for sales ending in 6c, 7c, 8c, 9c;
- if and only if one is at a 5c interval, do a coin flip (round up/round down)
Rounding with 50 öre intervals
- 1-24 öre round to 0 öre.
- 25-74 öre round to 50 öre
- 75-99 öre round up to the next whole krona
NZ Reserve Bank issues The Reserve Bank of Australia followed New Zealand's lead, and usage of the term, when 1 and 2 cent coins were removed from circulation in Australia in 1993. This method of 5c rounding has not been used in Sweden since 1985, when the 5 and 25 öre coins were canceled.
In November 2006, New Zealand eliminated the 5 cent piece meaning that rounding now takes place to the nearest ten cents.
Eurozone issues Finland and the Netherlands practice Swedish rounding officially. The method is also commonly, though unofficially, used throughout many other parts of the Eurozone.
See also Related currencies
- Swedish krona
- Australian dollar
- New Zealand dollar
Rounding related social issues