2014-06-12
One of the major challenges to be faced by retailers during the changeover is proper acquisition of euro cash. This was emphasized by Antanas Ivanauskas, Director of the Cash Department of the Cash Service at the Bank of Lithuania, at a meeting with the representatives of the Alliance of Lithuanian Retail Trade Enterprises Aibė in Kaunas.
He informed that, according to the projections of the Bank of Lithuania, after the euro is adopted, during the dual circulation period, when, on 1–5 January, people will be able to pay for goods and services both in euro cash and litas cash, the amount of cash in circulation may increase by 3 to 5 times, the number of payments — about 20 per cent, because, when paying in cash during the dual circulation period, the change will be given in euro cash. Thus, distribution businesses will have to manage the stocks of both currencies.
The representative of the Bank of Lithuania recommended distribution businesses and service enterprises to acquire in advance sufficient amounts of low denomination euro banknotes (EUR 5, 10 and 20) as well as of euro coins and euro cents of all denominations. To facilitate the acquisition process, the Bank of Lithuania will produce two types of euro coin sets designated for distribution businesses and service enterprises, especially small ones. Enterprises were suggested to apply in advance to credit institutions and cash in transit companies, and to discuss their requirements with them.
Algimantas Sodeika, Chief Expert of the Currency Production Organisation and Examination Division of the Cash Service at the Bank of Lithuania, told about euro security features.
Tomas Lavišius, Deputy Head of the Small and Medium Business Policy Division of the Small and Medium Business Department at the Ministry of Economy, informed about dual price marking in litas and euro that will be mandatory from the end of August of this year to the middle of next year. He presented the Memorandum of Good Practice during the Adoption of the Euro.
Irena Gasiūnienė, Deputy Head of the Regional Taxpayers Division of the Tax Liabilities Department at the Kaunas County State Tax Inspectorate, at the meeting presented to business entities recommendations on tax payment and work with cash registers during the euro adoption period in Lithuania.
“Preparations for the euro adoption pose a number of practical questions to our businesses; we got the answers today to many of them. We will further seek to get all relevant information related to the euro adoption. This will be helpful for smooth work following the changeover,” said Aidas Kaubrys, Director of the Business Development Department of the Alliance of Retail Trade Enterprises Aibė.