2005-04-25
The Draft Law on the Adoption of the Euro and other technical aspects of the euro changeover were discussed at the meeting of the Council of the Lithuanian Trade Association held on 25 April in Vilnius.
“A lot will depend on the retailers so that the adoption of the euro in the country is not compromised”, said Reinoldijus Sarkinas, Chairman of the Board of the Bank of Lithuania, who was invited to speak about the key aspects of the adoption of the euro.
Mr Aidas Mackevicius, Director General of the Iki retail chain and President of the Association pointed out that a smooth changeover was in the interests of the retailers, but it required adequate preparation.
Managers of retail companies noted that retailers will face additional costs and organisational difficulties related to the adaptation of cash registers for their use during the dual circulation period.
Retailers also debated the provision of the Draft Law on the Adoption of the Euro on the dual display of prices of goods starting at least within 30 calendar days after the irrevocable conversion rate of the litas and the euro is set and continuing until the date of the adoption of the euro and for two months after this date. Their proposals included shortening the period of the dual display of prices and providing for more flexibility in the way the dual prices are displayed.
Members of the Association Council believed that the 15-day dual circulation period was too long.
The Draft Law on the Adoption of the Euro in Lithuania was prepared by Bank of Lithuania experts and was presented to public institutions, business and consumer protection as well as other interested institutions and organisations for consideration, comments and suggestions.
“We have received many responses already. Nobody has questioned the adoption of the euro. We have received good proposals: all of them are being considered and will contribute to the improvement of the draft law," said Mr Sarkinas.