2014-02-11
Experts at the Bank of Lithuania believe that the adoption of the euro will lead to a significant increase in the country’s export and over the coming eight years Lithuania’s companies — both large and small — will sell 34 billion more in goods and services, calculated still in litas. Such a projection was provided by Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, who met today with members of the Lithuanian Confederation of Industrialists.
“Participation in the euro area and adoption of a single European currency, which we expect in early 2015, will provide national business with new opportunities including — export growth. Even by conservative estimates, with the introduction of the euro, our exports will gradually increase by 5 per cent. In addition, the disappeared currency risk will improve the conditions for business financing”, says V. Vasiliauskas.
According to him, in aiming for a smooth transition both for state institutions and businesses, it is necessary for them to complete on time their homework. The basic guidelines on how to properly prepare for the changeover will be prepared by the Ministry of Economy, with the assistance of other institutions.
The Chairman of the Board of the Bank of Lithuania also introduced the businessmen to the main practical euro adoption aspects.
Evaldas Gustas, the Minister of Finance, also discussed euro issues. Heads of branch and regional business associations, representatives of the country’s businesses participated in the meeting.
The Lithuanian Confederation of Industrialists unites 42 branch and 9 regional associations, uniting more than 2,700 businesses of different varieties. The Confederation includes not only most of the manufacturing companies in Lithuania, but also scientific research institutes, educational institutions.