Lithuanian businesses sign memorandum on fair conversion to euro

According to Prime Minister Algirdas Butkevičius, the Memorandum is a voluntary agreement between government and businesses to work together.

Among those who signed the memorandum was Prime Minister Algirdas Butkevičius, Minister of Finance Rimantas Šadžius, Deputy Minister of Economy Rasa Noreikienė, various associations of retail companies, industrialists, hotels and restaurants, businesses, agriculture, banks, and representatives of such major companies as Maxima LT, Palink, Norfos Mažmena, Rimi Lietuva, Senukai, Apranga, Topo Grupė, Lietuvos Kooperatyvų Sąjunga (Lithuanian Union of Cooperatives).

Until 1 January, when Lithuania is officially adopting the euro, Lithuanian enterprises, business representatives, municipalities will be able to join the Memorandum on a voluntary basis. By signing the Memorandum, they will assume a commitment to be fair with consumers during the euro adoption process, i.e., not to use it as an excuse for raising prices and to ensure fair conversion and display of prices of services and goods.

All those joining the Memorandum will acquire the right to use the logo “Perskaičiuota Sąžiningai” (Converted Fairly) created especially for this purpose and to mark trading and service provision sites with it, use it in advertisements, official documents and events as well as to inform consumers that they follow the principles established in the Memorandum.

The Law on the Euro Adoption in the Republic of Lithuania stipulates that in case of undue conversion of the values of goods or services from the litas to the euro or non-compliance with other requirements of the Law, warnings and fines will be imposed.