Lithuanian businesses commit themselves for fair euro conversion

GMT 22:58 2014 Monday ,18 August

Arab Today, arab today Lithuanian businesses commit themselves for fair euro conversion

Euro conversion
Vilnius - XINHUA

The Lithuanian government, municipalities and representatives of Lithuanian business associations signed a Memorandum of Good Practices during Adoption of the euro on Monday, the government said in a statement.
The memorandum will serve as a basis for protection of Lithuanian consumers during the introduction of euro, the government said.
Its purpose is, above all, to ensure fair conversion of the prices of services and goods.
Lithuanian Prime Minister Algirdas Butkevicius, Minister of Finance Rimantas Sadzius, officials of the Parliament and the Ministry of Economy, leaders of the Lithuanian Confederation of Industrialists, the Association of Lithuanian Banks and other business structures were among those who signed the document.
The government will carefully monitor the situation and will not pander if unfair business practices are tracked down, Butkevicius said.
"There are legal instruments, we will exercise very strict control and by no means we will gratify if mischievous violations are detected," the prime minister was quoted by local media as saying.
Finance Minister Rimantas Sadzius noted that the agreement is based on reputable and honorable obligations.
Public disgrace would be the first punishment for those who will violate the memorandum, the minister said. Nevertheless, financial fines for certain types of abuse have been anticipated in Lithuanian laws as well.
"The text of the memorandum is short, but the main principles, I believe, comprehensively reflect the content of the main practices used by the banks and businesses," Stasys Kropas, president of Association of Lithuanian Banks, said in a statement released after the event on Monday.
Adoption of euro is a big challenge, but it will have positive effect on Lithuania's macroeconomic stability in the long term, he added.
Altogether 37 associated structures, 44 municipalities and 242 enterprises have joined the memorandum so far, committing themselves not to use the euro as an excuse to increase prices for consumers.
Until the day of the introduction of euro, other participants will be able to join the memorandum on a voluntary basis.
All those joining the agreement will acquire the right to use the logo "Perskaiciuota Saziningai" (Converted Fairly) created for marking trading and service places with it, using it in advertisements, official documents and events as well as informing consumers that the principles established in the memorandum are being respected.
Similar agreements between businesses and governmental bodies were signed in neighboring Baltic countries Estonia and Latvia which adopted euro in 2011 and 2014 respectively.
Lithuania, which is currently using its national currency litas, will become the euro zone's 19th member on Jan. 1, 2015.

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