Lithuanians getting used to euro cash

Lithuania_euroThe euro changeover in Lithuania is reaching its final stage. Once the dual circulation period comes to an end on 15 January 2015, cash payments may no longer be made in Lithuanian litas. Pursuant to a Commission survey, most cash payments in shops were made entirely in euro and all customers received their change in the new currency on 7 January[1].

Banks, post offices and retailers are reported to cope well with the changeover process and the parallel handling of two currencies. Euro cash is gradually becoming predominant in Lithuanians’ pockets. On 7 January, about every second person polled confirmed to have mostly or only euro cash in the wallet.

Monitoring of compliance with the requirements for price display, proper conversion at the official conversion rate (3.45280 litas to one euro) and the correct implementation of the Memorandum on Good Business Practice upon the Introduction of the euro is coordinated by the State Consumer Rights Protection Authority and involves various institutions such as the State Food and Veterinary Service and the State Non-Food Products Inspectorate. Most of the violations identified so far consisted in prices not being displayed in two currencies and rounding mistakes. Questions and complaints are handled diligently by the competent authorities.

For more information on the Lithuanian changeover, click here.
Lithuania’s national changeover website
For more information on the euro, click here.

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Category: A Frontpage, Economy, EU, EU, European Commission, Eurozone, Lithuania

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