With the European Union (EU) expected to issue its final approval today for the adoption of the euro in Lithuania, businesses lowering their prices before the currency changeover should win the competitive race, the Lithuanian finance minister has said.
Rimantas Šadžius
© DELFI / Tomas Vinickas

“Many of us have noticed that some businesses started playing with the rounding of their prices. The competitive race will be won by businesses that lower, rather than increase, their prices,” Rimantas Šadžius said in an interview with LRT television.

The EU’s General Affairs Council decision due Wednesday, will be straightforward and clarify two key points, said Šadžius.

“We will find out the date of euro adoption and the currency exchange rate, which will be unchangeable. Then we will have to amend our legislation and double pricing will be launched in August,” Šadžius said.

The public had to be notified about all aspects related to the currency changeover, he said.

“It’s necessary to inform the public how to distinguish between real and counterfeit banknotes. It’s important to talk about practical things and point out that currency will be exchanged free of charge,” the minister added.

Lithuania plans to adopt the euro next January.

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