The adoption of the euro in Lithuania should not violate the economic interests of consumers. One of the key measures to help protect consumers from potential abuse when recalculating prices from litas into euro is the display of prices in two currencies. The dual display of prices is mandatory during the period from 22 August 2014 to 30 June 2015, and the prices must be indicated in litas and euro according to the fixed conversion rate and established rounding rules.
Recalculation of prices will be inspected by 17 supervisory institutions, which have been granted the right to carry out inspections at trading and service provision sites. Inspections will be carried out in the whole territory of Lithuania, covering remote geographical locations as well.
Since 22 August 2014 supervisory institutions, which must carry out the supervision of the implementation of the Law of the Republic of Lithuania on the Euro Adoption, have had the right to inspect at trading and service provision sites whether:
- prices are indicated in two currencies;
- the conversion rate irrevocably fixed by the EU Council is applied when recalculating prices;
- prices are rounded according to the mathematical rounding rules;
- prices indicated in euro and litas are clearly understandable and not misleading.
For the first breach of the law natural persons will be imposed a warning, heads of legal persons or their authorised persons will be imposed a warning or a fine of up to LTL 1,000. For a repeated breach of this law, natural persons will be imposed a fine of up to LTL 5,000, heads of legal persons or their authorised persons will be imposed a fine from LTL 1,000 to LTL 10,000.
Acting within the limits of its authorizations and seeking to ensure the adequate protection of consumer interests during the euro adoption period, the State Consumer Rights Protection Authority will control and coordinate the activities of supervisory institutions responsible for the regulation of a certain area of consumption in order to protect consumers from potential unreasonable increase of prices or other kind of abuse of the euro adoption.
By paying particular attention to Lithuanian regions, consumer associations in the whole of Lithuania will carry out the monitoring of price recalculation and indication, consult economic entities on any issues related to the adoption of the euro and notify the State Consumer Rights Protection Authority of any potential violations.