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Memorandum of Good Business Practice during the Adoption of the Euro

The euro is not the reason for the increase of prices; therefore, Lithuanian companies, business associations, entrepreneurs and municipalities are invited to join the fair price recalculation initiative and to sign the Memorandum of Good Business Practice during the Adoption of the Euro. Those who have signed this Memorandum voluntarily undertake to ensure fair recalculation of the prices into euro and not to use the adoption of the euro as an argument to increase prices of goods and services.

Please find the text of the Memorandum below:

I. Purpose and general provisions of the Memorandum

The purpose of the Memorandum of Good Business Practice during the Adoption of the Euro (hereinafter – “the Memorandum”) is, in creating a mutual trust based environment, to protect the interests of Lithuanian consumers during the adoption of the euro and ensure fair conversion of the prices of goods and services. Clearly understanding the importance of social responsibility, economic entities supplying goods and providing services, the associations and organisations uniting them join this Memorandum voluntarily.

Municipalities, research and higher education institutions and their associations are welcome to join the Memorandum as well. 

Having joined the Memorandum, the entities hereby undertake, as from the date of joining the Memorandum, to comply with the provisions of the Memorandum during the period of mandatory dual display of prices. The list of entities which have jointed the Memorandum will be published on the website (www.euras.lt).

II. Business principles and rights of the entities which joined the Memorandum

Entities which have joined the Memorandum hereby undertake to adhere to the following principles:

  1. fairness – not to use the adoption of the euro as an argument to increase prices of goods and services;
  2. responsibility – when recalculating prices, to round them up precisely according to the fixed conversion rate and rounding rules;
  3. transparency – to display prices in two currencies (in litas and euro) at trading and service provisions sites and in advertisements of goods and services in a clear, understandable and non-misleading manner;
  4. complaisance – to train employees serving consumers that they are capable, within the limits of their competence, to appropriately explain the principles of conversion of the prices of goods or services from litas to euro;
  5. sense of community – to encourage their business partners and suppliers to join the Memorandum.

Having joined the Memorandum, the entities shall acquire the right to use, under the established procedure, the specifically designed logo at all of their trading and service provision sites, media and public events, thus informing the public that they comply with the requirements of the Memorandum during the period of mandatory dual display of prices.

The associations which have jointed the Memorandum shall undertake to familiarise their members with the provisions of this Memorandum and seek to ensure that they strictly comply with these provisions.

For further information about the Memorandum and the joining to the Memorandum, please call 8 706 64 852 or 8 706 64756