Traders: Euro transition will be reflected in prices

Expenses of the introduction of Euro will cost traders at least 160 million LVL, says the President of the Latvian Traders Association Henriks Danusevics.

This amount includes costs for the reprogramming of cash register systems. For example, cost for replacing currency could reach nearly 16 million LVL. “Such is the minimum amount, excluding expenses related to additional transport and new system management before and after Euro adoption,” – Danusevics says.

Given the fact that these expenses are to be covered by traders, LTA President predicts that the introduction of Euro will be also reflected in prices: i.e., they could grow by 0.4-0.5%.

Danusevics also noted that LTA is not very satisfied with the Euro introduction project’s price transition period. It currently states that price tags in LVL and EUR should be set within three months and remain for six more months after the full adoption of the new currency. “LTA does not understand why price tags should show prices in LVL and EUR for nine months. One month before Euro introduction and one month after would be enough,” – LTA President said.

The products and services parallel price reflection period will begin three months prior to Euro adoption (October 1, 2013) and will last for six months after Euro adoption – until June 30, 2014.

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