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Ceturtdiena 22.02.2018 | Name days: Rigonda, Adrians, Ārija
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Traders approve the Fair Euro Adoption Code

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The Council of the Latvian Traders Association (LTA) has approved the the Fair Euro Adoption Code. It states that traders will carefully and economically perform all measures related to the transition from Lat to Euro.

Traders also agree to responsibly and clearly explain all unclear questions in regard to Euro adoption to buyers. During the transition period, traders will ensure that buyers have all the information they need about prices in Lats and Euro. Traders who recognize the Fair Euro Adoption Code will either preserve or reduce the average added value of goods during the transition from Lat to Euro. Traders will also provide society with information about price calculation principles, informs LTA.

The code is based on Euro adoption guidelines of the European Central Bank, the Euro Adoption Law, LTA professional ethics code and the Code on Good Business Practice.

It should be added that LTA representatives participates in a practical seminar on Euro adoption in Estonia’s city of Pernava last week. Estonia also had a fair Euro adoption campaign, but even though prices were not raised, they grew during Euro transition period.

“It will be similar with Latvia. We have many manufacturers that have gotten used to changing prices with January 1. Estonia’s traders association explained to consumers that prices changes not because of Euro or because traders decided to increase prices, but because producers had increased them. Estonian traders admit that the announcement about the fair Euro adoption was posted in shops, but it was not advertised especially well, because there will always be people that are never satisfied with prices,” – admits LTA.

Officially, the influence of Euro adoption on prices in Estonia contributed to a 0.3% increase. During this period, traders had next to no profit at all, because they had to cover expenses related to Euro adoption. Euro transition cost traders an average of 0.2% to 1% from their annual revenue.

“Euro transition is hard for everyone. So let us be nice to each other during this transition period,” – call the traders.

BNN previously reported that traders had calculated how much Euro adoption would cost them – at least 160 million LVL. This amount includes costs for the reprogramming of cash registers and their maintenance. For example, costs for the replacement of price tags could reach 16 million LVL, according to LTA president Henriks Danusevics.

Seeing as though such costs are to be covered by traders, Danusevics predicts that Euro adoption will affect prices; i.e., they could grow by 0.4-0.5%.

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