The euro will be adopted in Lithuania on 1 January 2015. For a smooth transition from the litas to the euro, one should prepare for this properly – for businesses, it is essential to evaluate their own needs, works and costs pertaining to accounting-related information technologies, assess their future cash demand and review issues related to resources and other relevant matters. We would recommend drafting an internal plan for the transition to the euro at the company.
One of the greatest challenges will be the first 15 days of January, when both currencies – the litas and the euro – can be used for payments. It is also very important that businesses would fairly recalculate and display the prices of goods and services, as required by the applicable legislation.
We hereby invite the business to join the Memorandum of Good Business Practice during the Adoption of the Euro. Having joined the Memorandum, business entities acquire the right to use the logo “Converted Fairly” designed specifically for this purpose for marking their trading and service provision sites and for marketing purposes, thus informing the consumer that they comply with the principles established in the Memorandum, namely, to recalculate prices fairly and not to use the euro adoption as an argument to increase prices.