1st of January - Eurozone joined Latvia!

Consumer protection

The euro and its daily use will be something new for majority of consumers. To ensure smooth changeover process it is essential to achieve close cooperation among all involved parties (public administration institutions, banks, enterprises etc.), because the euro changeover will be a common project of the whole state.

Consumers themselves cal also influence this process. To ensure efficient and convenient currency changeover public awareness will be of great importance - knowledge about the euro and changeover process.

As the euro changeover day will come closer special consumer awareness campaign will be organized comprising advertisements and broadcast on radio and TV, publications in national and regional newspapers, as well as dissemination of brochures and other informative materials. However, it is also possible to get acquainted with activities planned within the euro project and follow news on this homepage www.eiro.lv, which is one of elements of public awareness campaign.

Dual display of goods and services prices

To prevent potential breach of consumer rights and to reduce a speculative rise in goods and services prices there are measures planned within the National Euro Changeover Plan which will be binding for both traders and service providers.

One of the main requirements is a period of dual display of prices, which shall last three months before and a year following the euro changeover day. Prices in the euro will be set according to the official exchange rate of the euro against the lats and strictly mathematical principles. The period of the dual display of prices will be equally binding both on the public and the private sectors.

Since Latvia is characterized by seasonal goods circulation the period of dual price display has been set comparatively long (more than a year). Display of prices in the lats and euro will help citizens to prepare for currency exchange and compare prices in the lats and euro.

Price control mechanism

Compliance of traders with these requirements will be supervised by responsible states institutions in cooperation with NGOs. This will be done to prevent unfair price rounding, e.g. setting a higher price in euro than in lats or charging extra for paying in euro.

According to the euro changeover action plan trainings will be launched for representatives of NGOs, businessmen, and an action "Fair euro introducer" will be organised. Businesses with accurate calculations and respective display of prices in euro will be awarded stickers with an inscription "Fair euro introducer".

Supervision of consumer basket prices

As the euro changeover day will come closer the Ministry of Economics (MoE) will continue supervision of consumer basket prices. Changes will be published on the home page of the MoE, as well as analysed during the euro changeover process.

Following the euro changeover

Gains from the euro changeover for consumers:

  • Easier to compare prices on goods and services in various countries;
  • More convenient and cheaper travelling;
  • Increased competitiveness among traders and service providers.