The document, drafted by the Finance Ministry and the central bank, sets out key principles, elements and deadlines of the euro adoption process, as well as measures to ensure consumer protection, a smooth changeover from the litas to the euro, and ensuring sufficient public awareness.
According to the document, the Bank of Lithuania will work out an updated draft Law on the Adoption of the Euro, which will lay down the main principles of the changeover, including the conversion of the litas to the euro, cash exchange, the withdrawal of the litas from circulation, the publication of the images of euro banknotes and coins, and the mandatory dual display of prices, etc.
The Seimas will pass the bill only after the EU Council adopts a decision on the abrogation of the derogation and the introduction of the euro in Lithuania. The Council is expected to announce its decision in June 2014.
It is planned that the period of the mandatory dual display of prices will begin 60 days after the EU Council's decision on the irrevocable conversion rate between the euro and the litas and will last for another year after the changeover.
