92% of Lithuanians feel they were well-informed about euro adoption

More than 100 days after Lithuania adopted the euro, as many as 92 percent of the Lithuanians feel that they were well-informed about the adoption of the euro, and presently 68 percent of respondents view the common European currency favourably (exactly a year ago the number was just around 50 percent). Lithuania's Ministry of Finance was one of the main organisers and coordinators of the process, euro.lt said.

"We may still calculate prices in litas in our mind; however, sociological surveys show that in these 100 days the euro has done more than just find its way into our wallets. It has happened just as it did in neighbouring countries: since euro adoption confidence in the currency has grown and will be growing in the future," said the Lithuanian Minister of Finance, Rimantas Sadzius.

According to survey data, between September 2014 and January 2015 the number of people thinking that the euro had triggered an increase in prices dropped from 84 percent to 58 percent.

To ensure that the public got used to the euro sooner, it was mandatory to list product prices in both currencies from 22 August 2014. Statistics Lithuania have constantly monitored price changes in 1,000 goods and services, and the State Consumer Rights Protection Authority in conjunction with other 17 supervising institutions monitored how closely the requirements were complied with. Approximately 20,000 inspections were conducted; approximately 1,000 companies were given warnings for incorrectly displayed prices or other violations, and fines were imposed on 16 companies.

Prices must be displayed in both both in euros and litas must be displayed at retail sales and service locations until the end of June; after that, salespeople will be able to display information about currencies and prices at their own discretion. 

The general perception is that adoption of the euro in Lithuania went smoothly: according to data from Eurobarometer, 86 percent of the Lithuanians believe that this was the case. In January 2015, 92 percent of Lithuanians felt they were very well-informed or well-informed about the currency changeover (matching the record set previously in Cyprus and Slovenia).

The information campaign coordinated by the Ministry of Finance  managed to reached to 2.4 million TV viewers, 2.3 million radio listeners, 1.5 million Internet users, and 1.4 million readers of newspapers and magazines.