On 18 August of this year, Medicinos Bankas signed the Best Practice Memorandum for Introducing the Euro. The aims of this memorandum are to create an environment based on mutual trust, protect the interests of Lithuanian consumers in the introduction of the euro and ensure the fair recalculation of pricing for services and products. Clearly understanding the need for social responsibility, economic entities that produce products and/or services as well as their associations and organisations join the Memorandum initiative voluntarily.
Companies standing behind the Memorandum must adhere to the following principles:
- not to take advantage of the introduction of the euro as an excuse to raise the prices of products and services;
- in the recalculation of prices, the latter should be determined accurately according to the set currency rate and rules of rounding;
- clearly and comprehensibly indicate pricing in both currencies (LTL and EUR) in places of product/service provision as well as on product/service advertisements so as not to mislead consumers;
- train employees servicing consumers to appropriately explain the principles of product/service pricing conversion from LTL to EUR according to their level of competence;
- encourage business partners and suppliers to join the Memorandum initiative as well.
Having joined the Memorandum initiative, entities acquire the right to use a specially designed logo marked by the slogan “Recalculated fairly” in their areas of product and service provision.
This is already the second memorandum that Medicinos Bankas has signed in preparation for the introduction of the euro in Lithuania. On July 17 of this year, the country's commercial banks, Medicinos Bankas among them, signed the Memorandum for Mutual Understanding with the Central Bank of Lithuania regarding best practices in the lead-up to the introduction of the euro. By signing this document, banking institutions made the commitment to service clients for longer periods of time during the currency conversion period, create favourable conditions for transferring litas to bank accounts as well as applying other measures that would enable private individuals and businesses to exchange their funds as smoothly as possible.