Financial Services, Latvia, Legislation, Markets and Companies

Residents were particularly active on January 1, reporting about price tags and currency conversion.

The Consumer Rights Protection Center received 152 e-mails and calls during this period. 40% of them concerned price changes, 25% – incorrect currency conversion or prices not indicated in both currencies. Residents also had questions about retailers not accepting euros or lats.

Residents' reports are very important, helping plan more efficient inspections, establish trends and identify specific areas requiring additional communication with residents.

Nearly 50% of all reports were about potential price increases. Businessmen have the right to set their prices at economically favorable levels. It is up to consumers to decide whether to purchase their goods or not. The Consumer Rights Protection Center ensures that those companies that have signed the "Honest Introducer of the Euro" memorandum are observing it and not trying to raise their prices under the cover of the introduction of the euro in Latvia.

As reported, Latvia adopted the euro on January 1 of this year, becoming the eurozone's 18th member.