EU – Baltic States, Financial Services, Latvia, Legislation, Markets and Companies, Retail

This amount will include the cost of reprogramming cash registers, cash register systems and ensuring their operation. For example, the replacement of price tags could cost up to LVL 16 million. "This could be the lowest amount," explained Danusevics, adding that there would also be the cost of new software before and after the adoption of the euro, and other costs, writes LETA.

Taking into account that retailers will have to cover these costs themselves, Danusevics predicted that the introduction of the euro could also be reflected in prices, which could grow 0.4 to 0.5%.

Danusevics also pointed out that the Merchants' Association is not content with the fact that price tags will have to include prices in both euros and lats three months before the introduction of the euro and six months after that. The association believes that this period should be reduced to two months – a month before the adoption of the euro and a month after.