In the following months one of the priorities of the Consumer Protection Board of Estonia is to oversee price presentation, correct exchange rates and rounding rules, and, if necessary, carry out sanctioning thereof.
From July 1, 2010, until June 30, 2011, in addition to kroons, the prices of goods and services offered to consumers shall also be presented in the euros.
The principles for price presentation in the two currencies are established with a regulation of the Minister of Economic Affairs and Communications. Andres Sooniste, Director General of the Consumer Protection Board, said that “the regulation gives consumers a chance to become familiar with the new prices as early as possible, making the process of transition smoother.”
Prices in two currencies shall either be printed or handwritten in the points of sale of goods/services as well as in various price lists. If the price is marked on the product, its packaging or a tag thereof (e.g. footwear, clothes, books, etc.), a price list, setting out the prices in both kroons and euros, may be put up next to the goods available on the nearby shelves, counters or pallets, .
The requirement to present prices in two currencies also applies to e-commerce, with a concession that if the prices in two currencies cannot be added to products/services, the relevant websites must include a price calculator that enables you to calculate the cost of a product or service in the euros. Furthermore, it is also recommended that end amounts to be paid by the customer for the goods selected into the basket shall be presented in two currencies.
The requirement to present prices in two currencies shall not, however, cover the goods and services offered in sales catalogues, due to the fact that some of the catalogues may have been printed before the requirement took effect.
Price presentation in two currencies does not cover the following:
1) Unit price of pre-packaged goods;
2) Sales price of the amount of goods measured as ordered by the consumer;
3) Amount of packaging deposit.
Furthermore, it is not obligatory to print the prices presented in two currencies on different tickets (public transport, theatre, cinema, museum, exhibition tickets, and lottery tickets), phone pay cards and gift cards for shopping. However, at points of sale of tickets, the sales prices of tickets shall be presented in both kroons and the euros.
Recalculating prices from one currency to another shall be carried out on the basis of the official exchange rate of the Bank of Estonia (15.6466) and the result of recalculation shall be rounded to one cent accuracy according to the third number after the decimal point. If the third digit after the decimal point is 5 or higher, the price shall be rounded upwards.
Until the day of adopting the euro (presumably January 1, 2011), commercial transactions are based on prices presented in Estonian kroons with those presented in euros having a merely informative purpose. As of the euro adoption date the transactions shall be conducted according to the euro prices.
The Consumer Protection Board shall check the presentation and correctness of prices, imposing fines, if necessary, on those that have failed to meet the requirements.
Source: Ministry of Finance of Estonia
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