• The aim of the dual display of prices is to facilitate a smooth changeover by providing information for consumers and encouraging retailers to start preparations for the adoption of the euro.
• The aim of the dual display of prices is solely the provision of information. It does not encourage, promote or oblige any payment in euro.
• The dual display of prices will not require any cash registers to be changed.
• The dual display of prices will be mandatory as from 1 July 2007 to 30 June 2008. The voluntary dual display of prices is also encouraged, and can start as early as 1 January 2007.
• Any organisation opting to display prices in both currencies prior to the commencement of the mandatory period, will nevertheless have to adhere to the FAIR guidelines published by the NECC.
• The dual display of prices applies to government departments, businesses, non profit organisations and all other entities where monetary amounts, prices and values in Lm are displayed on goods and services and are available for purchase by the end consumer.
• All goods and services fall under the obligations outlined in the dual display of prices guidelines. This includes price lists, bills, invoices, receipts, transport fares, payslips, financial statements, quotes, magazines, newspapers, vouchers and advertisements.
• During the mandatory period of the dual display of prices (1 July 2007 – 30 June 2008), the irrevocably fixed exchange rate is to be used when translating prices from Lm to euro.
• If any entity opts to display prices in both currencies prior to this period, the Central Parity Rate, currently 0.429300, should be used at all times.
• All entities obliged to abide by the dual display of prices guidelines must also ensure that prices are displayed in accordance with the rounding and smoothing” guidelines issued by the NECC.
• The dual display of prices is limited to the final price that the end consumer is to pay (which is inclusive of taxes). In the case of receipts and invoices, only the total amount due must be shown in both currencies.
• For certain cases where the dual display of prices may prove to be exceptionally difficult or unfeasible, such as machine or mechanical displays, a conversion table should be made clearly available at the point of sale.
• The NECC has established the Fair-pricing Agreement in Retailing (FAIR) initiative, which is to start on 1 January 2007. It seeks to ensure fairness and transparency in the pricing of goods and services during the period prior to the adoption of the euro.
• Any organisation or entity wishing to voluntarily commence the dual display of prices prior to 1 July 2007, is obliged to participate in the FAIR scheme. Applications for participation in FAIR will be received by the NECC from 1 October.
• Organisations can show their commitment to fair pricing and their commitment to ensuring adequate preparedness by participating in the FAIR initiative.
• Organisations are in turn guaranteed nationwide publicity before the mandatory period of dual display, granted free training of staff, given the option of a free web link from the NECC’s website and will also have the option of using the ‘euro campaign’ mark on their promotional material.
• The ‘Euro Observatory’ is to be set up in order to launch, promote and monitor the effective implementation of the FAIR initiative.