Dual pricing in place by 2007

Retail outlets and the service industry will be obliged to display their products in both lira and euro in 2007 as the country prepares for the changeover to the euro.

The National Euro Changeover Committee (NECC) said it had received a substantial number of inquiries over the matter from the private sector.

The NECC said that compulsory dual pricing will not be introduced next year - as some had thought - and that clear guidelines will be published as part of the information campaign which will be launched during 2006.

A legal notice regulating the manner in which voluntary dual pricing is to be displayed by the retail industry - until compulsory dual pricing will be introduced - is expected to be published soon, the NECC said.

NECC chairman Joseph F.X. Zahra said: "The government intends to publish a legal notice to ensure that whenever retail outlets or the service industry voluntarily quote prices or rates in both lira and euro, they would also quote the official central parity rate between the euro and the lira as established upon entry to ERM II earlier this year. This measure will be introduced to create a level playing field among the business community while safeguarding the interests of the consumer."

Mr Zahra said businesses should feel reassured that dual pricing will be introduced in 2007 rather than next year. "Some companies have requested information because they wanted to start preparing for the introduction of dual pricing.

"The NECC will also be communicating with the private sector in the process leading to the introduction of dual pricing and the business community will certainly be given adequate time to prepare for its introduction.

Also, a specific information campaign on how the dual pricing will work will take place well before the system will be introduced, targeting both the public and the business community."