Rules of recalculating prices

Updated: 17.03.2011

The dual display of prices lets customers compare prices. For six months before and six months after €-day, retailers are required by a regulation of the Ministry of Economic Affairs and Communications to display either handwritten or printed prices in both kroons and euros. Prices have to be converted at the exchange rate of 1 euro=15.6466 Estonian kroons.

Retailers are recommended to display prices in both currencies in as many ways as possible, on websites, in promotional materials, catalogues, total amounts of invoices, purchase receipts, etc. The dual display of the amounts payable was especially important prior to €-day in order to prevent customers from calculating amounts payable in euros using an inaccurate exchange rate.

Rounding must be carried out to an accuracy of at least one euro cent calculated to three decimal places. Prices may also be displayed at a value of less than one euro cent, for example 0.008 euros, which will help to prevent any rise in prices resulting from rounding for cheaper service tariffs.

Example. If you would like, for example, to convert 264.50 kroons into euros, you should divide EEK 264.50 / 15.6466 = EUR 16.90463104. The result must then be rounded to the nearest cent by considering only the third decimal, in this case 4. If the third decimal is 4 or less, the converted value will be rounded down, so in this example, rounding to the nearest cent would yield 16.90 euros.