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OST-98-3793

Action on IATA Agreement

Order 98-7-19 | OST-98-3793 | Issued July 27, 1998 | Served July 31, 1998

Order

The agreement is a consequence of the introduction in January 1, 1999, of the euro as the currency for countries in the European Economic and Monetary Union (EMU). The existing national currencies will also continue in use during a transition period that is to end July 1, 2002, but their values will be fixed to the euro. During this transition period, prices to consumers in EMU countries may be quoted in either euros or the national currency. To this end, the agreement establishes standard procedures to follow when converting passenger fares, add-on amounts and related charges specified in EMU national currencies into euros for fare quotation and sales purposes.

By:  Paul Gretch

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