InfoAnda - Central Europe shopping map redrawn

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Asia Pacific World Search Search: Central Europe shopping map redrawn AFP - Tuesday, April 21 SUWALKI, Poland (AFP) - - Sharp changes in exchange rates in recent weeks are generating a massive increase in cross-border shopping trips by residents of crisis-hit Central and Eastern Europe in search of a good deal. ADVERTISEMENT Towns in northern Poland have become a bargain shopping paradise for Lithuanians after the value of the Polish currency nosedived, while northern Hungary has been flooded by shoppers from new eurozone member Slovakia. Just 30 kilometres (20 miles) from the Lithuanian border, the Polish town of Suwalki, which has a population of 70,000, is deluged throughout the week. From the crack of dawn until it gets dark, the majority of cars occupying supermarket parking lots in town bear Lithuanian licence plates. "I spent about 800 zlotys (176 euros, 230 dollars), for a month's worth of groceries. I haven't set foot in a Lithuanian supermarket since February 4, except to buy milk or bread," says Albertas Zygmantas, a dairy employee in Mariampole, a Lithuanian town some 60 kilometers from Suwalki. Amid investor panic over the fallout from the crisis in Central and Eastern Europe, the value of the Polish currency, the zloty, plummeted in February to 4.83 zloty to the euro -- a 43-percent loss in value compared to July. Meanwhile the value of Lithuania's litas currency has remained stable despite the crisis because it is pegged to the euro, while a value-added tax hike introduced on January 1 has caused a rise in consumer prices. "The influx began in February. Previously, Lithuanians also came, but not in such large numbers. Now they come in entire families and groups," Janusz Bobrek, a vendor at the Suwalki market told AFP. Polish retailers have begun offering products such as apples and onions in bulk in order to satisfy their Lithuanian clientele. "Before the devaluation of the zloty, we sold 100-200 kilograms of meat per day, today we sell one to two tonnes per day.... So, 10 to 20 times more!" poultry vendor Krzysztof Toczko exclaimed with glee. Attesting to successful sales, he opens up his wallet and pulls out a thick wad of bills. By 10:00 am he already has a dozen or so 100 lita bills. His chickens sell for around seven zloty (1.52 euros, 2.00 dollars) a piece compared to 11.49 litas (3.32 euros, 4.50 dollars) in nearby Lithuania. Due to the economic crisis, Lithuanian insurance company employee Birute Lukosevciene expects a 50 percent salary cut from April. She will have just 600 litas (174 euros, 231 dollars) a month to live on and has already been saving money by shopping in Suwalki twice a month for the last two months. "By doing our shopping here all at once, we can save up to 200 litas," she said. Lithuanian pensioner Ona Rasikanciene spent 300 litas, or half her monthly pension, during a morning shopping trip to the Suwalki market. "We come to Poland because we can't survive otherwise. We take care of our orphaned grandchildren," says the pensioner, her voice charged with emotion. But Bobrek the vendor said that judging by their fine cars, most Lithuanians shopping in Poland are far from poor. "They buy everything in bulk, but not to resell it," he said. The shopping phenomenon has become a costly one for Lithuanian authorities. The head of the Lithuanian parliament's public finance committee, Kestutis Glaveckas, said Lithuania was losing about 100 million litas (29 million euros, 38.5 million dollars) per month in tax revenue due to cross-border shopping. "Business in Lithuania is suffering the most. And the hope for an economic recovery is pinned on these very businesses," said DnB Nord bank economist Indre Genyte, referring to the impact on the retail sector. But Oksana Vizguliene, a young Lithuanian mother who travelled 200 kilometers (125 miles) from Vilnius to Suwalki to load up on nappies and baby food, said it was only fair that business should move elsewhere. "If Lithuania can't offer lower prices, then let Poland profit from its good fortune!" Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Entertainment & Lifestyle Berlusconi appears half-naked in Italian artworkAP - 58 minutes ago US-ENTERTAINMENT SummaryReuters - 2 hours 48 minutes ago Music Web site MUZU signs Universal dealReuters - 2 hours 57 minutes ago Jay Leno to give free show in hard-hit Ohio cityAP - Wednesday, April 22 Lauryn Hill to headline Stockholm Jazz FestivalAP - Wednesday, April 22 Enlarge Photo A Slovakian pushes a trolley with her purchases outside a supermarket in the Hungarian town of Mosonmagyarovar, about 20 kilometres from Bratislava, on April 16. Sharp changes in exchange rates in recent weeks are generating a massive increase in cross-border shopping trips by residents of crisis-hit Central and Eastern Europe in search of a good deal. 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