Euro adoption - Conversion of lira cash into euro cash
Before January 1, 2008As e-day approaches, the banks are strongly recommending that the public deposit surplus Maltese lira notes and coins into their accounts to have them converted to euro automatically at no cost by our bank. The depositing of...
Before January 1, 2008
As e-day approaches, the banks are strongly recommending that the public deposit surplus Maltese lira notes and coins into their accounts to have them converted to euro automatically at no cost by our bank. The depositing of surplus funds which is already taking place will certainly facilitate matters after e-day, thereby easing the pressure on bank branches during the cash changeover period.
Furthermore, this reduces the security risks associated with significant bulk cash transfers during the changeover period.
Retail euro starter kits: Euro coin starter kits, intended for retailers or other small businesses will be on sale from commercial bank branches as from December 1. These will contain euro coins with a face value of €131(Lm56.24) that is in coin rolls: €2 - 1 roll x 25 coins; €1 - 1 roll x 25 coins; €0.50 - 1 roll x 40 coins; €0.20 - 2 rolls x 40 coins; €0.10 - 3 rolls x 40 coins; €0.05 - 2 rolls x 50 coins; €0.02 - 2 rolls x 50 coins; €0.01 - 2 rolls x 50 coins.
Personal euro mini kits: Euro coin mini kits having a face value of €11.65 (Lm5) will also be available for sale to the public from all commercial banks as from December 10, that is €11.65 in loose coins: €2 x 2 coins; €1 x 3 coins; €0.50 x 5 coins; €0.20 x 6 coins; €0.10 x 6 coins; €0.05 x 5 coins; €0.02 x 3 coins; €0.01 x 4. It is recommended that each person does not purchase more than five personal euro mini kits.
€5 notes: Banks will be selling a small amount of euro banknotes in €5 denomination as from December 1. This is mainly intended to enable small businesses to acquire some euro banknotes ahead of the changeover and is subject to availability. As from December 1, the banks will not be applying any foreign exchange charges on euro to lira and lira to euro transactions. Bear in mind that as from January 1, 2008, ATMs will be dispensing €10 and €20 notes.
Large business requirements (sub-frontloading): Business organisations requiring larger amounts of euro banknotes and coins in preparation for e-day (e.g. large supermarkets, foreign exchange bureaux, casinos, etc.) will have to make "sub-frontloading" arrangements in advance with their bankers. Sub-frontloading arrangements are subject to guidelines established by the European Central Bank. Business organisations requiring sub-frontloading should speak to their branch manager for further information.
Between January 2, 2008 and the end of March 2008
Bank customers: From January 2, 2008 till the end of March 2008, commercial banks will exchange lira banknotes and coins into euro banknotes and coins at the irrevocably fixed conversion rate of 0.4293. Bank customers' cash exchanges will be without limitation but may be subject to a two days' notice period if the amount to be exchanged exceeds Lm250 (€582.34). The deposit of lira coins should also be sorted in line with your bank's standard requirements. In the case of Bank of Valletta, separate denominations need to be placed in the plastic bags provided by the bank.
Non-bank customers: Cash exchanges for non-customers will also be affected free of charge up to a maximum limited amount of Lm250 per person.
After March 31, 2008
Banks will no longer accept or exchange lira banknotes and coins. These will remain redeemable at the Central Bank of Malta for 10 years in the case of banknotes and for two years in the case of coins.
• Mr Cassar Torreggiani is the executive head responsible for the euro changeover programme at Bank of Valletta.
As e-day approaches, the banks are strongly recommending that the public deposit surplus Maltese lira notes and coins into their accounts to have them converted to euro automatically at no cost by our bank. The depositing of surplus funds which is already taking place will certainly facilitate matters after e-day, thereby easing the pressure on bank branches during the cash changeover period.
Furthermore, this reduces the security risks associated with significant bulk cash transfers during the changeover period.
Retail euro starter kits: Euro coin starter kits, intended for retailers or other small businesses will be on sale from commercial bank branches as from December 1. These will contain euro coins with a face value of €131(Lm56.24) that is in coin rolls: €2 - 1 roll x 25 coins; €1 - 1 roll x 25 coins; €0.50 - 1 roll x 40 coins; €0.20 - 2 rolls x 40 coins; €0.10 - 3 rolls x 40 coins; €0.05 - 2 rolls x 50 coins; €0.02 - 2 rolls x 50 coins; €0.01 - 2 rolls x 50 coins.
Personal euro mini kits: Euro coin mini kits having a face value of €11.65 (Lm5) will also be available for sale to the public from all commercial banks as from December 10, that is €11.65 in loose coins: €2 x 2 coins; €1 x 3 coins; €0.50 x 5 coins; €0.20 x 6 coins; €0.10 x 6 coins; €0.05 x 5 coins; €0.02 x 3 coins; €0.01 x 4. It is recommended that each person does not purchase more than five personal euro mini kits.
€5 notes: Banks will be selling a small amount of euro banknotes in €5 denomination as from December 1. This is mainly intended to enable small businesses to acquire some euro banknotes ahead of the changeover and is subject to availability. As from December 1, the banks will not be applying any foreign exchange charges on euro to lira and lira to euro transactions. Bear in mind that as from January 1, 2008, ATMs will be dispensing €10 and €20 notes.
Large business requirements (sub-frontloading): Business organisations requiring larger amounts of euro banknotes and coins in preparation for e-day (e.g. large supermarkets, foreign exchange bureaux, casinos, etc.) will have to make "sub-frontloading" arrangements in advance with their bankers. Sub-frontloading arrangements are subject to guidelines established by the European Central Bank. Business organisations requiring sub-frontloading should speak to their branch manager for further information.
Between January 2, 2008 and the end of March 2008
Bank customers: From January 2, 2008 till the end of March 2008, commercial banks will exchange lira banknotes and coins into euro banknotes and coins at the irrevocably fixed conversion rate of 0.4293. Bank customers' cash exchanges will be without limitation but may be subject to a two days' notice period if the amount to be exchanged exceeds Lm250 (€582.34). The deposit of lira coins should also be sorted in line with your bank's standard requirements. In the case of Bank of Valletta, separate denominations need to be placed in the plastic bags provided by the bank.
Non-bank customers: Cash exchanges for non-customers will also be affected free of charge up to a maximum limited amount of Lm250 per person.
After March 31, 2008
Banks will no longer accept or exchange lira banknotes and coins. These will remain redeemable at the Central Bank of Malta for 10 years in the case of banknotes and for two years in the case of coins.
• Mr Cassar Torreggiani is the executive head responsible for the euro changeover programme at Bank of Valletta.