Businesses buy 14,000 euro starter kits in eight days

More than 14,000 euro starter kits were bought by businesses from banks since the beginning of December, the Parliamentary Secretary at the Finance Ministry, Tonio Fenech, said yesterday during the launch of the starter kits for consumers.

Moreover, many retailers pre-booked starter kits which are expected to be collected in the coming days. The kits for businesses, containing euro money to the value of €131, were exchanged for Lm56.24.

Consumers can now go to any bank and for a Lm5 note obtain a bag containing all the Maltese euro coins. The coins amount to €11.65. There are 330,000 mini kits available.

The euro becomes Malta's official currency on January 1.

Now that kits are available, consumers can begin the process of exchanging the Maltese money they have. The euro changeover is in fact in full swing, as are preparations for e-day, Mr Fenech said.

It is truly remarkable, he said, that less than four years after joining the EU, Malta, the smallest member state, will be adopting the second strongest currency in the world.

The chairman of the National Euro Changeover Committee, Joe F.X. Zahra, said the 59 euro centres around Malta and Gozo launched last week are assisting retailers and the public with any queries they may have about the changeover.

NECC executive director Alan Camilleri said it was extremely important that people use small change in the first month after the adoption of the euro in order to avoid cash-flow problems.

Until January 31, purchases can be made in both lira and euro but change will be given in euro only. The lira can then no longer be used for payment purposes. Nevertheless, Maltese cash would still be exchanged free of charge at any bank at the irrevocably fixed conversion rate.