The New Year has finally arrived and has brought with it a historic step for the Maltese population. Not only have we welcomed a brand New Year, undoubtedly full of resolutions and opportunities, we have also welcomed our new currency, the euro.
However, although e-day can indeed be referred to as a historic step, this in no way means that we have reached the end of the road. The fact of the matter is that the days and weeks following euro adoption are just as important as the preparations that have been carried out beforehand.
At this stage, it is important to make an effort to “think euro” and for this to be achieved with any measure of success, each and every one of us needs to make a conscious effort to use the new currency and build up a scale of value in euro. Some practical tips for the general public as well as retailers may be a useful guide for the days and weeks ahead:
Tips for the general public:
• Try to make an effort to use euro only. It is much easier to pay for items bought in the new currency as change is always to be given in euro. Although you may still use Maltese lira notes and coins until the end of January 2008, you will help ensure a smooth changeover for all by using euro as often as possible.
• There is no need to rush to the bank to exchange Maltese lira notes and coins. Bear in mind that commercial banks will be exchanging Maltese lira to euro until the end of March 2008, so there is no hurry to do so within the first few days.
• Do not use shops to literally exchange Maltese lira to euro. Although they are obliged to accept payment in Maltese lira for the first month of 2008, do not forget that all commercial banks will be exchanging the old currency notes and coins without charges.
• If you do choose to pay in Maltese lira during the dual circulation period (January 2008), it would be ideal to tender the exact amount, so as to avoid any possible confusion and to assist shop-keepers in their efforts throughout the changeover period.
• Keep your conversion charts and BOV converters handy – they are the ideal “reference point” if you want to help yourself build up a “scale of value” in euro. In addition to this, Euro Centres will remain open to offer advice and assistance, so make the best of such opportunities and seek information and assistance where necessary.
Tips for retailers:
• Keep Maltese lira and euro notes and coins separate so as to avoid any possible confusion and to assist your staff during the dual circulation period. It would be best to keep euro notes and coins only in your cash till or at your point of sale.
• Where possible, make regular trips to the bank to deposit or exchange any Maltese lira notes and coins tendered throughout the dual circulation period. In this way, you will also ensure that you have enough euro notes and coins to work with throughout the next business day.
• Take time to explain your position to your customers. People are willing to cooperate and assist as and when necessary.
• Do not forget that the Euro Centres are there to provide assistance and information, as is Linja Ewro 154. Make good use of the assistance and training being offered.
• Although many a time change does present challenges, adequate preparation always pays off. The National Euro Changeover Committee is confident that the Maltese population will make a success of the changeover and is more than willing to assist any person who feels the need to seek further information or help.
The national euro helpline will continue to operate, as will our team of information officers and euro assistants. Send us an email on [email protected] or phone us on Linja Ewro 154 for further details and guidance.
Claire Azzopardi is information
officer at the National Euro
Changeover Committee.