The Maltese lira is the only legal tender currency in Malta and will remain so until Malta adopts the euro, the Central Bank of Malta said yesterday.

“Until that time the euro is to be treated as a foreign currency like any other. It should also be kept in mind that the introduction of dual display of prices in euro and Maltese liri does not, in any way, imply that the euro has thereby obtained legal tender status in Malta,” the bank said.

It added that neither did it mean that the public was being encouraged to effect transactions in euros rather than in Maltese liri, or to convert Maltese liri into euros ahead of euro adoption.

“The dual display of prices is merely intended to serve as an information tool to enable consumers to familiarise themselves with the future currency.”

The bank pointed out that all Maltese lira holdings, whether held as cash or other financial assets will, upon euro adoption and for a period beyond that date, be converted into euro at the established irrevocable exchange rate without bank charges.

“Furthermore, Maltese liri notes will remain exchangeable into euro for a period of 10 years, while the Maltese lira and cent coins will remain exchangeable into euro for a period of two years after the adoption of the euro.”