The first six months of the dual display of prices in euros and Maltese liri could very well end up a voluntary option for shop owners while the remaining 12 months would be of a mandatory nature, National Euro Changeover Committee chairman Joseph F.X. Zahra said yesterday.

Speaking at a business seminar organised jointly by Vodafone Malta and The Malta Economic Update yesterday afternoon, titled “Are You Fit for the Euro?”, Mr Zahra added that the NECC was still awaiting feedback from its sectoral committees on the proposal, after which time a decision will be taken.

Speaking to The Malta Independent yesterday, Mr Zahra confirmed that the only period being considered for the voluntary option is the first six months of dual display – between 1 January 2007 and 1 July 2007, when the final irrevocable exchange rate of the euro against the Maltese lira is set. After that date, between 1 July 2007 and 1 July 2008, the dual display of prices will be strictly of an obligatory nature.

The dual display of prices is aimed at familiarising consumers with the eventual prices of products in euros. A one-month dual circulation period will follow in January 2008, when the euro becomes Malta’s legal tender, during which time shops will accept both the Maltese lira and euros. Dual pricing will continue until 1 July 2008 in order to prevent any potential abusive price hikes associated with the changeover by the retail sector.

The NECC, Mr Zahra stated, has also successfully negotiated with Malta’s banks on waiving their charges associated with businesses making deposits in and exchanging euros, which they have agreed to do as from 1 July 2007.