Taking another step forward in preparing Malta for its switch to the euro come 1 January 2008, the National Euro Changeover Committee yesterday published its final guidelines on the dual display of prices and a handbook on the Fair pricing Agreements in Retailing (FAIR) initiative.

The dual display guidelines, which set out the modus operandi retail outlets and other enterprises are to use when jointly displaying prices in Maltese liri and euros, were published for consultation in July.

The guidelines are to apply for the full duration of Malta’s dual display period, which becomes mandatory on 1 July 2007, six months before Malta joins the eurozone, and will last until 30 June 2008, six months after Malta signs on to the single currency.

A voluntary dual display period between 1 January and 30 June 2007, meanwhile, will be managed through organisations’ subscription into the FAIR initiative. FAIR represents a voluntary commitment on the part of organisations to adhere to a code of conduct in the areas of pricing, dual display, fair pricing, training and adequate preparedness for the changeover.

The dual display requirement will be applicable to all businesses, government entities, non-profit organisations and all other entities where prices are stated or displayed and where goods or services are offered to the end consumer. As such, dual display will not be required for organisations and departments where monetary display is used on a business-to-business level.

Announcing the guidelines yesterday, the NECC stressed that dual display is intended strictly for information purposes only and that dual display before Malta’s e-day does not, in any way, imply any form of obligation, encouragement or promotion of the acceptance of payments in euros. As part of NECC’s action, tourists and visitors will be made aware of this by the distribution of leaflets at points of entry into Malta.

The NECC will also provide all retailers with stickers giving the number of the euro help line (154) and an SMS number that will automatically convert a given price from liri to euros.

All the dual displays are to be based on the rate and smoothing of counter values will not be allowed, while the rounding of prices is subject to the previsions of guideline NECC 0004/20065, the NECC said.

During the mandatory dual display period, and ending on e-day, banks and credit institutions will accept deposits of euro banknotes at the irrevocably fixed exchange rate when local businesses deposit euros into Maltese lira or euro-denominated bank accounts. The idea is to ensure that the euro amount displayed is the euro price paid in outlets that accept euros and that no extra charges related to bank charges are levied.

In cases where machine or mechanical displays show printed figures that do not allow for an easy or cost-effective dual display of prices, a conversion table is to be made clearly available or provided at the point of sale. The same applies as regards electronic displays, taxis and public transport.

Bar coded items that include a price reference will need to be dual displayed at least at shelf level basis, while point of sale systems and fiscal cash registers will need to provide for the dual display only for the final tally and not necessarily for each individual item on the receipt.

Dual display on price lists, however, are expected to be displayed on an item by item basis while additional tariffs or charges, such as service charges at restaurants, will also have to be dual displayed. Vending machines will also have to have dual displays, while handwritten invoices that quote the total sum in the main currency must have the equivalent in the other currency handwritten on the receipt or a conversion table will have to be supplied.

In terms of banking, dual display will be expected on most forms of receipts and statements, including ATMs. Petrol stations, meanwhile, will have to implement both dual display and place a conversion table prominently so consumers will be able to easily convert prices per litre and total amounts from a distance.

The full guidelines can be downloaded from the NECC’s website at www.euro.gov.mt or by calling linja ewro 154.