The National Euro Changeover Committee (NECC) wishes to bring to the attention of the general public the basic elements of translation of Maltese Lira amounts in euro.

Until the irrevocably fixed conversion rate is set up, the conversion of monetary amounts in Maltese lira to the euro should be done by dividing the monetary amount by the central parity rate of €1 = Lm0.429300. The inverse rate of €2.33 – Lm1 should not be used since it may create discrepancies in the converted amount. Any changes made to the central parity rate by rounding the figure up or down is also not permitted.

The converted amount would need to be rounded to the nearest euro cent. Only final amounts in a string of values should be converted.

Such conversion rules shall soon become a legal requirement under the provisions of the Euro Adoption Act. Operators of online euro conversion calculators are therefore invited to consult the published guidelines on the rounding and smoothing of monetary amounts which can be downloaded from http://www.euro.gov.mt to ensure compliance and avoid misguiding their service users.