Bank of Valletta is stepping up its euro changeover process preparations as Malta has entered into the final year before it is planned to adopt the euro as its currency. BOV announced yesterday that, with immediate effect, it is introducing dual currency display – Maltese lira and euro – on the final balances of all bank statements, including credit card statements, as well as on all the main transaction vouchers given to customers. The bank, in collaboration with the National Euro Changeover Committee, is continuing to take up such initiatives so as to be supportive to its customers by facilitating the introduction of the European single currency – the euro, into Malta, planned to become effective on 1 January 2008.

“The beginning of 2007 at Bank of Valletta has been characterised by an intensification of activities concerning our preparations for the euro changeover,” said John Cassar Torregiani, executive head responsible for the Euro Programme at Bank of Valletta. “We are stepping up our information campaign and taking initiatives directed at making our customers familiar with the euro from this early stage. Our ATMs started displaying euro and Maltese lira amounts as from the beginning of this year and we are now extending dual display to other bank stationery way ahead of the compulsory date established in the legal notices that have just been published,” added Mr Cassar Torregiani.

He explained that at this stage of the changeover process, BOV is adopting dual display for information purposes only by quoting the central parity rate where currently E1 is equivalent to Lm0.4293, adding that the final irrevocable rate between the Maltese lira and the euro is expected to be known between the second and third quarter of 2007.

John Cassar Torregiani said that with the date for the adoption of the euro fast approaching, it is recommended that the general public deposits surplus cash, both notes and coins, into the banking system. “By having money deposited in a bank account rather than keeping cash, customers will effectively be ensuring that they will have their money converted automatically into euro once the new currency is adopted. Our recommendation to the public is therefore based on the concept of ensuring a straightforward and efficient conversion process,” he added. “Over the coming year, we are looking forward to further cooperate with the Central Bank of Malta and the National Euro Changeover Committee to have a successful introduction of the euro as Slovenia has recently registered,” concluded Mr Cassar Torregiani.