The Central Bank of Malta has estimated that on 1 January next year, when Malta adopts the euro, a staggering e1,050 million in notes and coins will be needed here to meet the demand for cash in hand.

Sources told The Malta Independent that the Central Bank conducted a survey of cash in hand as at 31 January this year and estimated that by the time Malta adopts the euro, there will be an estimated Lm430 million worth of notes in

circulation and another Lm20.6 million in coins – or some Lm1,125

per person.

In order to have sufficient euro notes and coins when the Maltese currency is changed to the European currency, the Central Bank has calculated that on 1 January next year, Malta will have to have e1,002 million worth of notes and a further e47.8 million worth of coins.

Sources said that the Central Bank of Malta had based its calculations on estimated circulation levels and had anticipated the amount of euro notes and coins that would be required in order to replace the Maltese currency in hand.

Maltese citizens, and anyone with Maltese cash in hand, will be able to change liri into euros at banks between 3 January (2 January is a bank holiday) and 31 March, 2008 – exactly one year from today.

After this period, Maltese liri notes can be exchanged at the Central Bank for a further two years, while coins can be exchanged, always

at the Central Bank, for 10 years after Malta adopts the European currency.

Throughout January 2008, people will be able to purchase goods in Maltese liri, but will be given change in euros. From February, however, purchases will only be possible in euros.

Euro coin starter packs, containing a selection of euro coins, will be available for purchase from banks and post offices from 17 December 2007. These will have a value of approximately Lm5.

Retailers can purchase euro coin starter packs carrying a value of approximately Lm55. Multiple starter kits may also be purchased.

From mid-November, banks will begin providing euro cash to large companies under certain contractual conditions, while as from 1 December, depending on availability, banks will exchange Maltese liri notes and coins for euro notes and coins without any exchange charges for business clients and consumers.

ATMs will begin dispensing euro cash from New Year’s Day 2008.

Meanwhile, it has been decided that the three designs chosen for the euro coins will be used as follows: the eight-pointed Maltese cross will be used on the e1 and e2 coins, the emblem of Malta will be used on the 50 cent, 20 cent and 10 cent coins and the image of the altar at the prehistoric temple at Mnajdra will be used on the five cent, two cent and one cent coins.