Q1: When will we start using the euro?

A: The target date for Malta to adopt the euro as its currency is 1 January. This date will be confirmed by the European Council, once a positive assessment on Malta’s adherence to the convergence criteria has been approved.

Q2: From when can I get euro cash?

A: Euro coin starter packs, containing a selection of euro coins, can be purchased from banks/post-offices as of 17 December. These will have a value of approximately Lm5. Retailers can purchase euro coin starter packs with a value of approximately Lm55. Multiple starter kits may also be purchased.

From mid-November 2007, banks will start providing euro cash to large companies under certain contractual conditions, while as from 1 December, depending on availability, banks will exchange Maltese lira notes and coins for euro notes and coins without any exchange charges for business clients and consumers.

Cash will be available from ATMs on 1 January and from bank counters on 2 January.

Q3: Up till when can I still use Lm cash?

A: You can pay for cash purchases until the end of the dual circulation period, ie until 31 January. All change will be given in euro during this period.

Q4: What happens if I still have some Lm notes and coins at home?

A: You can exchange Lm for euro at banks until 31 March, and at the Central Bank of Malta for two years for coins, and 10 years for notes – at no charge.

Q5: How many euro cents are there in one euro?

A: One euro = 100 euro cents.

Q6: If a product costs Lm10, and will convert to e23.29, does that mean life is much more expensive now?

A: No! The value has remained the same; it’s just the monetary amount that has changed. Naturally, wages, pensions and benefits such as children’s allowance will also be converted into euro, so your purchasing power will remain exactly the same.

Q7: I have some euro notes and coins from my last visit to Italy. Can I use them in Malta after 1 January?

A: Of course. Any eurozone country notes and coins will be usable in Malta, and once Malta has its own notes and coins, you will be able to use them in the other eurozone countries. Apart from this, the euro is an internationally-recognised currency and can be used for payment across the world.

Q8: What happens to my bank accounts and my investments?

A: On 1 January you will find your bank accounts and investments converted into euro, at the fixed conversion rate with no charge at all. There will be no change to the value of your investments.

Q9: How do I calculate the conversion rate from Lm into euro?

A: Take the Lm amount, and divide it by 0.429300. So Lm1, divided by 0.429300, would give you e2.33.

Q10: How does rounding take place?

A: Amounts are rounded to the nearest euro cent. Lm1 would convert to e2.3293, and that is rounded to e2.33. (Since the third decimal place is greater than 5, the amount is rounded up to 2.33).* * *

Dual Display and the FAIR Initiative

Q11: I have started seeing prices quoted in euro (dual display). Does that mean I should pay in euro?

A: No, prices are quoted in euro for information purposes only and it does not mean that payment in euro is accepted. Outlets have every right to refuse payment in euro.

Q12: What does the FAIR logo represent?

A: It means that the organisation/outlet has committed itself not to increase prices because of the euro changeover, is implementing correct dual display and has agreed to distribute NECC documentation and train its staff in the areas related to the euro changeover.

Q13: When does dual display become mandatory?

Dual display becomes mandatory once the irrevocably fixed conversion rate is fixed, but not earlier than 1 July.

Q14: I own a small shop. Do I have to adapt my cash register to implement dual display?

A: It is your business decision in terms of customer services, but there is no need to change or adapt the cash register for the purposes of dual display.

Q15: Do I have to show the price in euro wherever I show the price in Maltese lira? What if it is practically impossible, eg there is no more space? Can I provide conversion tables?

A: During the mandatory dual display period (or before, if you are subscribed to the FAIR Initiative), you are obliged to display dual prices wherever at present you show prices in Maltese lira for both goods and services offered. If you consider that, for financial/logistical reasons, this is not possible, you are requested to contact the Euro Observatory to obtain a formal concession. Concessions from dual display will only be given if a proper justification of the expense is provided and an alternative approach is suggested.

Q16 Will there be any dual displayed stamps? Up till when can I use them?

A: Yes. Dual displayed stamps are available and can be used indefinitely.

Q17: Will Government be implementing the dual display of prices?

A: Yes. Government has been using dual display across all its operations since the middle of March.

Q18: Government will not be part of FAIR. Does that mean that licences and other fees will be increased after the euro changeover?

A: No. The Government has already declared that it will not raise licences and other fees because of the euro changeover. Should there be a need to change administrative fees, they will be rounded in favour of the consumer.

Q19: I have a café and accept payment in euro. Can I impose any charges when accepting this currency?

A: No. As from 1 January 2007, banks allow you to deposit euro notes in euro-denominated accounts at NO charge. Consequently, no charges may be imposed.

Q20: The FAIR Initiative has started operating, but I see some shops implementing dual display without having the FAIR logo. Is that acceptable?

A: Yes, joining FAIR is a voluntary commitment. However, in the case of dual display, the same regulations apply – that is, the correct exchange rate has to be used by everyone. You are asked to report any incorrect dual display to the Euro Observatory, which is the entity responsible for ensuring that the provisions of the regulations are followed. If the euro amount (dual display) is shown incorrectly on receipts, you are encouraged to send the receipt (or a copy of it) to the Euro Observatory, by post (Euro Observatory, Level 2, Mangion House, Dun Karm Psaila Street, Birkirkara), by email: [email protected] or by fax (Tel: 2250 0001).

The Euro Observatory will do its utmost to contact you and provide you with feedback on any developments. Your confidentiality is guaranteed.