As from next December, commercial banks will make available euro starter kits so that businesses and the public will be given the possibility to get accustomed to euro notes and coins in good time for the changeover to the single European currency.

EUR131 (Lm56.24)-business starter kits will be available as from 1 December, while EUR11.65 (Lm5) mini-kits will be made available to the public as from 10 December.

The euro will remain a foreign currency until 31 December and a charge will still be applicable when exchanging Maltese lira for euro until the country adopts the currency on 1 January next year.

However banks are already obliged not to impose bank charges on deposits of euro banknotes into euro-denominated accounts.

Now that the irrevocable conversion rate has been established, commercial banks have started to accept euro banknotes deposited into Maltese lira accounts at this rate. No other charge is applicable in such cases, but the arrangement is limited to business customers.

As from 1 December, banks will exchange Maltese lira into euro and vice versa at the irrevocable fixed rate, one euro = 0.4293c, at no extra charges, even if the euro will only become legal tender on 1 January.