With immediate effect, banks in Malta will accept euro banknotes deposited by their business customers into Maltese lira accounts at the irrevocably fixed conversion rate of EUR1 = Lm0.429300, free of any exchange charges that may normally be applicable to such foreign currency deposits.

This is in line with the commitment the Malta Bankers’ Association had given to the National Euro Changeover Committee on behalf of its member banks to waive all exchange charges on euro banknote deposits once Malta’s entry into the eurozone as from 1 January 2008 was officially confirmed, and the irrevocably fixed conversion rate established.

This arrangement is limited to euro banknotes acquired by businesses in settlement of goods sold or services provided by them to consumers; it does not apply, therefore, to euro banknotes acquired with no relation to any underlying sale of such goods or services provided.