Local businesses are strongly recommended to deposit their surplus Maltese lira notes and coins by the end of this year before the euro changeover comes into place, Bank of Valletta Euro Programme Executive Head John Cassar Torreggiani said on Thursday.
Mr Cassar Torregiani was speaking at an information seminar, organised by Bank of Valletta (BOV), on the euro changeover process.
Titled Practical Aspects Related to the Euro Changeover Project for the Business Community, the seminar formed part of the communication strategy that BOV has been implementing to ensure a seamless changeover to the Euro.
The seminar was addressed by BOV’s Euro Programme Executive Head John Cassar Torreggiani, Senior Economics Officer EU Affairs Peter James Sant, Manager Cash Centre Joe Baldacchino, and Head of Information Technology (IT) Services Ivo Camilleri.
Mr Cassar Torreggiani said that BOV is committed to make sure that the euro changeover process is as smooth as possible.
“To make this transition possible it is important for local businesses to deposit surplus Maltese lira notes and coins well in advance of 1 January to reduce the currency exchange,” he said.
To further simply matters, he called on local businesses to increase the use of electronic payment.
Mr Sant said that banks will automatically convert all Maltese lira denominated accounts, including credit card accounts, into euro on 1 January and this will be done free of charge at the irrevocably fixed conversion rate
“To facilitate the euro adoption process banks have agreed that as from 1 December they will undertake all Lm/euro exchanges at the irrevocably fixed conversion rate, without the application of any exchange charges,” he said.
Mr Baldacchino spoke about the importance that businesses will have an adequate cash float of euro notes and coins.
“Retail starter packs having a value of EUR 131 will be available from the banks as from the 1 December,” he said.
Furthermore, he added, in preparation for the euro changeover, businesses with a high cash requirement will be considered for sub frontloading.