The premises of the Central Bank of Malta were a flurry of activity yesterday as the bank awaited another consignment of euros entering the country in the lead-up to E-day on 1 January. It is believed that this was the last consignment of euros that the central bank will be receiving.

With today marking the two-month countdown to Malta’s euro adoption, the central bank and the business community at large are in the midst of their final preparations for this historic currency changeover.

As the central bank prepared to receive yesterday’s consignment, a full security regime was in place at the premises and the parking lot was closed to the public all day.

Malta’s euro coins have been specially designed for the country and represent a total of some Lm45 million in coinage. The striking of Malta’s coins began at the Monnaie De Paris in Bordeaux last June.

Malta’s euro coinage reflects the Maltese public’s choices of the Maltese cross, the Mnajdra Temple entrance and Malta’s coat of arms. The EUR1 and EUR2 coins displaying a crisp Maltese cross are expected to become something of a rarity, and as such, could acquire collector value.

The banknotes Malta is to begin its euroland citizenship with, meanwhile, will be derived from the common stock in use across the whole of the European Union and carry no national identifiers. Some 80 million individual euro banknotes are to be shipped to Malta, representing a value of roughly EUR1 billion.

Once the dual circulation period begins in January, commercial banks will exchange Maltese lira coins and banknotes for euros at no charge.

The central bank will, additionally, exchange leftover Maltese banknotes for euros for 10 years after the changeover, while it will also exchange Maltese coins for a period of two years.