The Central Bank of Malta has made various arrangements over the euro changeover period. It will be closed for business on Tuesday 25 and Wednesday 26 December, and on Tuesday, 1 January.

On Wednesday 2 January, the bank will be offering a limited service to cater mainly for the exchange of Maltese lira currency notes and coins into euro by the public. On that day, as well as on Thursday 3 and Friday, 4 January, the bank will be offering this service from 8:30am to 4pm.

Amounts up to Lm250 will be exchanged immediately, but sums in excess of this must be left in custody of the Central Bank of Malta against an official receipt. The actual settlement of the transaction, preferably by cheque, will be executed within two working days. Cheques can either be collected personally or else sent by post. Customers who opt to collect their cheque or cash personally, will be required to present both the official receipt handed to them by the bank, as well as their identity card. No charges will be levied for these exchanges.

Customers wishing to exchange amounts in excess of 100 coins into euro are requested to sort these coins in advance by denomination.

The bank said the exchange of notes and coins will be subject to all the regulations currently in force under the Prevention of Money Laundering and Funding of Terrorism Regulations 2003. As a consequence, customers should have their identity card when exchanging notes and coins.

These regulations also require that for any transaction (which in this case would be the exchange of currency notes and coins) by a customer on behalf of a third party, full identification must be supplied of both the applicant and the person on whose behalf the applicant is acting. The applicant must furthermore be duly authorised by the principal and present the latter’s identity card.

The bank will not be encashing cheques on Wednesday 2 January, but the Malta Coins Distribution Centre will be selling Maltese lira and euro denominated numismatic products until 1:30pm.

Throughout January and February, the bank will also be exchanging, without charge, Cyprus pound banknotes into euro at the irrevocably fixed conversion rate of the Cyprus pound against the euro. The maximum amount per transaction will be e1,000.

The bank added that its library would be closed for stocktaking from Monday 24 December to Monday 31 December 2007, both days included.