The Central Bank of Malta on Wednesday concluded the contract with the Monnaie de Paris for the minting of the euro coins with the Maltese national sides. The final document was signed after agreement was reached on all administrative details relating to the production and delivery of the coins.

Following the award of the tender to the French mint in October last year, technical preparations for the production of the coins commenced immediately. At the same time, a Memorandum of Understanding was signed between the President of the Eurogroup, the E.U. Commissioner for Economic and Monetary Affairs and the Governor of the Central Bank of Malta on the start of euro coin production and on the preparatory tasks.

The preparatory phase, which includes the production of a certain quantity of test coins, will start in the coming weeks and should be concluded by the first week of March. The second phase, which will consist of the mass production of the actual quantities required for the changeover, can start only after Malta receives the formal approval from the EU Council of Ministers to adopt the euro.

Mr Dov Zerah, Mint Master and Chief Executive Officer of the Monnaie de Paris, and Mr Michael C Bonello, Governor of the Central Bank of Malta, signed the contract. Mr Jean-Marc Rives, the French Ambassador to Malta, was present for the signing.