As from Tuesday 1st January 2008 the official currency of the Maltese Islands is the euro.   The Maltese Lira will continue to be used and exchanged in banks for the next  few weeks .

 
Notes and coins

The different notes are: Euro 500, 200, 100, 50, 20, 10, 5. The coins represent 2 and 1 euro, and 50, 20, 10, 5, 2 and 1 euro cent.

Any eurozone country notes and coins will be usable in Malta, while Malta euro coins notes and coins can be used in the other eurozone countries just as well.

How to calculate

Take the Lm amount, and divide it by 0.429300. So Lm 1, divided by 0.429300, would give you EUR 2.33. One euro = 100 euro cents.

Amounts are rounded to the nearest euro cent. Lm 1 would translate to EUR 2.3293, and that is rounded to EUR 2.33. (Since the third decimal place is greater than 5, the amount is rounded up to 2.33).

Currency exchange

ATMs will start distributing euro cash from 1st January 2008 and bank counters from 2^nd  January 2008. At least one ATM per locality will distribute euro cash from midnight, 1st January 2008. Banks will be closed on 1st January 2008 and will open again on Wednesday 2nd January with extended banking hours to 1600 CET but services could be limited to currency exchange.

You can pay for cash purchases until the end of the dual circulation period, i.e. until 31st January 2008. All change is given in euro in this period. As from the 1st of February 2008 the Maltese Lira loses its legal tender status and it is no longer accepted for payment.

You can exchange Lm for euro at banks until 31st March 2008, and at the Central Bank of Malta for two (2) years for coins, and ten (10) years for notes at no charge.

Personal cheques and stamps

If personal cheques have been written before 31st December 2007 they are valid after 1st January 2008. They are valid for a six month period, the normal validity period for cheques. Banks will NOT honour Lm-denominated cheques written after E-day.

You can use stamps in Maltese Liri till the end of the dual circulation period that is 31st January 2008. Following that, you will have another two months, until the end of March, to exchange Maltese lira stamps and get euro-denominated stamps instead. Dual displayed stamps can be used indefinitely.

The Euro zone

The euro is the single currency of twelve European Union Member States ( Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain). These countries are home to around 340 million people. Slovenia will be joining in 2007. The euro is also used in Monaco, the Vatican, San Marino, Andorra, as well as in Montenegro and Kosovo.

All Maltese euro coins can be used in all eurozone countries and vice-versa.

Source: National Euro Changeover Committee, Bank of Valletta.