Prices of items in shops and services rendered will be both in the Maltese Lira and the Euro as from January 1, 2007, exactly a year before the Euro is scheduled for adoption in Malta. Then it will be kept for six months after the changeover.
Speaking to The Times, Parliamentary Secretary Tonio Fenech said Cabinet took the decision to introduce dual pricing a year and not six months before the adoption.
He insisted that conversions will have to be carried out at Lm0.4293 for every Euro, established by the Central Bank of Malta.
Mr Fenech said so far there was no evidence of attempts to increase prices as a result of the changeover.
An enforcement structure has been set-up for this purpose which will operate throughout the dual pricing period and will impose fines and other penalties to defaulters.
A spokesman for the National Euro Changeover Committee (NECC) told the newspaper that vendors would not be required to change their cash registers and talks were being held with cash register importers to ensure assistance was on hand.
In recent weeks a hot debate flurried on whether the term ‘Euro’ should be adopted or whether the Maltese spelling ‘Ewro’, as proposed by the National Council of the Maltese Language, should be used. Government decided that in legal documents the word ‘Euro’ should be used.
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