Adopting the Euro

By January 3, 2008No Comments

On January 1st 2008, Malta adopted the Euro as its currency. Up to June 2008, dual pricing display is mandatory and up to the end of January Malta Liri can be used for purchases but change must be given in Euro. In addition to this, to put consumers minds at ease Government has put into place various schemes to avoid any rounding of prices upwards and avoiding any unjustified prices increases during the first months of the Euro changeover.

As part of the company’s strategy in connection with the adoption of the Euro (€) as the National Currency as of 1st January 2008, around mid-November 2007 a Training Session was organised for all company’s Retail Staff. The talk was delivered by the company’s Chief Financial Officer and in essence, the topics covered included deadlines and procedures for Dual Display and Dual Circulation, features of the company’s POS system in connection with Euro changeover together with Bank’s EPOS machine changes, delivery and allocation of Euro Cash (notes and coins) for operational purposes, together with the Security features of Euro banknotes and coins.

In line with the Euro sub-frontloading agreement between the company and the Bank, Euro Cash was delivered to the company’s retail outlets in time so as to enable a smooth transition from the Lm to € on 1st January 2008 without any interruption whatsoever to the business activity.