The Euro Changeover process
As form the 1st of January 2008 Malta started using the Euro as its official currency. Until the 31st of January payments can be made both in Euro, or in the Maltese Lira (Lm), however change is to be provided in Euro. Cheques are to be issued only in Euro. Bank accounts and investments have been converted into Euro automatically on the 1st of January 2008.
Commercial banks will continue to exchange Maltese Liri into Euros until the end of March 2008. The limit of exchange for non-banking customers is of Lm250 (€ 582.34). Any remaining Lm coins and notes after the 31st of March 2008 can be exchanged at the Central Bank of Malta for another 2 years and 10 years respectively.
For more information one can view the National Euro Changeover Committee’s website on www.euro.gov.mt