Cyprus and Malta to adopt euros

WinstonSmith · Post by **WinstonSmith** » Tue Jul 10, 2007 7:06 pm

"Cyprus and Malta to adopt euros" - BBC NEWS
(http://news.bbc.co.uk/2/hi/business/6288084.stm)

Cyprus and Malta will adopt the euro on 1 January 2008 after EU finance ministers gave them the final go-ahead.

The 27 ministers decided that one euro would replace 0.585274 Cyprus pounds and 0.429300 Maltese lira. [...] Slovakia is next in line, hoping to switch to the single currency in 2009.

It was widely expected; still, as far as I know, this was the last 'go-ahead' required for the new countries to join.

Do we have any willing translator who can put up a Maltese version?

debemaks · Post by **debemaks** » Wed Jul 11, 2007 2:10 pm

Faaaantastic! Next year I'll be in Cyprus, it was planned for this year but knowing they 'd join euro in 2008 I decided to wait!

Congtratz to Cyprus and Malta!

WinstonSmith · Post by **WinstonSmith** » Wed Jul 11, 2007 9:25 pm

More info about the Cypriot changeover plan can be found here (in English).

Among the many other interesting things, it says that banks and enterprises will start being frontloaded with coins on 22nd October, and banknotes on 19th November.

Starter kits for the public and enterprises should be available as of 3rd December. The ones for the public will be worth 10 cypriot pounds, or 17.12 euros; the composition was approximately described as 7 one-cent coins, 6 2c, 6 5c, 5 10c, 8 20c, 7 50c, 5 1€, 3 2€, which gives a total of 47 coins, worth 17.09 euros. (the document was last updated last May, before the final conversion rate was known.)

Last but not least, Cyprus will borrow its notes from the existing stocks of the Eurosystem through the Bank of Greece, while its coins will shortly begin (or have just begun) being printed by the mint of Finland, as said in another thread.

Edit:
On the other hand, some useful information about the Maltese changeover is available here (although somewhat less precise than its Cypriot counterpart).

The document says that the central bank from which Malta will borrow its initial stock of banknotes still has to be decided, while the coins, which will (obviously) feature the new common side, are to be printed in Paris. It also envisages that, should five months not be enough for making all the required coins (!!), coins too will be borrowed from existing stocks.

Starter kits for the general public will be worth 5 Maltese liri, or 11.65 euros, divided as follows: 4 1c, 3 2c, 5 5c, 6 10c, 6 20c, 5 50c, 3 1€, 2 2€. They will be available as of 17th December.

tabbs · Post by **tabbs** » Wed Jul 18, 2007 2:01 pm

WinstonSmith wrote:The document says that the central bank from which Malta will borrow its initial stock of banknotes still has to be decided, while the coins, which will (obviously) feature the new common side, are to be printed in Paris.

Actually the Monnaie de Paris makes the coins in Pessac, near Bordeaux.

And it seems that the Maltese starter kits will be issued one week earlier now. What may be even more interesting, from an EBT point of view, is that banks in Malta will apparently not charge for "buying" euro notes in December. Don't know if that service is limited to people who have an account there, or whether it will be free for everybody ...

"The general public will be able to buy mini-kits worth €11.65 as from 10 December 2007. In addition, as from 1 December 2007, credit institutions will exchange Maltese lira into euro, and vice-versa, at the irrevocably fixed conversion rate without any exchange charges."
http://ec.europa.eu/economy_finance/pub ... _434en.pdf

Christian

Dakkus · Post by **Dakkus** » Wed Jul 18, 2007 2:32 pm

Hey! Isn't that cheating? They are effectivelly switching to euro one month before they should. Clever!
That might also mean them getting a nicer diffusion of Euros in the beginning.

Phaseolus · Post by **Phaseolus** » Wed Jul 18, 2007 6:27 pm

tabbs wrote:"The general public will be able to buy mini-kits worth €11.65 as from 10 December 2007. In addition, as from 1 December 2007, credit institutions will exchange Maltese lira into euro, and vice-versa, at the irrevocably fixed conversion rate without any exchange charges."
http://ec.europa.eu/economy_finance/pub ... _434en.pdf

Christian

It just gave me an idea of spending next December in Malta : everyday I would change euros in maltese Lira back and forth...

A crazy idea, but an idea to consider !

diogocanilho · Post by **diogocanilho** » Thu Jul 19, 2007 10:38 am

Hello there!
Speaking about the translations, I think that it would be great to put the maltese and perhaps turkish translations in EBT before the beggining of the Euro in Malta and Cyprus.
Moderators can get in contact with the users allready register in those countries in order to plan actions to get more trackers there and difuse EBT...!

Maybe, Slovenians can give cool ideas, because they made the change only this year!

Asiamaniac · Post by **Asiamaniac** » Thu Aug 16, 2007 10:54 pm

And as for the language: I already look forward to have Maltese participants in the "International game" in the off-topic board.

Hmm, about Cyprus: Maybe I have missed something but does the introduction of the Euro not just apply to the Greek part of the island? It's because Turkish language is mentioned here.

tabbs · Post by **tabbs** » Thu Aug 16, 2007 11:08 pm

Asiamaniac wrote:Hmm, about Cyprus: Maybe I have missed something but does the introduction of the Euro not just apply to the Greek part of the island? It's because Turkish language is mentioned here.

The current coins from Cyprus have the country name in even three languages - Greek, Turkish and English.

You are right, Northern Cyprus continues to use the Turkish lira. People in that area may use the euro to some extent, but it will certainly not be officially introduced there. I suppose that the use of Turkish on the current £ and future € coins has something to do with the idea or aim that Cyprus should one day be unified again ...

Christian

starcapitan · Post by **starcapitan** » Mon Oct 15, 2007 12:43 pm

I am very happy of that

Good places 4 holidays : I have been to Cyprus once

I also like the 2 coins series although they decided 4 a ( 3 - 3 - 2 ) and usually I prefer the 8 all different !
I wonder when the 2 states'number of users will increase

ciao,andrea

Jes · Post by **Jes** » Tue Oct 16, 2007 12:41 pm

I will get one Malta series of coin to swap for 1 cyprus series. Is anyone going to visit cyprus really?

bhoeyb NLI · Post by **bhoeyb NLI** » Sat Oct 20, 2007 9:59 pm

Jes wrote:Is anyone going to visit cyprus really?

Yes, I will, in April 2008. I'm ofcourse interested in the Malta serie

.

Jes · Post by **Jes** » Mon Oct 22, 2007 10:48 am

bhoeyb NLI wrote:
Jes wrote:Is anyone going to visit cyprus really?
Yes, I will, in April 2008. I'm ofcourse interested in the Malta serie .

Ok! I think it would be possible! (send me a PM and we will swap our postal addresses on december)

Jes · Post by **Jes** » Tue Oct 23, 2007 11:56 am

bhoeyb NLI wrote:
Jes wrote:Is anyone going to visit cyprus really?
Yes, I will, in April 2008. I'm ofcourse interested in the Malta serie .

OOPS!!

I have just seen that you are not registered...

androl · Post by **androl** » Tue Oct 23, 2007 11:41 pm

Jes wrote:I have just seen that you are not registered...

bhoeybNLI, not bhoeyb NR

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