NEWS | Wednesday, 19 December 2007

No panic for bars on New Year’s Eve changeover

Bar owners fearing a sudden changeover from giving change in Maltese currency to the Euro when the new year comes in have nothing to panic about.
The National Euro Changeover Committee yesterday said it had already issued a circular four months ago informing businesses that trading in Maltese currency can continue until the trading day comes to an end on 1 Jan.
NECC chief executive Alan Camilleri said bars whose trading day commences on 31 December will keep giving out change in Maltese lira well after the clock strikes midnight, until owners close their cash registers, marking the end of their trading day.
“Once business starts on 31 December, that trading day will be officially closed when bar owners take the Z-reading for their cash registers. If business starts on 31 December and continues to 7am on 1 January, this is still the last possible day that bars can keep giving our change in Maltese lira,” Camilleri said.
However bars will be also obliged to accept euros in payment. Still, no sign of a euro-crisis yet setting in for the busiest night in Malta’s nightlife.
Meanwhile, the GRTU has reached an agreement with the two major banks, BOV and HSBC, to enable places of entertainment to extend their bank overdraft during the first week of January.
The Head of the GRTU’s Tourism and Entertainment Section, Philip Fenech, who negotiated the arrangement on behalf of the owners of places of entertainment, explained that during this period, owners will have to give change in both Maltese Liri and in Euros, therefore they would need to double their usual float to accommodate both currencies.
“It is up to the individual owners to contact their respective bank managers to discuss benefiting from this arrangement,” Fenech told BusinessToday.