26 July 2006

The Web
Business Today

Chamber commends NECC for change in start of dual pricing obligatory period

The Malta Chamber of Commerce & Enterprise said it was satisfied with the decision taken by the National Euro Changeover Committee (NECC) that dual pricing would only become obligatory from July 2007 when the irrevocable exchange rate between the Euro and Maltese Lira would have been decided.
The news that obligatory dual pricing would come into force in July 2007 as opposed to January 2007 was first published in Business Today last week. In an interview appearing today, NECC Chairman Joseph FX Zahra says that agreement has also been reached with the commercial banks for them to waive exchange rate charges as of July next year for those shops that accept payment for goods in Euro.
Commenting about the NECC decision, Chamber President Victor A. Galea said that the Chamber had discussed this issue with the NECC as the previous date advised by the NECC could have created problems to the business community.
“The Chamber commends the NECC’s decision to opt for a sensible solution and postponing the kick-off date of the obligatory dual display period to July. The Chamber cannot but stress that the Dual Display period is mandatory only when the official irrevocably fixed conversion rate is decided at the ECOFIN Council in July.”
Galea added that it is important for business operators to keep abreast of all the developments occurring on this issue, as it is vital that the country is equipped to face this important challenge of the euro changeover.
“Although the Chamber was lobbying for a change in the start of the period of obligatory dual pricing, we urge our Members and the business community at large to ensure that their operation is ready for this important change,” Galea said.

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