From January 1, 2008, Malta began to change the Maltese lira to the euro. Retailers will accept both currencies until the end of January, but change would only be given in euros.
Both currencies are due to be displayed until June of 2008 after which Maltese citizens would have to take their lira to the Central Bank to change them. The exchange rate has been set at oneMaltese lira to 2.34 euros, which means that the island is the only EC country to experience an uplift in value for its currency.
In terms of the games and gaming machine industry, Malta has around 15,000 machines with bill and coin acceptors which are all being converted or replaced. Most of the market - estimated at 87 per cent - is supplied by MEI and Astro Systems in the street and GPT and JCM in the casinos.
The change to the euro is being closely monitored by the National Euro Changeover Committee, which was set up by the government to help businesses and consumers to make the change. The committee advises on price changes and also keeps close contact with key service providers like major local operator Camilmac Services, which has a service centre for JCM, MEI and Astro Systems and undertook 12,000 machine conversions in the first 18 days of January.
Ivan Camilleri, a director of the company, told InterGame that his company monitors over 2,000 key gaming and amusement machines and is involved in the maintenance of over 4,000 other machines. "We expect the effect of the euro will be to increase operators’ cash box earnings during the year."
