How shall we convert Lm to Euro? |
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Until the irrecovably fixed conversion rate is set up, the conversion of monetary amounts in Maltese Lira to the euro should be done by dividing the monetary amount by the Central Parity Rate of €1 = Lm0.429300. The inverse rate of €2.33 – Lm1 should not be used since it may create discrepancies in the converted amount. Any changes made to the Central Parity Rate by rounding the figure up or down is also not permitted.
The converted amount would need to be rounded to the nearest euro cent. Only final amounts in a string of values should be converted.
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Example of Rounding |
|
Amount Lm |
€ Amount |
Result after 'rounding' |
|
Lm |
0.50 |
€ |
1.164686 |
€ |
1.16 |
|
Lm |
0.75 |
€ |
1.747030 |
€ |
1.75 |
|
Lm |
1.00 |
€ |
2.329373 |
€ |
2.33 |
|
Lm |
5.00 |
€ |
11.646867 |
€ |
11.65 |
|
Lm |
15.00 |
€ |
34.940601 |
€ |
34.94 |
|
Lm |
125.50 |
€ |
292.336361 |
€ |
292.34 |
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Central Parity Rate of € 1 = Lm 0.429300
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| Authored
by: Neville Cutajar
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