Lira or the the Euro?

Nov 20th, 2001, 09:02 AM
  #1  
m
Guest
 
Posts: n/a
Lira or the the Euro?

...I am going to Italy in March and was wondering if the conversion to the Euro will be complete by this time, or can I still use the current Lira? Thanks...
 
Nov 20th, 2001, 09:14 AM
  #2  
Bob C
Guest
 
Posts: n/a
Italy will be on the Euro. Conversion will be complete by the end of Feb.
 
Nov 20th, 2001, 10:45 AM
  #3  
Bob Brown
Guest
 
Posts: n/a
If you have current lira, you can convert them at a commercial bank. The last I heard, Italy had not set a fixed date for normal bank conversions.
"Normal household" amount of national currencies will be exchanged within issuing nation at no fee.
Other nations have set fixed dates for the conversion of national currency at a commercial bank. France for example is saying the end of June for commercial banks. National central banks will exchange currency for a much longer period. Ireland for example has yet to set a limit. Other nations have set 10 years as the limit for currency conversion. (Paper money only; coins might be converted for 3 years in same nations, at National banks.
 
Nov 20th, 2001, 11:40 AM
  #4  
m
Guest
 
Posts: n/a
So, thanks for the answers...so if I make hotel reservations now, will I still get a rate in Lira? I am being quoted rates in Lira...and am afraid when I arrive will end up with a Euro rate instead of the Lira rate I already reserved by...and therefore owe the hotel money
 
Nov 20th, 2001, 12:02 PM
  #5  
wes fowler
Guest
 
Posts: n/a
The value of the lira is locked into the value of the Euro. The Euro is worth about 1936 lira today and will be the same tomorrow and until the lira is eventually replaced by the Euro entirely. The value of the lira (and the Euro) may fluctuate against the dollar but not against each other.
 
Nov 20th, 2001, 12:20 PM
  #6  
Bob Brown
Guest
 
Posts: n/a
I am not sure I follow your logic. The simple conversion of a price in lira to a price in euros should not automatically enable a price increase.

(Assuming that someone is not trying to pull a fast one on you.)

The relationship between the euro and the national currency of each participating nation was fixed several months ago. That conversion rate has not changed since then.

Quite a few businesses in the euro area have been quoting prices in the euro and the national currency because the euro has been a good way to measure value. Beginning in January, the euro will also become the standard means of exchange within the member nations.

The conversion rate between liras and euros is as follows:

0.000516457 of a euros = 1 lira
1936.270 liras = 1 euro

If you have a price for a hotel room of 100 euros per night it should also should be 193,600 lira in round figures.

One euro is 88.3 US cents at bank wholesale rate as of the afternoon of November 20.

I know I grew accustomed to seeing dual pricing in Austria and France.
At the time I was there, one euro was worth about 91 cents US. I multiplied everything by .9 to get the approximate equivalent in US dollars.
 
Nov 20th, 2001, 06:37 PM
  #7  
Suzanne
Guest
 
Posts: n/a
Isn't everything that is quoted in Lira now supposed to be the same price in Euros? For example, something costing 100,000 lira would be approximately 45 Euros? (if I did the conversion correctly)
Also if Italy has not given a firm date for complete conversion, when I go in June, will I still be dealing with Lira? I was looking forward with only having to deal with 3 different currencies - euro, British pound and Swiss franc.
 
Nov 20th, 2001, 06:57 PM
  #8  
mimi taylor
Guest
 
Posts: n/a
Good Evening, this site should be of help to you mimi
 
Nov 20th, 2001, 06:59 PM
  #9  
mimi taylor
Guest
 
Posts: n/a
SORRY!!!!!dead tired..

www.euro.ecb.int.org
 
Nov 20th, 2001, 07:03 PM
  #10  
bob Brown
Guest
 
Posts: n/a
For Suzanne. On Jan 1, 2002, the euro becomes legal tender. After Jan 1, there will be about a 2 month period of joint circulation of both euros and national currencies. In Italy, Feb 28, 2002, is the last day that lira will be legal tender.
After that date, lira theoretically cannot be used to pay for goods and services. People who still have lira after that date will be able to convert them to euros at commercial banks for a period of time yet to be determined.

After commercial banks no longer convert, central banks in all 12 of the euro nations will continue to convert for a period of several years. In Italy that will be true for 10 years.

Given my experience with the Italian temperament, and temper, I can see why Italy might opt for a very long conversion period during which the lira is not legal tender, but lira can be exchanged at any bank for euros.



 
Nov 20th, 2001, 07:05 PM
  #11  
mimi
Guest
 
Posts: n/a


www.euro.ecb.int/en/section1.html
 

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On


Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy -

FODOR'S VIDEO

All times are GMT -8. The time now is 07:15 AM.