Is it still possible to exchange Italian lire for euros?
Under the current legal framework, it is no longer possible to exchange Italian lire. Exceptions apply only in cases where it can be proven that a request for exchange was submitted to Banca d'Italia between 6 December 2011 and 28 February 2012, and that the right to conversion was subject to a suspension of the limitation period in the following 10 years.
Banca d'Italia has transferred to the State budget the equivalent value of the lire banknotes still in circulation (approximately €1.2 billion in total).
Legal framework
On 28 February 2002, lire banknotes and coins ceased to be legal tender. The final deadline for converting non-expired lire banknotes was set for 28 February 2012 (Law 96/1997, Article 3, paragraph 1).
On 6 December 2011, the legislature brought the deadline forward from 28 February 2012 to 6 December 2011, with immediate effect (Decree-Law 201/2011, Article 26, 'Urgent provisions for promoting growth and fairness and for improving public finances').
On 7 October 2015, the Constitutional Court declared the provision unconstitutional insofar as it brought forward the end of the changeover period for lire compared with the original deadline (Judgment No. 216/2015 published in the Official Gazette on 11 November 2015).
On 21 January 2016, following the Constitutional Court ruling and in order to ensure certainty and transparency in conversion operations, the Ministry of Economy and Finance required applicants to prove that they had submitted a request to exchange lire between 6 December 2011 and 28 February 2012, specifying the amount.
On 22 January 2016, Banca d'Italia branches open to the public began carrying out lire exchange transactions in accordance with the instructions issued by the Ministry of Economy and Finance.
Requests for exchange submitted between 6 December 2011 and 28 February 2012 can no longer be accepted, as more than ten years have passed, unless the right to conversion was subject to a suspension of the limitation period in the following ten years.
Overall, 268 exchange transactions were carried out starting from 22 January 2016, totalling €2.7 million.
As for the other countries that adopted the euro, each decided whether or not to set a deadline for converting its previous currency into euros. The deadlines set by the various countries are published on the European Central Bank's website (https://www.ecb.europa.eu/euro/exchange/html/index.en.html).
Write to us at conversionelireeuro@bancaditalia.it for clarification or to report any issues.
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