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Currency & Costs
On the 1st of January, 2002, Italy
introduced the Euro. The Euro is divided into a 100 cents. Currency bills are available in
7 different colours and sizes, in denominations of 5, 10, 20, 50, 100, 200 and 500 and in
coins of EUR 1, 2, and 5, 10, 20 and 50 cents. The last date that the Lira is legal tender
is the 28th of February, 2002.
Keeping to a tight budget in inimitable Italy is tough. There’s much
to do, see and buy: all of it unique and all of it with a cool price tag! If you spend
nights on train journeys or hostels, keep to supermarket grub, walk lots, shop little and
visit only a few museums, you might manage on about $35 per day. Staying at a hotel or a
pensione, eating an occasional meal at an osteria or trattoria, not stinging
on museum visits and buying a few souvenirs should work out to a budget of around $50 a
day. Comfortable living, good eating and frequent trips to the shops would work out to
$100, and if you are going to hire a car, twice that. If you are going to be splurging,
this must be one of the best places to do so: go on stack up on the cash, line up the
plastic and go ahead, enjoy yourself.
Banks & Money Changers
You can get your best deal of exchange
rates at a bank. Travellers Cheques are also easy to encash. Always count your change. You
can get short-changed if you are not used to the currency. Preferably carry smaller
denomination change for purchases of odds and ends. Banks are open on weekdays from 0830
to 1545 hours with a lunch break from in the afternoon from 1330 to 1445 hours. Italy has
a two-day weekend, Saturday and Sunday.
Credit cards are not a problem in shops and hotels but are often met with
a frown at restaurants. Leave your tip in cash.
Business Guide
Italy imports most of its raw
materials and 75 % of its electricity. Its economy is dominated by the service sector,
which accounts for more than 50% of the domestic product. Its natural resources include
fish, mercury, potash, marble, sulphur and coal. The major industries are machinery, iron
and steel, chemicals, food processing and, of course, the glamorous lot: tourism,
textiles, motor vehicles, clothing, footwear and ceramics. Oil, petroleum,
telecommunications and transport industries are important too. Italy is a member of the
European Union and the lira has been included in the European Monetary Union.
Milan, Turin and Genoa are the biggest centres of industry. The important
business centres are Rome, Florence, Padua, Verona, Vicenza and Bologna; all these have
trade fairs at various times of the year that you might try to catch. Many of the hotels
in these cities are equipped to deal with conferences and conventions. The Italian
National Convention Bureau, on Via Marghera 2 in Rome has exhaustive information on
convention centres in the country. Telephone: (6) 487 3767.
Most government offices close at 1345 hours after which it is quite
impossible to meet officials unless you have a special appointment. Private businesses
usually work from 0900 to 1700 hours, Monday to Friday. Once you have an appointment, be
punctual in keeping it; appointments are mandatory. Knowledge of Italian is an asset. We
recommend formal business attire for both men and women.
The Italian Union of Chambers of Commerce, Industry, Crafts and
Agriculture known as Unione Italiana delle Camera di Commercio, Industria, Artigianato
e Agricoltura may be contacted for information on commerce and industry. Their office
is on Piazza Sallustio 21, 00187 Rome. Telephone: (6) 47041, Fax: (6) 487 1995. |
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