Abstract: A permanent tracheostoma is often necessary in patients with respiratory diseases such as severe bronchial asthma or chronic bronchitis in order to reduce dead space. Another group of patients who require a permanent tracheostoma are those with laryngeal stenoses or bilateral vocal cord pareses whose general condition makes them unsuitable candidates for more advanced surgical procedures.The invention provides a two-way tracheostoma valve adjustable for either inspiration and expiration or for inspiration only in which case it also serves as a speech valve.The valve comprises three main elements: a cylindrical housing, a complementary shaped cover, and a disc-like-element disposed within said housing and cover and arranged for displacement therein. The cover has a circular end having an off-center opening forming an air inlet/outlet or inlet only depending on the position of the cover.