Maltese lira
| Maltese lira | |
|---|---|
| Country: |
 Malta
|
| Subdivision: | 100 cents , 1000 mils |
| ISO 4217 code : | MTL |
| Abbreviation: | £, Lm, LM |
|
Exchange rate : (fixed) |
1 EUR = 0.4293 MTL |
The Maltese Lira ( Maltese : Lira Maltija , Lm., £, ISO code : MTL) was the currency of Malta from 1825 to December 31, 2007 . A lira was divided into 100 cents or 1000 mils (1 mil = 1/10 cent), whereby the use of mils (abbreviation: m ) was already uncommon in the 1980s. On January 1, 2008, the lira was replaced by the euro . The lira was the successor to the Maltese pound, as the lira is still sometimes called today.
Coins were available at 1, 2, 5, 10, 25 and 50 cents, as well as 1 lira and banknotes at 2, 5, 10 and 20 lira. 2, 3 and 5 mils were minted until 1981.
Euro introduction
Malta joined the EU on May 1, 2004 . On April 29, 2005, Latvia and Cyprus joined the Exchange Rate Mechanism II . In the course of joining ERM II, the lira was pegged exclusively to the euro on April 29, 2005.
On February 27, 2007 Malta officially applied for membership in EMU. On May 16, 2007, the European Commission voted for the admission of Malta and Cyprus to the euro zone. On June 5, the finance ministers unanimously voted for Malta's entry into EMU as the final instance. On July 10, 2007, the EU finance ministers set the exchange rate at 1 euro at 0.429300 lira. On January 1, 2008, Malta officially adopted the euro. Until September 30, 2008 it was common in Malta to show the old prices in Lm in addition to the euro prices.
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1 Monaco , San Marino and Vatican City are not part of the European Monetary Union , but mint their own euro coins to a limited extent due to bilateral agreements.