Maltese lira
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| Maltese lira lira Maltija (Maltese) | |||||
| |||||
| ISO 4217 Code | MTL | ||||
|---|---|---|---|---|---|
| User(s) | Image:Flag of Malta.svg Malta | ||||
| Inflation | 2.8% | ||||
| Source | The World Factbook, 2006 est. | ||||
| ERM | |||||
| Since | May 2, 2005 | ||||
| Fixed rate since | May 2, 2005 | ||||
| Replaced by €, cash | 1 January 2008 | ||||
| € = | 0.429300 liri | ||||
| Band | pegged in practice, 15% de jure | ||||
| Subunit | |||||
| 1/100 | cent | ||||
| 1/1000 | mil | ||||
| Symbol | ₤ and Lm | ||||
| Plural | liri | ||||
| Coins | 1, 2, 5, 10, 25, 50 cents, 1 lira | ||||
| Banknotes | 2, 5, 10, 20 liri | ||||
| Central bank | Central Bank of Malta | ||||
| Website | www.centralbankmalta.com | ||||
| This infobox shows the latest status before this currency was rendered obsolete. | |||||
฿ • ₵ • ¢ • $ • ₡ • B/. • ₫ • € • ƒ • ₲ • ₭
£ • ₤ • ₥ • ₦ • ₱ • P • R • Sk • ₨
৲ • S/. • ৳ • R$ • $ • ₮ • ₩ • ¥ • zł • ₴ • ₪
Former signs
₳ • ₢ • ₰ • ₯ • ₠ • ₣ • Lm • ℳ • ₧ • I/.• Kčs
Image:Currency-Symbol Regions of the World circa 2006 cropped.png
The lira (Maltese: lira maltija, plural: liri, ISO 4217 code : MTL) was the currency of Malta until the end of 2007. The lira is abbreviated as Lm, although the traditional ₤ sign may still be seen locally. In English, the Maltese currency may still be referred to as the pound.
The lira was replaced by the euro as the official currency of the Republic of Malta on 1 January 2008 at the irrevocable fixed exchange rate of 0.429300 MTL per 1 euro.
Contents |
[edit] History
Before 1972, the pound circulated, composed of British coins and banknotes supplemented by Maltese notes. Although using British coins, Malta did not decimalize with the UK in 1971. Instead, it adopted a decimal system in 1972, based on the lira (equal to the pound) subdivided into 1000 mils or 100 cents. The name lira was used on banknotes beginning in 1973 and exclusively on both coins and banknotes since 1986. Mils were removed from circulation in 1994.
On entry into the European Union, Malta agreed to adopt the euro. The lira was replaced by the euro on 1 January 2008, as part of the Economic and Monetary Union of the European Union.[1]
[edit] Exchange rate
The Maltese pound/lira was on a par with the British pound sterling (GBP) until the late 1970s, since when the lira had been allowed to float, anchored to a basket of reserve currencies. The lira had subsequently been worth around £1.60 sterling. After the Kuwaiti dinar, it was the second highest valued currency unit in the world, being worth US$3.1596 as of 28 April 2007. After the dollar weakened against other currencies in mid 2006, the lira was worth US$3.35289 as of 16 December 2007.
The currency entered the ERM II on 2 May 2005, by which its value had to be maintained within a 15% band around the central parity rate of 0.429300 LM per euro. The Central Bank of Malta and Maltese Government unilaterally decided to keep the effective exchange rate equal to the central parity rate (i.e., doing away with the 15% band) throughout the ERM II period.
The irrevocable fixed conversion rate was established by the ECOFIN on 10 July 2007, at 0.4293 lira to one euro.[2][3]
[edit] Coins
Decimal coinage was introduced in 1972 in denominations of 2, 3 and 5 mils, 1, 2, 5, 10 and 50 cents. In 1975, the 25 cents coins was introduced. A new coinage was issued in 1986 in denominations of 1, 2, 5, 10, 25 and 50 cents and 1 lira. A third series was introduced in 1991 due to the change in Malta's coat of arms. The second and third series of coins are currently in circulation and are being withdrawn with the introduction of the euro.
[edit] Banknotes
In 1973, banknotes were introduced, denominated in liri on the obverse and pounds on the reverse, in denominations of 1, 5 and 10 liri. In 1986, 1 lira notes were replaced by coins and 2 lira and 20 lira notes were introduced. Banknotes in circulation at the time of the introduction of the Euro were:[4]
- 2 liri (€4,65) (depicting Banka Guratali at Mdina and at Rabat, Gozo)
- 5 liri (€11,64)(depicting The back of Mdina Gate, Torre dello Standardo, extract from Maltese Declaration of rights)
- 10 liri (€23,29)(depicting 7 June 1919 Monument in Valletta, a national assembly meeting held on 7 June 1919, the day when four Maltese citizens were killed)
- 20 liri (€46,58) (depicting Dr Borg Olivier, Prime Minister in 1964 when Malta was granted its Independence, raising of the Maltese flag and a marble tablet in Valletta commemorating Independence on 21st September 1964)
[edit] Euro changeover
The Maltese lira was replaced by the euro as the official currency of Malta on 1 January, 2008 at the irrevocable fixed exchange rate of 0.429300 MTL per 1 EUR. However, Maltese lira banknotes and coins continue to have legal tender status and be accepted for cash payments until 31 January, 2008. Maltese liri will be convertible free of charge at all Maltese credit institutions until 30 March, 2008. Maltese coins will be convertible at the Central Bank of Malta until 1 February, 2010, and banknotes until 31 January, 2018.
[edit] See also
- Other currencies or coins named lira
- Maltese euro coins
- Highest valued currency unit
- Economy of Malta
[edit] References
- ^ http://www.centralbankmalta.com/site/council_eu_letter.htm
- ^ "Cyprus and Malta to adopt euros", BBC News, 2007-07-10. Retrieved on 2007-08-20.
- ^ Commission hails approval of the adoption of the euro in Cyprus and Malta. europa.eu. European Commission. Retrieved on 2007-12-17.
- ^ http://www.centralbankmalta.com/site/currency2e.html
[edit] External links
- Don's World Coin Gallery - Malta
- Ron Wise's World Paper Money - Malta Mirror site
- The Global History of Currencies - Malta
- Global Financial Data currency histories table (Image:Crystal 128 kspread.png Microsoft Excel format)
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