Maltese Liri (MTL)

Maltese Lira (MTL) was the official currency of Malta from 1972 to 2008. It was introduced to replace the Maltese pound, which was a currency tied to the British pound. The Maltese Lira was divided into 100 cents.

The Maltese Lira banknotes featured various historical figures, landmarks, and symbols of Malta. The coins were denominated in various values, including 1, 2, 5, 10, 25, and 50 cents, as well as 1 and 2 Lira.

In 2008, Malta adopted the Euro (EUR) as its official currency and joined the Eurozone. The Maltese Lira was phased out, and the Euro became the sole legal tender in Malta. The exchange rate was fixed at 1 Euro to 0.4293 Maltese Lira.

The decision to adopt the Euro was driven by Malta’s aim to align itself with the European Union and participate fully in the European single market. The switch to the Euro facilitated trade, investment, and economic integration with other Eurozone countries.

Since the introduction of the Euro, the Maltese Lira is no longer in circulation. However, it still holds some value among collectors and numismatists who are interested in historical currencies. Maltese Lira banknotes and coins can be found in coin shops and online auctions.

The adoption of the Euro has brought stability and convenience to Malta’s economy, as it is now part of a larger monetary union. The Euro is widely accepted in Malta for all financial transactions, including purchases, payments, and banking activities.

It’s important to note that while the Maltese Lira is no longer in use, some older generations may still refer to prices or values in Liri out of habit or for nostalgic reasons. However, the official currency of Malta is the Euro, and it is the only legal tender accepted in the country.

Overall, the Maltese Lira played a significant role in Malta’s economic history but has been replaced by the Euro as the official currency.