The Maltese Lira (MTL), also known as the Maltese Pound or simply Liri, was the official currency of Malta, an archipelago in the Mediterranean Sea, until it was replaced by the Euro (EUR) on January 1, 2008.
The Central Bank of Malta was responsible for issuing and managing the Maltese Lira before the introduction of the Euro.
Subdivisions and Denominations
The Maltese Lira was subdivided into 100 smaller units called cents, which were further subdivided into 10 smaller units called mils.
Coins were issued in denominations of 1, 2, 5, 10, 25, and 50 cents, as well as 1 Lira.
Banknotes were available in denominations of 2, 5, 10, and 20 Liri.
Economy
Before the adoption of the Euro, Malta’s economy was mainly driven by tourism, manufacturing, and financial services.
The country’s strategic location in the Mediterranean Sea, along with its historical sites, made it an attractive destination for tourists.
Malta’s manufacturing sector included electronics, textiles, and pharmaceuticals.
The financial services sector also played an important role in the economy, with Malta becoming an increasingly popular hub for international businesses.
Adoption of the Euro
Malta joined the European Union in 2004, and after meeting the necessary convergence criteria, it adopted the Euro as its official currency on January 1, 2008.
The Euro is managed by the European Central Bank, and its introduction in Malta aimed to promote economic stability, facilitate trade, and attract investment.
Summary
The Maltese Lira was the official currency of Malta until it was replaced by the Euro in 2008.
The currency was subdivided into cents and mils, with various coins and banknotes issued in different denominations. Before the adoption of the Euro,
Malta’s economy was driven by tourism, manufacturing, and financial services. The adoption of the Euro aimed to promote economic stability, facilitate trade, and attract investment in the country.