To see Maltese

The to read Maltese ( MTL , in Maltese, Will read Maltija ) is the principal monetary unit of Malta. The lira subdivides in 100 Hundred S and in 1000 Mil S. the Maltese lira replaced the Livre Maltese woman on May 19th, 1986.

Foreign exchange rate

1 EURO = 0,429 300 MTL

History

British occupation and independence

In October 1855, a proclamation issued that the Pound sterling would be henceforth the only legal currency with Malta. In spite of that, the businesses and the banking community continued to use and the money gold coins of the Ordre of Malta as well as other foreign currencies and in particular the sicilian Dollar. These coins were withdrawn from circulation between October 1885 and November 1886, after a decree of the government Italy N requiring the withdrawal of the coins of the the Holy See and the Royaume of Deux-Siciles. Remaining and the money gold coins of the Ordre of Midsummer's Day were démonétisées and withdrawn from circulation between October and November 1886. After these withdrawals, only the British coins remained in circulation what lasted until the beginning of the Années 1970 when the system of coins of the island was radically modified.

In the light of the recommendations of the Commission of the decimalization of the currency in 1967, the Maltese government approved a law in September 1971 in order to make decimal the subdivisions of the book. The British coins then in circulation - the ¼ D, ½ D, 1d, 3D, 6d, 1, 2, 2/6, 5 ( Churchill Crown ), and 5p, 10p and 50p - then were gradually démonétisées and in May 1972 a series of Maltese coins replaced them. The book Maltese woman was famous to read Maltese ( Lm ) in 1983. This book/to read was then divided into 100 hundreds and the hundred in 10 millets. At the beginning, 8 coins were emitted: 2 millets, 3 millets, 5 millets, 1 hundred, 2 hundreds, 5 hundreds, 10 hundreds and 50 hundreds. The millets were in Aluminum, the 1 hundred in Bronze and the other coins in Cupro-nickel. The December 13rd 1974, Malta proclaims republic within the the Commonwealth. To celebrate this event a coin of 25 hundreds out of cupronickel is emitted in June 1975. This decimal series is the first emission of independent Malta like only currency circulating on the archipelago.

The passage to the Euro

Since the April 29th 2005, the Maltese lira belongs to the mechanism of European exchange of the Euro, known as MCE II (in English ERM II ), guaranteed by the European Central bank (ECB). At the request of the Maltese authorities, the Ministers for the Euro area of the European Union, the president of the ECB and the governors of the central banks of the Denmark, on Estonia, Lithuania, Slovenia and Malta indeed decided to include the Maltese lira in the MCE II.

The rate central was fixed: 1 € = 0,429 300 liras Maltese (the rule wants that six significant figures are used to determine foreign exchange rates, from where two the zero additional ones). The band of undulation will extend to more or less 15% compared to this course. The Maltese authorities plan to integrate the fine Euro 2007. But they declared that they would maintain the Foreign exchange rate Maltese lira at the rate central compared to the euro - it is a unilateral engagement which does not cause obligation on the ECB.

The coming into effect of this measurement is the opening of the stockmarkets the May 2nd 2005.

Maltese parts

The first series of parts in liras Maltese woman was struck in 1986:

the part of 1 to read Maltese
the part of 50 hundred
the part of 25 hundred
the part of 10 hundreds, (emission on May 19th, 1986)
the part of 5 hundreds,
the part of 2 hundreds,
the part of 1 hundred.

The part of 1 Lm replaced the ticket of 1 Lm.

Banknotes Maltese

2 liras
5 liras
10 liras
20 liras

Others

Its name of To read rather than delivers comes from the positions italophiles of the nationalist Parti in its fight for autonomy then after independence the archipelago.

After the dinar of the Kuwait, it is the currency whose unit facial value is highest in the world (1 Lm being worth more than 3,10 dollars at the beginning of 2005).

As Maltese, the plural of Will read is Liri. If the official abbreviation is Lm one often finds £ in the trade and the uses.

See too

Central Bank off Malted

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