The Malta currency is the Euro and was adopted as the official currency since 1st January 2008.
Here it is one of the cheapest country within Europe to live in.
We have seven banknotes which are €5, €10, €20, €50, €100 and €500. The most widely used are the €5, €10, €20.
They have a different size which increases according to the value of the banknote. The bank notes have the same design for all countries using them but the coins have our Maltese emblem.
The Institution of the European Union uses the Euro (€) (code EUR) as its official currency.
There are eight Euro coins in circulation. The 1 cent, 2 cent, 5 cent, 10 cent, 20 cent, 50 cent and €1 and €2. Their size varies according to their value. On one side they have the same European design, whilst on the other side there are the various country designs depicting something specific of their country.
Until now seventeen European Union’s Member States share the single currency to form the Euro area. They are 17 countries forming the Eurozone members out of the 27 European Union members namely: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovakia, Slovenia, Spain and our islands.
The advantages of a single currency:
Sharing a single currency makes travelling for everyone much easier.
Increases efficiency to the single currency market.
The removal of additional expences for currency exchange rates.
Improves international trade knowing that it is of a stable and known currency.
It helps to generate a very good economy and political sense.
A single currency helps people to think on the same lines when comparing product prices between countries.
A single currency between the Euro members, strengthens the European Union monetary policy within the financial world.
Finally the Euro helps the citizens of all countries to feel part of a large community.
During 1972 a decimal system was introduced replacing the British currency that had been used since 1825. It was the pound which had 20 shillings, and each shilling had 12 pence each.
The currency was the lira and abbreviated to LM, although the traditional £ sign was often used locally. The decimal system had 100 cents and each cent has 10 mils each. This currency was used until 31st December 2007.
Maltese Lira currency conversion to Euro – 0.4293
Although the islands are small, the adoption of the Malta currency has helped to increase and consolidate the Maltese business approach which has resulted in attracting many international companies to establish business here.