Malta and the euro

— last modified 04 February 2008

Malta joined the European Union in 2004 and adopted the euro on 1 January 2008.

Malta at a glance

Surface area: 320 km²
Population: 406 020 (Eurostat 2007)
Joined the European Union: 1 May 2004
Currency: Maltese lira (MTL)

Euro information

Status: Malta adopted the euro on 1 January 2008. The Maltese lira joined the Exchange Rate Mechanism (ERM II) on 2 May 2005.

Fixed conversion rate: 1= 0.429300 MTL

Adoption of the euro: Malta chose a ‘big bang’ scenario, with cash entering use on the same day that the euro officially becomes the countrys new currency (1 January 2008), and a dual circulation period running until 31 January 2008 during which payments were made using both Maltese lira notes and coins as well as the euro.

Exchange of former national currency:

From 2 January 2008 until the end of March 2008 at commercial banks, with a limit of MTL 250 for non-banking customers. Exchange of amounts over MTL 250 by bank customers may be subject to two days’ prior notice.
From 1 April 2007, at the Central Bank of Malta until 31 January 2010 for Maltese lira coins and until 31 January 2018 for Maltese lira banknotes.

Dual display of prices: Display of prices in both euro and Maltese lira is mandatory until 30 June 2008.

Euro helpline ‘Linja ewro’: 154

Documents and publications

Practical preparations

Final Master Plan for the euro changeover in Malta (NECC, July 2007)
Previous versions of the Master Plan for the euro changeover in Malta (also in Maltese)
Legal Notice on the Dual Display and Euro Pricing
Euro Adoption Act

EU official documents

Fifth report on the practical preparations for the future enlargement of the euro area. COM(2007) 434 final
2007 Convergence Report on Malta. COM(2007) 258 final, and Technical Annex SEC(2007) 622 also published as European Economy, No. 6/2007 (European Commission)
2007 Convergence Report (European Central Bank, also in Maltese)
Maltese lira included in the Exchange Rate Mechanism II (29 April 2005)

Publications

Guidelines from the National Euro Changeover Committee (NECC) (in English and Maltese)
L-Ewro fuq l-Ghatba (The euro on our doorstep), monthly newsletter of the National Euro Changeover Committee launched in May 2007.

Press releases

Fifth Report on practical preparations for the euro: Countdown for Cyprus and Malta (IP/07/1073 of 16/07/2007)
Commission hails approval of the adoption of the euro in Cyprus and Malta (IP/07/1040 of 10/07/2007)
Commission proposes that Malta adopts the euro in 2008 (IP/07/673 of 16/05/2007)
Background information on the convergence reports on Malta and Cyprus (MEMO/07/193 of 16/05/2007)

Opinion polls and surveys:

Downloads

National sides of the Maltese euro coins

Websites

Euro portals

L-ewro flusna Euro, our money (official website of the National Euro Changeover Committee, NECC, also in English)
Welcome euro! (educational website of the NECC, also in Maltese)
Euro adoption (section of the Central Bank of Malta’s website)
Euro changeover in Cyprus and Malta (section of the European Central Bank’s website)

Institutions

Business

Consumers