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    Home » Malta and the euro

    Malta and the euro

    eub2By eub24 February 2008 Euro No Comments3 Mins Read
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    — last modified 04 February 2008

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


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    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 country’s 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:

    • Flash Eurobarometer 207 (May 2007)
    • Flash Eurobarometer 191 (November 2006)
    • Flash Eurobarometer 183 (June 2006)

    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

    • Bank Centrali ta’ Malta – Central Bank of Malta
    • Ministry of Finance of Malta
    • Government of Malta
    • National Statistics Office of Malta

    Business

    • Malta Chamber of Small and Medium Enterprises
    • Malta Enterprise
    • Euro Info Centre in Malta
    • The Malta Chamber of Commerce and Enterprise
    • Malta Financial Services Authority

    Consumers

    • Ghaqda tal-Konsumaturi – Consumer Association Malta

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