Malta and the euro

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-Għatba (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 Ċentrali 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