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Malta currency is the medium that is meant for the purpose of exchange. Lira is said to be the currency of Malta and is abbreviated as Lm. Till now the traditional £ sign may be seen to be used locally. The Malta currency in English, may still be adverted to as the pound. In the near future, lira will be replaced by the euro as the official currency of the Republic of Malta at the fixed exchange rate of 0.429300 MTL per 1 euro.
This unit of Maltese currency (Lira) is divided into 100 cents or 1,000 mils. On banks, exchange bureaux, hotels, restaurants and shops money can be exchanged. From Monday to Friday banks usually remain open between 8.30 am and 12.30 pm whereas on Saturday up to 11.30 am. On the other hand, the exchange bureaux at the international airport render its service throughout the day.
While talking about the Malta currency we should also mention that the currency notes are to be found in the denominations of Lm 20, 10, 5 and 2 whereas the coins are in denominations of Lm 1, and 50, 25, 10, 5, 2 and 1 cents. Many silver and gold coins are also punched.
It should also be kept in mind that local currency import is restricted to Lm 1000 whereas the local currency export is limited to Lm 1000.
In 1972 decimal coinage was introduced in denominations of 2, 3 and 5 mils, 1, 2, 5, 10 and 50 cents whereas in the year 1975, the 25 cents coins had been introduced. In 1986 a new coinage was issued in denominations of 1, 2, 5, 10, 25 and 50 cents and 1 lira. Again in 1991 the third series of currency in Malta had been introduced. Presently the second and third series of coins are in circulation.
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