Maltese Lira (MTL)

What Was the Maltese Lira (MTL)?

The Maltese Lira (MTL) was the national currency of the Republic of Malta, prior to being supplanted by the Euro (EUR) in 2007.

The Lira considered circulation to be legal tender in Malta among 1972 and Dec. 31, 2007. Abbreviated Lm, and in some cases alluded to with the \u20a4 sign, the Maltese Lira was at times alluded to as the Maltese Pound. Denominations of 1, 2, 5, 10, and 20 lira banknotes circled along with 1, 2, 5, 10, 25, and 50 lira coins.

Grasping Malta

The Republic of Malta is a small island nation situated in the Mediterranean Sea. The country has a very long history, having given indications of human inhabitation dating back almost 8,000 years. In light of its long history and strategic position in the core of the Mediterranean, Malta has been impacted by a different scope of societies throughout the long term and has long been a central trading hub for the region.

Malta was a British state among 1813 and has gone through several huge political changes in recent many years. In 1964, Malta became independent from Britain and thusly joined the European Union in 2004.

The Central Bank of Malta, established in 1968, when taken care of monetary policy for the Republic. Today, the general overseeing financial authority is the Malta Financial Services (MFSA), laid out in 2002. MFSA operates independently and is the sole regulator of financial affairs. In its current job, the MFSA is responsible for the financial supervision tasks that were all recently carried out by the Central Bank of Malta, the Malta Stock Exchange, and the Malta Financial Services Center.

Progress to the Euro

In 2007, Malta adopted the common euro currency as its official money prior to joining the Eurozone on Jan. 1, 2008.

Since Malta currently utilizes the EUR as opposed to the MTL, the strength of its currency is connected with the economies of all European Union countries instead of being solely dependent on its own economy. By the by, the economy of Malta is as yet one of the factors supporting the long-run strength of its currency, the EUR. Malta is an exceptionally developed economy with a for every capita gross domestic product (GDP) of generally $30,000 U.S. dollars (USD). It positions exceptionally on international indices of wealth, innovation, and quality of life.

Today, Malta's economy depends to a great extent on the services sector, involving around 76% of the 2019 GDP. Financial services, specifically, are particularly important to the nation's economy, with Malta filling in as a major banking and insurance center. Due to its central Mediterranean location and its nearness to the Suez Canal, Malta is a critical hub for maritime trade. In 2019, Malta shipped practically 5.2 million tons of seaborne freight.

Features

• The Maltese Lira (MTL) was the national currency of Malta prior to its adoption of the Euro (EUR) in 2007.
• Malta's strategic location has assisted it with fostering a strong economy, bragging among the highest rates per-capita income in the world.
• Malta has had a long history dating back almost 8,000 years. Prior to achieving independence in 1964, Malta had been a British settlement.