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What is the currency in Malta?
In Malta, a small island located in the Mediterranean Sea, the euro currency is in use. Malta joined the eurozone on January 1st, 2008. Since then, the euro has become the official means of payment on the island. Before adopting the euro, Malta used the Maltese lira (MTL). Currency exchange was one of the steps towards integration with the European Union, which Malta joined in 2004.
Why the euro?
The adoption of the euro in Malta was a strategic move. It helped increase economic stability and attract foreign investment. For tourists and residents, it also had practical significance. When traveling to other eurozone countries, there is no need to exchange currency. This is a huge convenience for both tourists and businesses.
Exchange rate
The official exchange rate was 0.4293 lira for one euro during the transition to the new currency. The adoption of the euro required adaptation to the new system. The implementation of this currency contributed to a rise in prices in the initial years. However, today the residents of Malta are accustomed to prices in euros, and the economy has adapted to the new realities.
Functioning of coins and banknotes
In Malta, as everywhere in the eurozone, coins are used with denominations ranging from 1 cent to 2 euros. Banknotes are available in denominations from 5 to 500 euros. Each banknote denomination looks the same throughout the eurozone. However, coins have identical obverses, but most countries place national symbols on the reverse.
| Denomination | Place of Use |
|---|---|
| 1 cent – 2 euros | Coins |
| 5 euros – 500 euros | Banknotes |
Payment facilities
In Malta, all major restaurants, hotels, and stores accept card payments. ATMs are widely available, and the network is well-developed. As a result, even if you travel without cash, you can conveniently use payment cards. Additionally, many places accept contactless payments, which further facilitates shopping.
For tourists
If you’re planning to visit Malta, it’s worth knowing that small coins are useful. In tourist areas, prices are typically given in euros, and change is given in this currency. When using less commercial services, such as markets or small shops, it’s advisable to carry cash. The value and wide acceptance of the currency simplify life for both tourists and residents.
Advantages of using the euro
The euro in Malta is not only a convenience for travelers and residents but also brings economic stability. It has allowed Malta to deepen its integration with the rest of Europe and facilitated trade exchange. For residents, this means a greater variety of goods and services as well as competitive prices. Therefore, the euro is seen as a positive change not only in the economy but also in daily life in Malta.
