Maltese lira, Malta currency guide and exchange rates

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Maltese Lira

Important update: As of January 1st 2008, Malta has adopted the Euro.

Currency regime until 31/12/2007

The Maltese lira joined the ERM2 exchange rate mechanism at the beginning of May 2005. The lira's central rate against the Euro has been set at 0.429300. In theory, the lira can trade within a range of 15% either side of the central parity, although movement is likely to be much narrower than this.

The lira will have to stay within this band for at least two years before entry into European Monetary Union can be considered.

Commercial rates

On July 25th 2007, the lira was trading at 0.429 against the Euro and 0.640 against Sterling. For 1 UK pound you would, therefore, receive 0.640 lira.

Tourist rates

On July 25th 2007, the lira was trading around 0.602 against Sterling. For 1 UK pound you would, therefore, receive 0.602 lira. This rate will fluctuate on a day-to-day basis.

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Currency Regulations

The Lira (LM) is the unit of currency and is divided into 100 cents; each cent is again divided into 10 mils. There is no limit to the amount of foreign currency visitors may bring into Malta, providing it is declared upon arrival. However, the maximum amount of Maltese currency that may be brought into Malta is Lm 50. Visitors may take out of Malta any unspent foreign currency but no more than Lm 25 in Maltese currency.

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