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The Maltese Lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. It was previously known as the Maltese pound until 1983, which was on a par with the British pound sterling until the late 1960s, since when the Maltese Lira has traditionally been worth around £1.60 sterling. After the Kuwaiti Dinar, it is the second highest valued currency unit in the world being worth US$3.11006 as of January 3, 2005.
Divided into 100 cents, the Lira (plural Liri) is abbreviated as LM, although the traditional ₤ sign may still be seen locally. The abbreviation "MTL" is also sometimes used.
Initially, the cent was further subdivided into 10 mils. The first decimal coinage contained the following denominations: 2 mils, 3 mils, 5 mils (these three minted in aluminum), 1 cent (bronze), 2 cents, 5 cents, 10 cents, 50 cents (cupronickel). The 25 cent coin was introduced in June, 1975 to commemorate Malta's becoming a republic within the Commonwealth of Nations on December 13, 1974. The 1 Lira coin was introduced on May 19, 1986 replacing the former banknote [1] (http://www.centralbankmalta.com/site/currency1f.html)
Coins in circulation [2] (http://www.centralbankmalta.com/site/currency2h.html)
- 1 cent
- 5 cents
- 10 cents
- 25 cents
- 50 cents
- 1 Lira
Banknotes in circulation [3] (http://www.centralbankmalta.com/site/currency2e.html)
- 2 Liri
- 5 Liri
- 10 Liri
- 20 Liri
Malta's entry into the European Union means that the lira will be replaced by the Euro, by 2006.
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