Exchange Rate
The Maltese pound/lira was on a par with the British pound sterling (GBP) until the late 1970s, since then the lira had been allowed to float, anchored to a basket of reserve currencies. The lira had subsequently been worth around £1.60 sterling. After the Kuwaiti dinar, it was the second-highest-valued currency unit in the world, being worth US$3.1596 as of 28 April 2007. After the dollar weakened against other currencies in mid 2006, the lira was worth US$3.35289 as of 16 December 2007.
The currency entered the ERM II on 2 May 2005, by which its value had to be maintained within a 15% band around the central parity rate of 0.429300 LM per euro. The Central Bank of Malta and Maltese Government unilaterally decided to keep the actual LM/euro exchange rate equal to the central parity rate (i.e., doing away with the 15% band) throughout the ERM II period.
The irrevocable fixed conversion rate was established by the ECOFIN on 10 July 2008, at 0.4293 lira to one euro.
Read more about this topic: Maltese Lira
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