MALTESE POUND Meaning and
Definition
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The Maltese pound refers to the former currency of Malta, which was in circulation until the country adopted the euro as its official currency on January 1, 2008. Symbolized by the abbreviation Lm or ₤, the Maltese pound was subdivided into 100 cents.
Originating in 1825, the Maltese pound was introduced as the currency of Malta, a southern European island nation located in the Mediterranean Sea. It served as the unit of currency for transactions within the country, including commercial, financial, and everyday activities. The currency was governed by the Central Bank of Malta, which was responsible for its issuance, regulation, and maintenance.
The Maltese pound was initially tied to the British pound sterling at a fixed exchange rate, and its value was primarily influenced by the economic and monetary policies of the United Kingdom. However, as Malta gained independence from Britain in 1964, the Maltese pound became solely controlled and regulated by the Central Bank of Malta.
Upon Malta's entry into the European Union in 2004, the country decided to adopt the euro as its official currency, thus phasing out the Maltese pound. This transition was officially completed on January 1, 2008, when the euro became the only legal tender in Malta. Today, the Maltese pound exists as a relic of Malta's monetary history, serving as a symbol of its former economic independence.
Common Misspellings for MALTESE POUND
- naltese pound
- kaltese pound
- jaltese pound
- mzltese pound
- msltese pound
- mwltese pound
- mqltese pound
- maktese pound
- maptese pound
- maotese pound
- malrese pound
- malfese pound
- malgese pound
- malyese pound
- mal6ese pound
- mal5ese pound
- maltwse pound
- maltsse pound
- maltdse pound
- maltrse pound
Etymology of MALTESE POUND
The etymology of the word "Maltese pound" can be traced back to the historical currency of Malta, which was in use before the adoption of the euro in 2008.
The term "pound" originated from the Latin word "pondo" or "pondus", meaning "weight". Pound was widely used in various countries as a unit of currency, often representing a certain weight of precious metal, such as silver or gold.
In the case of Malta, the Maltese pound was introduced by the British colonial government in 1825. During this time, Malta was under British administration, and the British pound was the official currency. Therefore, the currency used in Malta was referred to as the "Maltese pound" to distinguish it from the British pound.
The Maltese pound continued to be the official currency of Malta until the country adopted the euro as its currency in 2008.
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