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What is the irrevocably fixed conversion rate and what was the irrevocably fixed conversion rate between the Maltese lira and the euro?

April 26, 2017conversion Euro fixed irrevocably lira Maltese rate

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What is the irrevocably fixed conversion rate and what was the irrevocably fixed conversion rate between the Maltese lira and the euro?

1 Answer

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The irrevocably fixed conversion rate is the fixed rate at which Maltese lira was converted into euro. This rate is unalterable and irrevocable. The setting of this rate required a unanimous decision of euro area Member States and the Maltese authorities, on a proposal from the European Commission and after consulting the European Central Bank. The rate was formally established by the EU Council of Economic and Finance Ministers (ECOFIN) following the announcement of the abrogation of the derogation from euro adoption on 10 July 2007. Malta joined the euro area with an irrevocably fixed conversion rate of EUR1=MTL0.429300.