Currency
The Central Bank of Malta was established in 1968 and immediately assumed responsibility for the issue and control of banknotes and coins in Malta. With the adoption of the euro in Malta on 1 January 2008, the Central Bank of Malta took over the responsibility for issuing euro banknotes and coins in accordance with the principles and rules established within the Eurosystem.
A Currency Surveillance Unit oversees currency in circulation, and monitors suspect and counterfeit currency. Care is also taken to ensure the quality and authenticity of currency in circulation so that banknotes unfit for circulation are regularly withdrawn and destroyed, and replaced with new notes. Furthermore, attention is paid to ensure that denominations in circulation reflect demand.
The Central Bank of Malta also issues euro coins on behalf of the Government of Malta. The amount of coins issued is subject to prior approval by the European Central Bank in terms of Article 128 of the Treaty on the Functioning of the European Union. Periodically, the Bank also issues commemorative €2 coins, as well as other legal tender coins in precious metal.