Central Bank of Malta celebrates 50th anniversary

The Central Bank of Malta’s journey over the last 50 years has been one of impressive progress, Finance Minister Edward Scicluna said.

He said that the bank went from modest beginnings in 1968 to a fully-fledged member of the euro area. “Its role has changed considerably, but it has always remained instrumental in supporting Malta’s economic development over the years.”

He was addressing the conference hosted by the Governor of the Central Bank of Malta, Mario Vella with the theme ‘Central Banks in Historical Perspective: What Changed After the Financial Crisis’ at the Laparelli Building at the Central Bank of Malta.

The Minister touched upon the various goal posts throughout the period, including the 1971 collapse of the Bretton Woods Agreement, the 1992 devaluation and the joining of the Eurozone, and the international financial crises and other crucial events. These were changing circumstances that influenced policy and resulted in the Central Bank’s role evolving over the past fifty years.

“We can look back with pride since Malta has now diversified itself into a strong and competitive economy,” concluded the Minister.

A number of local and foreign speakers participated in the conference. These included Vitor Costancio (Vice-President, European Central Bank), Mar Guomundson (Governor, Central Bank of Iceland), Sharon Donnery (Deputy Governor, Central Bank of Ireland), Lawrence Schembri (Deputy Governor, Bank of Canada), Charles Goodhart (Financial Markets Group, London School of Economics).