The required legislation to set up a central bank in Malta was passed in the Maltese Parliament on 11 November 1967 and five months later, on 17 April 1968, the Central Bank of Malta was established.
The bank became an integral part of the European System of Central Banks (ESCB) after Malta joined the European Union on 1st May 2004. The main mission of the bank is to ensure a sound financial system, thereby contributing to a healthy economic development. The main objectives of the bank are as follows:
- Promoting proper interest and exchange rate policies
- Maintaining the value of the external reserves of the country
- Safeguarding the integrity of the financial sector
- Promoting and supporting the development of financial markets
- Issuing notes and coins to meet the demand of the public
- Conducting economic analyses and publishing economic and financial statistics
- Advising the government on economic and financial matter
The administration of the bank is in the hands of a Board of Directors. A Governor heads the Board of Directors and is also its Chairman. Besides the Governor, the Deputy Governor and five other Directors constitute the board.
- Maintaining price stability in the country
- Maintaining the external value of the Maltese currency
- Acting as the banker to the banks and the public sector
- Working towards ensuring the financial stability of the country
- Acting as the issuer of the currency and controlling its circulation
- Maintaining strong relations with international institutions with a view to promote the Maltese economy
- Carrying out specialized publications namely the Quarterly Review and the Annual Report
As a result of the considerable transformation the bank has undergone in recent years, the bank is now in a better position to fulfill both the domestic and ESCB-related obligations.
The Address and Contact details of the bank is as follows:
Central Bank of Malta
Address: Castille Place Valletta CMR 01 MALTA
Phone No.: ++356-24 74 80
Fax: ++356-24 30 51