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Il-Bank Ċentrali ta’ Malta

The Central Bank of Malta



Wara li twaqqaf permezz tal-Att dwar il-Bank Ċentrali ta’ Malta 1967, il-Bank Ċentrali ta’ Maltafetaħ il-bibien tiegħu fis-17 t’April 1968. Minkejja li l-kapital tal-Bank hu kollu kemm hu tal-Gvernta’ Malta, il-Bank hu entità legalment distinta u bil-liġi hu mitlub li jkun indipendenti mill-Gvernfit-twettiq tal-funzjonijiet, tad-dmirijiet u tas-setgħat tiegħu. Bord tad-Diretturi magħmul mill-Gvernatur, id-Deputat Gvernatur u tliet membri oħra hu responsabbli għall-amministrazzjonital-Bank.

Wara d-dħul ta’ Malta fl-Unjoni Ewropea (UE) fl-1 ta’ Mejju 2004, il-Bank ingħaqad mas-SistemaEwropea ta’ Banek Ċentrali (SEBĊ) u, wara li Malta adottat l-euro fl-1 ta’ Jannar 2008, sar parti mill-Eurosistema, li hi magħmula mill-Bank Ċentrali Ewropew (BĊE) u l-banek ċentralinazzjonali (BĊN) tal-Istati Membri taż-żona tal-euro.

Politika monetarja u stabbiltà fil-prezzijiet

L-Eurosistema tistabbilixxi u timplimenta l-politika monetarja waħdanija għaż-żona tal-euro bl-għan ewlieni li tinżamm l-istabbiltà tal-prezzijiet, sabiex jitħares il-valur tal-euro u jintlaħaqtkabbir ekonomiku sostenibbli u livell għoli ta’ impjiegi.

L-Eurosistema tiddefinixxi l-istabbiltà tal-prezzijiet bħala żidiet annwali fil-prezzijiet li jkunu taħt,iżda qrib, it-2%, fuq żmien medju. Meta jkun qed ifassal l-istrateġija tal-politika monetarja,il-Kunsill Governattiv tal-BĊE janalizza l-iżviluppi ekonomiċi u monetarji biex iqis ir-riskji għall-istabbiltà tal-prezzijiet u jieħu d-deċiżjonijiet meħtieġa.

Il-Bank Ċentrali ta’ Malta jikkontribwixxi għaż-żamma tal-istabbiltà tal-prezzijiet fiż-żona tal-europermezz tal-parteċipazzjoni tal-Gvernatur fil-Kunsill Governattiv. Il-Bank hu wkoll responsabbligħall-implimentazzjoni f’Malta tad-deċiżjonijiet tal-Kunsill. Għalhekk, iħaddem firxa ta’ strumentimonetarji li jħallu effett fuq ir-rati tal-imgħax fuq żmien qasir, jirregolaw il-likwidità fis-sistemabankarja u jagħtu ħjiel tal-orjentament tal-politika monetarja. It-tliet strumenti ewlenin li jintużawbiex jintlaħqu dawn l-għanijiet huma l-operazzjonijiet tas-suq ħieles, il-faċilitajiet permanenti ta’self u l-infurzar ta’ riżervi minimi.



Established by the Central Bank of Malta Act 1967, the Central Bank of Malta opened its doorson 17 April 1968. Although the Bank’s capital is entirely held by the Government of Malta,the Bank has its own distinct legal personality and is required by law to be independent of Government when exercising its functions, duties and powers. A Board of Directors madeup of the Governor, Deputy Governor and three other members is responsible for the Bank’sadministration.

Following Malta’s accession to the European Union (EU) on 1 May 2004, the Bank joinedthe European System of Central Banks (ESCB) and, upon Malta’s adoption of the euro on1 January 2008, it became part of the Eurosystem, which comprises the European CentralBank (ECB) and the national central banks (NCBs) of euro area Member States.

Monetary policy and price stability

The Eurosystem is responsible for defining and implementing the single monetary policy for theeuro area, with the primary objective of maintaining price stability, thus safeguarding the valueof the euro as well as achieving sustainable economic growth and high levels of employment.

The Eurosystem defines price stability as annual price increases of below, but close to, 2%,over the medium term. In pursuing its monetary policy strategy, the Governing Council of theECB analyses economic and monetary developments to assess risks to price stability andtakes appropriate policy decisions.

The Central Bank of Malta contributes to the achievement of price stability in the euro areathrough the participation of the Governor in the Governing Council. The Bank is also responsiblefor the implementation in Malta of the Council’s decisions. For this purpose it deploys a rangeof monetary policy instruments to affect short-term interest rates, regulate liquidity in thebanking system and signal the stance of monetary policy. The three main instruments used toachieve these objectives are open market operations, standing facilities and minimum reserverequirements.

Source : European Central Bank



Stabbiltà finanzjarja

Il-ħarsien tal-istabbiltà finanzjarja hi funzjoni ewlenija tal-banek ċentrali. Sistema finanzjarjasoda u stabbli twassal għat-tħaddim effiċjenti tal-politika monetarja. Il-Bank Ċentrali ta’ Malta

hu responsabbli biex jiżgura l-istabbiltà tas-sistema finanzjarja f’Malta, li jiddefinixxi bħalakondizzjoni li permezz tagħha s-sistema – li tinkludi l-istituzzjonijiet, is-swieq u l-infrastruttura –tgħin biex issarraf it-tfaddil f’opportunitajiet ta’ investiment u tiffaċilita b’mod effiċjenti l-issetiljar tal-pagamenti; tikkontrolla r-riskji li jistgħu jkunu ta’ ħsara jew ta’ theddida għaliha u, għaldaqstant,għall-ekonomija; u tassorbi l-iskossi mingħajr ma tippermetti l-akkumulazzjoni ta’ proċessi li jistgħu jfixklu l-operat tagħha. Fil-qadi ta’ dan l-obbligu statutorju, il-Bank jikkontribwixxi wkollgħall-istabbiltà finanzjarja fiż-żona tal-euro.

Il-Bank Ċentrali ta’ Malta hu responsabbli wkoll biex jipprovdi finanzjament lis-settur bankarjupermezz tal-funzjoni tiegħu bħala lender of last resort . Dan is-self normalment jingħataf’ċirkostanzi eċċezzjonali meta jinħass li l-istabbiltà tas-sistema finanzjarja tkun mhedda.

Tħaddim tal-assi

Wieħed mid-dmirijiet bażiċi tal-Eurosistema hu li żżomm u tħaddem ir-riżervi uffiċjali tal-IstatiMembri. Kemm il-BĊE kif ukoll il-BĊN iżommu riżervi barranin. Minbarra li jżomm u jħaddemil-portafoll tiegħu ta’ riżervi barranin, il-Bank Ċentrali ta’ Malta jħaddem ukoll portafoll ta’riżervi barranin f’isem il-BĊE. Ir-riżervi barranin tal-BĊE jistgħu jintużaw mill-Eurosistema għalinterventi fis-swieq internazzjonali tal-kambju.

Il-Bank Ċentrali ta’ Malta jżomm u jħaddem ukoll portafoll ta’ assi denominati f’euro.



Financial stability

Safeguarding financial stability is a core function of central banks. A sound and stable financialsystem is conducive to the efficient conduct of monetary policy. The Central Bank of Maltais responsible for ensuring the stability of the Maltese financial system, which it defines as a

condition where the system – comprising institutions, markets and infrastructures – is able toallocate savings into investment opportunities and facilitate the efficient settlement of payments;manage risks that may harm or threaten to harm its performance and, consequently, that of the economy; and absorb shocks without allowing the formation of cumulative processes thatmay impair its operations. In fulfilling this statutory obligation, the Bank also contributes to thefinancial stability of the euro area.

The Central Bank of Malta is also responsible for providing financial support to the bankingsector through its ‘lender of last resort’ function. Such lending is normally resorted to in

exceptional circumstances when there is a perceived threat to the stability of the financialsystem.

Asset management

One of the basic tasks of the Eurosystem is to hold and manage the official foreign reserves of the Member States. Both the ECB and the NCBs hold foreign reserve assets. Apart from holdingand managing its own foreign currency asset portfolio, the Central Bank of Malta manages aportfolio of foreign reserves on behalf of the ECB. Foreign reserve assets owned by the

ECB can be used for intervention by the Eurosystem on the international foreign exchangemarkets.

The Central Bank of Malta also holds and manages a portfolio of euro-denominated assets.



Sistemi ta’ pagamentIl-Bank Ċentrali ta’ Malta għandu wkoll ir-responsabbiltà li jirregola u jissorvelja t-tħaddim tas-sistemi domestiċi ta’ pagament biex jiżgura l-istabbiltà u s-sigurtà ta’ dawn is-sistemi, kif ukollil-fiduċja ta’ min jużahom. Is-sistemi ta’ pagament jinkludu dawk ta’ bejn il-banek u dawk ta’valur żgħir, kif ukoll sistemi ta’ kklerjar ta’ ċekkijiet, issetiljar, ikklerjar u ħlas marbut ma’ titoli unnettjar. Flimkien mas-SEBĊ, il-Bank hu responsabbli biex jiżgura li s-sistemi ta’ pagamentfl-UE jaħdmu mingħajr xkiel.

Il-Bank innifsu jħaddem it-TARGET2Malta, is-sistema ta’ pagament bejn il-banek li hi parti mit-TARGET2, is-sistema tas-SEBĊ għal ħlas gross f’ħin attwali f’euro.

Il-Bank Ċentrali ta’ Malta għandu l-awtorità wkoll li jippromwovi t-twaqqif ta’ sistema ta’ kklerjar taċ-ċekkijiet għall-banek u li jipprovdi faċilitajiet għal din is-sistema. Il-Bank, flimkien ma’ għaddta’ banek, hu membru tal-Malta Clearing House.

Il-Bank hu responsabbli għas-sorveljanza lokali tal-proġett taż-Żona Unika ta’ Pagamentif’Euro (SEPA), inizjattiva mmexxija mill-banek kummerċjali Ewropej, kif ukoll għas-sorveljanza

tas-sistemi lokali ta’ ħlas marbut ma’ titoli. Flimkien ma’ banek ċentrali oħra li huma membri tas-SEBĊ, il-Bank hu involut ukoll fit-tfassil u l-implimentazzjoni tat-TARGET2-Titoli (T2S) għall-issetiljar ta’ ħlas marbut ma’ titoli, kemm bejn il-pajjiżi kif ukoll lokalment.



Payment systemsThe Central Bank of Malta is also charged with the regulation and oversight of domesticpayment systems in order to maintain the stability and security of these systems and ensurethe confidence of their users. Payment systems include interbank and retail systems, as wellas clearing, settlement, securities clearing and settlement and netting systems. Together withthe ESCB, the Bank is responsible for ensuring the smooth operation of payment systemswithin the EU.

The Bank itself operates TARGET2Malta, the interbank payment system which forms part of TARGET2, the ESCB’s Real-Time Gross Settlement (RTGS) system for the euro.

The Central Bank of Malta also has the authority to promote the establishment of a chequeclearing system for banks and to provide facilities for that system. Together with a number of credit institutions, the Bank is a member of the Malta Clearing House.

The Bank is responsible for the local oversight of the Single Euro Payments Area (SEPA)project, an initiative spearheaded by European commercial banks, as well as domestic

securities settlement systems. Together with other ESCB central banks, it is also involved in thedesign and implementation of TARGET2-Securities (T2S) for the cross-border and domesticsettlement of transactions involving securities.



Ħruġ ta’ karti tal-flus u muniti

Sa mit-twaqqif tiegħu fl-1968, il-Bank Ċentrali ta’ Malta kien responsabbli għall-ħruġ u l-kontrolltal-karti tal-flus u tal-muniti f’Malta. L-ewwel serje tal-karti tal-flus Maltin inħarġet f’Settembrutal-1969, waqt li l-aħħar serje nħarġet eżattament għoxrin sena wara. Il-Bank ħareġ l-ewwel

muniti tiegħu f’Mejju tal-1972, meta Malta adottat is-sistema deċimali.Bl-introduzzjoni tal-euro f’Malta, il-Bank Ċentrali ta’ Malta sar responsabbli għall-ħruġ tal-kartital-flus tal-euro u biex jiżgura l-kwalità u l-awtentiċità tal-karti tal-flus fiċ-ċirkolazzjoni. Il-Bankgħandu wkoll taqsima għas-sorveljanza tal-flus li teżamina kull karta tal-flus issuspettata li tkunfalza.

Il-karti tal-flus li ma jkunux tajbin biex jibqgħu fl-idejn jitneħħew miċ-ċirkolazzjoni regolarment, jinqerdu u jiġu sostitwiti b’karti tal-flus ġodda.

Il-Bank Ċentrali ta’ Malta joħroġ ukoll il-muniti tal-euro f’Malta f’isem il-Gvern ta’ Malta. Il-volumtal-muniti tal-euro li jinħareġ irid jiġi approvat minn qabel mill-BĊE.

Fil-bini ewlieni tal-Bank hemm mużew tal-flus. Minbarra l-ħarġiet kollha ta’ flus mill-1969 ’lhawn, din il-wirja fiha kollezzjoni tal-karti tal-flus kollha li kienu valuta legali minn meta nħarġul-ewwel karti tal-flus uffiċjali Maltin fl-1914. Il-wirja fiha wkoll kollezzjoni ta’ muniti wżati f’Maltatul is-snin, li jmorru lura saħansitra sal-era Punika, kif ukoll il-muniti numiżmatiċi kollha maħruġamill-Bank.



Issuance of notes and coins

Since its establishment in 1968, the Central Bank of Malta has been responsible for the issueand control of currency notes and coins in Malta. The first series of Maltese currency notes wasissued in September 1969, while the last series was launched exactly twenty years later. TheBank issued its first coins in May 1972, when Malta adopted the decimal system.

With the introduction of the euro in Malta, the Central Bank of Malta became responsible for the issuance of euro banknotes and for ensuring the quality and authenticity of the banknotesin circulation. The Bank houses a Currency Surveillance Unit which analyses every banknotethat is suspected of being counterfeit.

Notes that are unfit for circulation are regularly withdrawn and destroyed, and replaced withnew notes.

The Central Bank of Malta also issues euro coins in Malta on behalf of the Government of Malta. The volume of euro coins issued is subject to prior approval by the ECB.

A currency museum is housed in the Bank’s main building. Besides all currency issues since1969, it includes a collection of all available note issues of legal tender currency since 1914,when the first official Maltese currency notes were issued. The museum also displays acollection of coins used in Malta over the years, going as far back as the Punic era, as well asall the collector coins issued by the Bank.



Bankier għall-banek u għas-settur pubbliku u konsulent tal-Gvern

Il-Bank Ċentrali ta’ Malta jagħmilha ta’ bankier għall-banek kummerċjali u għall-Gvern ta’ Malta.Kull meta jkun meħtieġ, jipprovdi likwidità lill-banek permezz ta’ operazzjonijiet fis-suq ħieles uself għal matul il-jum kontra garanziji. Barra milli jieħu sehem fi, u jħaddem, it-TARGET2Maltail-Bank jgħin fl-ikklerjar ta’ ammonti żgħar bejn il-banek permezz tal-Malta Clearing House

għall-ħlas ta’ kuljum permezz tat-TARGET2.

Il-banek iżommu bilanċi ta’ depożiti b’aċċess immedjat jew għal terminu fiss mal-Bank Ċentralita’ Malta. Jekk ikun meħtieġ, huma jistgħu jieħdu self għal żmien qasir mill-Bank billi jiggarantixxu

bi pleġġ jew jiddepożitaw assi speċifikati mal-Bank. Minbarra li jmexxi l-operazzjonijiet fis-suqħieles, il-Bank jista’ jipprovdi faċilitajiet ta’ rifinanzjament lill-banek billi jixtri assi eliġibbli biskont.

Bħala parti mit-tmexxija tal-politika monetarja, il-Bank Ċentrali ta’ Malta jesiġi li l-banek iżommudepożiti ta’ riżerva miegħu.

Il-Bank jagħmilha wkoll ta’ bankier għal għadd ta’ istituzzjonijiet tas-settur pubbliku u jipprovdilhom diversi faċilitajiet bankarji, fosthom kontijiet ta’ depożitu u servizzi tal-kambju,

iżda mhux self, għax dan huwa speċifikament ipprojbit bil-liġi.Fir-rwol tiegħu bħala konsulent tal-Gvern dwar kwistjonijiet finanzjarji u ekonomiċi, il-Bank jikkontribwixxi għat-tfassil ta’ politika għaqlija permezz ta’ pariri indipendenti.



Banker to the banks and the public sector and advisor to Government

The Central Bank of Malta acts as banker to the commercial banks and to the Government of Malta. It provides the banks with liquidity whenever required through open market operationsand collateralised intraday lending. Apart from participating in, and operating,TARGET2Maltathe Bank supports the clearing of retail interbank payments through the operation of the MaltaClearing House for daily settlement through TARGET2.

Banks maintain call and term deposit balances with the Central Bank of Malta. If need be theymay obtain short-term loans and advances from the Bank secured by pledging or depositing

specified assets with the Bank. In addition to conducting open market operations, the Bank canprovide refinancing facilities to the banks by purchasing eligible assets at a discount.

As part of the conduct of monetary policy, the Central Bank of Malta requires banks to maintainreserve deposits with it.

The Bank also acts as banker to a number of public sector institutions to which it providesvarious banking facilities, including deposit accounts and foreign exchange services, butexcluding loans and advances, which are expressly prohibited by law.

As advisor to the Government on financial and economic matters, the Bank contributes tosound policy-making by offering independent advice.



Analiżi ekonomika u riċerka

Il-Bank Ċentrali ta’ Malta jagħmel analiżi u riċerka ekonomika kemm biex jikkontribwixxi għall-parteċipazzjoni tal-Gvernatur fil-Kunsill Governattiv tal-BĊE kif ukoll għall-qadi ta’ għadd ta’funzjonijiet oħra tiegħu. Il-Bank jippubblika l-analiżi tiegħu f’żewġ pubblikazzjonijiet ewlenin, jiġifieri r-Rivista ta’ Kull Tliet Xhur u r-Rapport Annwali. Ir-Rivista ta’ Kull Tliet Xhur ikun fiharapporti dwar l-iżviluppi ekonomiċi u finanzjarji kemm f’Malta kif ukoll barra minn Malta, artikli

speċjali dwar temi ekonomiċi u monetarji, u firxa wiesgħa ta’ statistika relatata. Mill-bandal-oħra, ir-Rapport Annwali fih analiżi lokali u internazzjonali tal-iżviluppi ekonomiċi u finanzjarjili jkunu seħħew matul is-sena li tkun għaddiet. Jinkludi wkoll rapporti fuq il-ħidma tal-Bank, kif ukoll il-kontijiet finanzjarji annwali tal-Bank.

Il-Bank Ċentrali ta’ Malta jħejji wkoll previżjonijiet dwar ix-xejriet makroekonomiċi ewlenin tal-ekonomija Maltija permezz ta’ mudell ekonometriku u strumenti oħra. Dawn il-projezzjonijiet jintużaw ukoll mill-Eurosistema fil-previżjonijiet tagħha.

Il-ġbir u l-pubblikazzjoni tal-istatistikaIl-Bank Ċentrali ta’ Malta jiġbor u jikkumpila firxa wiesgħa ta’ statistika monetarja, finanzjarjau statistika oħra makroekonomika skont standards Ewropej u internazzjonali. Il-Bank għandus-setgħa li jaqdi dawn il-funzjonijiet bis-saħħa tal-Att dwar il-Bank Ċentrali ta’ Malta. Barra minnhekk, l-Istatut tas-SEBĊ u tal-BĊE jagħti lill-BĊE l-kompetenza biex, bl-għajnuna tal-BĊN, jiġbor l-istatistika meħtieġa għall-qadi tad-dmirijiet tas-SEBĊ, jew mingħand l-awtoritajiet nazzjonalikompetenti jew direttament mingħand l-aġenti ekonomiċi. Din l-istatistika hi meħtieġa għat-tfassiltal-politika, biex il-Bank iwettaq l-obbligazzjonijiet tiegħu nazzjonali u internazzjonali għal dak

li għandu x’jaqsam mal-istatistika, u għall-analiżi u r-riċerka ekonomika kemm fil-Bank kif ukollfl-Eurosistema. Statistika aggregata u konsolidata tiġi ppubblikata fil-pubblikazzjonijiet regolarital-Bank, fis-sit elettroniku tiegħu, fil-pubblikazzjonijiet tal-BĊE u f’dawk ta’ organizzazzjonijietinternazzjonali oħra.



Economic analysis and research

The Central Bank of Malta conducts economic analysis and research to support both theGovernor’s participation in the ECB’s Governing Council and a number of its other functions.The Bank publishes its analysis in two main publications, namely the Quarterly Review and

the Annual Report . The Quarterly Review contains commentaries on economic and financialdevelopments in Malta and abroad, occasional articles on economic and monetary matters,and a wide range of related statistics. On the other hand, the Annual Report contains ananalysis of local and international economic and financial developments during the previousyear. It also reports on the Bank’s operations and includes its annual financial statements.

The Central Bank of Malta prepares forecasts of the main macroeconomic variables for theMaltese economy by means of its econometric model and other tools. These projections arealso used in the forecasting exercises carried out by the Eurosystem.

Collection and dissemination of statistics

The Central Bank of Malta collects and compiles a wide variety of monetary, financial and other macroeconomic statistics in accordance with European and other international standards. TheBank is empowered to carry out these functions by virtue of the Central Bank of Malta Act.Moreover, the Statute of the ESCB and of the ECB confers upon the ECB the competence tocollect, with the assistance of the NCBs, the statistical information necessary to perform thetasks of the ESCB, either from the competent national authorities or directly from economic

agents. These statistics are essential for policy making, for the Bank to fulfil its nationaland international statistical obligations, and for economic analysis and research within theBank and in the Eurosystem. Aggregated or consolidated statistics are released through theBank’s regular publications, its website, the publications of the ECB and other internationalorganisations.



Relazzjonijiet ma’ istituzzjonijiet internazzjonali

Barra milli hu msieħeb fis-SEBĊ u fl-Eurosistema, il-Bank jipparteċipa wkoll f’għadd ta’istituzzjonijiet oħra tal-UE. Dawn jinkludu l-Kumitat Ekonomiku u Finanzjarju (EFC) u l-Kumitatgħall-Istatistika Monetarja, Finanzjarja u tal-Bilanċ tal-Pagamenti (CMFB). L-EFC jagħti paririlill-Kunsill tal-UE dwar affarijiet ekonomiċi u finanzjarji. Is-CMFB jagħti pariri lill-Kummissjoni

Ewropea dwar kwistjonijiet ta’ statistika. Il-Gvernatur jattendi wkoll għal-laqgħat informali tal-Kunsill tal-ECOFIN .

Flimkien mal-Ministeru tal-Finanzi, l-Ekonomija u l-Investiment, il-Bank iżomm ukoll relazzjonijietma’ istituzzjonijiet ekonomiċi u finanzjarji internazzjonali li tagħhom Malta hi membru. Dawn jinkludu l-Fond Monetarju Internazzjonali (IMF), il-Bank Dinji (IBRD) u l-Bank Ewropew għar-Rikostruzzjoni u l-Iżvilupp (EBRD).

Fiex nemmnu

B’konformita’ mal-missjoni tal-Eurosistema, meta jwettaq l-għanijiet tiegħu, il-Bank Ċentralita’ Malta jagħti importanza kbira lill-kredibilità, il-fiduċja, it-trasparenza u r-responsabbiltà.Dejjem jara li jkun trasparenti u li jagħti rendikont pubbliku ta’ għemilu. Dan jagħmlu permezztal-pubblikazzjoni tar-rendikonti finanzjarji tiegħu, komunikazzjoni effettiva u stqarrijiet fis-sitelettroniku tiegħu, pubblikazzjonijiet oħra u rappurtar regolari lill-Parlament dwar il-politikau l-operat tiegħu. Hu impenjat favur tmexxija serja u t-twettiq ta’ dmirijietu b’mod effettiv ueffiċjenti, fi spirtu ta’ koperazzjoni u għaqda.



Relations with international institutions

Apart from its membership of the ESCB and the Eurosystem the Bank also participates in anumber of other EU institutions. These include the Economic and Financial Committee (EFC)and the Committee for Monetary, Financial and Balance of Payments Statistics (CMFB). TheEFC advises the Council of the EU on economic and financial matters. The CMFB advises theEuropean Commission on statistical issues. The Governor also attends the informal meetingsof the ECOFIN Council.

Together with the Ministry of Finance, the Economy and Investment, the Bank also maintainsrelations with international economic and financial institutions of which Malta is a member.These include the International Monetary Fund (IMF), the World Bank (IBRD) and the EuropeanBank for Reconstruction and Development (EBRD).

Our valuesIn line with the Eurosystem’s mission the Central Bank of Malta, when pursuing its objectives,attaches utmost importance to credibility, trust, transparency and accountability. It alwaysseeks to be transparent and publicly accountable. This is achieved through the publication of its financial statements, effective communications and announcements through its website,other publications and regular reporting to Parliament on its policies and operations. It iscommitted to good governance and to performing its tasks effectively and efficiently, in a spiritof cooperation and teamwork.



Ikkuntattjana

Uffiċċju għar-Relazzjonijiet EsterniBank Ċentrali ta’ MaltaPjazza KastiljaValletta VLT 1060MALTA

Tel: (+356) 2550 0000Fax: (+356) 2550 2500

E-mail: [email protected]: www.centralbankmalta.org

Contact Us

External Relations OfficeCentral Bank of MaltaPjazza KastiljaValletta VLT 1060MALTA

Tel: (+356) 2550 0000Fax: (+356) 2550 2500E-mail: [email protected] www.centralbankmalta.org

© Central Bank of Malta, 2010

ISBN 978-99932-0-905-8 (print)ISBN 978-99932-0-906-5 (online)

Gutenberg PressTarxien, Malta

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