The Central Bank of Malta has released its Annual Report for 2022, during a launch held at the Central Bank of Malta, Binja Laparelli, Valletta on 20 April 2023. The event was addressed by the Central Bank of Malta Governor, Professor Edward Scicluna, Deputy Governor for Monetary Policy Mr Alexander Demarco, Deputy Governor for Financial Stability Mr Oliver Bonello, and Chief Economist Dr Aaron Grech.

Governor, Professor Edward Scicluna, addressing the audience

The Governor, Professor Edward Scicluna, said that inflation in the euro area peaked at 10.6% during 2022. This reflected higher energy costs and rising food commodity prices. The ECB's Governing Council took firm decisions by raising interest rates to achieve its inflation objective of 2% over the medium term. The transmission of monetary policy on financial markets, including household and firms lending rates, was effective generally throughout the euro area, with the response in Malta being slower. Although inflation rates have peaked, they are still too high, and one would expect the ECB to continue with further tightening.   

Governor, Professor Edward Scicluna

Photos: Melvin Bugeja

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