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28/04/2022

Central Bank of Malta presents the Annual Report 2021

The Central Bank of Malta has released its Annual Report for 2021, during a press launch held on 27th April 2022 and addressed by the Governor, Professor Edward Scicluna, the Deputy Governor for Monetary Policy Alexander Demarco, the Deputy Governor for Financial Stability Oliver Bonello, and the Chief Economist Dr Aaron Grech. 

Central Bank of Malta Annual Report 2021 Press Launch

Central Bank of Malta Annual Report 2021 Press Launch

The Annual Report includes the Bank's financial statements, an analysis of economic and financial developments in Malta and abroad, and a review of the Bank's policies and operations. 

The event was very well attended by officials from credit institutions, diplomats, stockbrokers, economists, social partners, and other socio-economic operators. The conference was moderated by Keith Demicoli and included a Q&A session for the attendees and journalists.

Looking ahead, the Governor, Professor Edward Scicluna emphasised that the Central Bank of Malta will continue to monitor closely the economy and the financial system and to disseminate information to the public. The Governor stated that as economic activity levels have already returned to those prevailing before the pandemic, growth is expected to moderate to more normal levels. The Bank expects GDP to grow by 6% in 2022, 5.3% in 2023 and 3.8% in 2024, although it was emphasized that such forecasts were prepared before the invasion of Russia in Ukraine, which represents a downside risk to these projections.

Governor of Central Bank of Malta, Prof. Edward Scicluna

Governor of Central Bank of Malta, Prof. Edward Scicluna

The Bank's Chief Economist, Dr Aaron Grech, noted that while overall GDP is slightly higher than it was before the pandemic, the sectors most affected are still below their 2019 level and their gradual recovery, together with continued growth of digital services, may offset negative impacts of geopolitical tensions and higher inflation.

Chief Economist, Dr Aaron Grech

Chief Economist, Dr Aaron Grech

In his presentation the Deputy Governor Financial Stability, Mr Oliver Bonello gave an overview of developments in the local banking sector in which he mentioned that there was improvement in profitability as well as in the capital and liquidity levels registered by the core domestic banks in a scenario of a recovery in macroeconomic conditions which support financial stability.

Deputy Governor, Mr Oliver Bonello

Deputy Governor, Mr Oliver Bonello

The Deputy Governor Monetary Policy Alexander Demarco focused on the financial statements of the Central Bank of Malta for the year ended 31 December 2021. He said that the Bank registered a profit for the year, after provisions, of €22.17 million.

Deputy Governor, Mr Alexander Demarco

Deputy Governor, Mr Alexander Demarco

(Photos: Melvin Bugeja)

The Annual Report 2021 is available on the Central Bank of Malta's website.

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