Il-Bank entrali ta Malta The Central Bank of Malta

Wara li twaqqaf permezz tal-Att dwar il-Bank entrali ta Malta 1967, il-Bank entrali ta Malta feta il-bibien tiegu s-17 tApril 1968. Minkejja li l-kapital tal-Bank hu kollu kemm hu tal-Gvern ta Malta, il-Bank hu entit legalment distinta u bil-lii hu mitlub li jkun indipendenti mill-Gvern t-twettiq tal-funzjonijiet, tad-dmirijiet u tas-setgat tiegu. Bord tad-Diretturi magmul millGvernatur, id-Deputat Gvernatur u tliet membri ora hu responsabbli gall-amministrazzjoni tal-Bank. Wara d-dul ta Malta -Unjoni Ewropea (UE) -1 ta Mejju 2004, il-Bank ingaqad mas-Sistema Ewropea ta Banek entrali (SEB) u, wara li Malta adottat l-euro -1 ta Jannar 2008, sar parti mill-Eurosistema, li hi magmula mill-Bank entrali Ewropew (BE) u l-banek entrali nazzjonali (BN) tal-Istati Membri ta-ona tal-euro.

Politika monetarja u stabbilt l-prezzijiet

L-Eurosistema tistabbilixxi u timplimenta l-politika monetarja wadanija ga-ona tal-euro blgan ewlieni li tinamm l-istabbilt tal-prezzijiet, sabiex jitares il-valur tal-euro u jintlaaq tkabbir ekonomiku sostenibbli u livell goli ta impjiegi. L-Eurosistema tiddenixxi l-istabbilt tal-prezzijiet bala idiet annwali l-prezzijiet li jkunu tat, ida qrib, it-2%, fuq mien medju. Meta jkun qed ifassal l-istrateija tal-politika monetarja, il-Kunsill Governattiv tal-BE janalizza l-iviluppi ekonomii u monetarji biex iqis ir-riskji gallistabbilt tal-prezzijiet u jieu d-deijonijiet metiea. Il-Bank entrali ta Malta jikkontribwixxi ga-amma tal-istabbilt tal-prezzijiet -ona tal-euro permezz tal-parteipazzjoni tal-Gvernatur l-Kunsill Governattiv. Il-Bank hu wkoll responsabbli gall-implimentazzjoni fMalta tad-deijonijiet tal-Kunsill. Galhekk, iaddem rxa ta strumenti monetarji li jallu effett fuq ir-rati tal-imgax fuq mien qasir, jirregolaw il-likwidit s-sistema bankarja u jagtu jiel tal-orjentament tal-politika monetarja. It-tliet strumenti ewlenin li jintuaw biex jintlaqu dawn l-ganijiet huma l-operazzjonijiet tas-suq ieles, il-failitajiet permanenti ta self u l-infurzar ta riervi minimi.

Established by the Central Bank of Malta Act 1967, the Central Bank of Malta opened its doors on 17 April 1968. Although the Banks 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 made up of the Governor, Deputy Governor and three other members is responsible for the Banks administration. Following Maltas accession to the European Union (EU) on 1 May 2004, the Bank joined the European System of Central Banks (ESCB) and, upon Maltas adoption of the euro on 1 January 2008, it became part of the Eurosystem, which comprises the European Central Bank (ECB) and the national central banks (NCBs) of euro area Member States.

Monetary policy and price stability

The Eurosystem is responsible for dening and implementing the single monetary policy for the euro area, with the primary objective of maintaining price stability, thus safeguarding the value of the euro as well as achieving sustainable economic growth and high levels of employment. The Eurosystem denes 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 the ECB analyses economic and monetary developments to assess risks to price stability and takes appropriate policy decisions. The Central Bank of Malta contributes to the achievement of price stability in the euro area through the participation of the Governor in the Governing Council. The Bank is also responsible for the implementation in Malta of the Councils decisions. For this purpose it deploys a range of monetary policy instruments to affect short-term interest rates, regulate liquidity in the banking system and signal the stance of monetary policy. The three main instruments used to achieve these objectives are open market operations, standing facilities and minimum reserve requirements.

Source : European Central Bank

Stabbilt nanzjarja
Il-arsien tal-istabbilt nanzjarja hi funzjoni ewlenija tal-banek entrali. Sistema nanzjarja soda u stabbli twassal gat-taddim efjenti tal-politika monetarja. Il-Bank entrali ta Malta hu responsabbli biex jigura l-istabbilt tas-sistema nanzjarja fMalta, li jiddenixxi bala kondizzjoni li permezz tagha s-sistema li tinkludi l-istituzzjonijiet, is-swieq u l-infrastruttura tgin biex issarraf it-tfaddil fopportunitajiet ta investiment u tiffailita bmod efjenti l-issetiljar tal-pagamenti; tikkontrolla r-riskji li jistgu jkunu ta sara jew ta theddida galiha u, galdaqstant, gall-ekonomija; u tassorbi l-iskossi mingajr ma tippermetti l-akkumulazzjoni ta proessi li jistgu jxklu l-operat tagha. Fil-qadi ta dan l-obbligu statutorju, il-Bank jikkontribwixxi wkoll gall-istabbilt nanzjarja -ona tal-euro. Il-Bank entrali ta Malta hu responsabbli wkoll biex jipprovdi nanzjament lis-settur bankarju permezz tal-funzjoni tiegu bala lender of last resort. Dan is-self normalment jingata firkostanzi eezzjonali meta jinass li l-istabbilt tas-sistema nanzjarja tkun mhedda.

Taddim tal-assi
Wieed mid-dmirijiet baii tal-Eurosistema hu li omm u taddem ir-riervi ufjali tal-Istati Membri. Kemm il-BE kif ukoll il-BN iommu riervi barranin. Minbarra li jomm u jaddem il-portafoll tiegu ta riervi barranin, il-Bank entrali ta Malta jaddem ukoll portafoll ta riervi barranin fisem il-BE. Ir-riervi barranin tal-BE jistgu jintuaw mill-Eurosistema gal interventi s-swieq internazzjonali tal-kambju. Il-Bank entrali ta Malta jomm u jaddem ukoll portafoll ta assi denominati feuro.

Financial stability
Safeguarding nancial stability is a core function of central banks. A sound and stable nancial system is conducive to the efcient conduct of monetary policy. The Central Bank of Malta is responsible for ensuring the stability of the Maltese nancial system, which it denes as a condition where the system comprising institutions, markets and infrastructures is able to allocate savings into investment opportunities and facilitate the efcient 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 that may impair its operations. In fullling this statutory obligation, the Bank also contributes to the nancial stability of the euro area. The Central Bank of Malta is also responsible for providing nancial support to the banking sector 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 nancial system.

Asset management
One of the basic tasks of the Eurosystem is to hold and manage the ofcial foreign reserves of the Member States. Both the ECB and the NCBs hold foreign reserve assets. Apart from holding and managing its own foreign currency asset portfolio, the Central Bank of Malta manages a portfolio 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 exchange markets. The Central Bank of Malta also holds and manages a portfolio of euro-denominated assets.

Sistemi ta pagament
Il-Bank entrali ta Malta gandu wkoll ir-responsabbilt li jirregola u jissorvelja t-taddim tassistemi domestii ta pagament biex jigura l-istabbilt u s-sigurt ta dawn is-sistemi, kif ukoll il-duja ta min juahom. Is-sistemi ta pagament jinkludu dawk ta bejn il-banek u dawk ta valur gir, kif ukoll sistemi ta kklerjar ta ekkijiet, issetiljar, ikklerjar u las marbut ma titoli u nnettjar. Flimkien mas-SEB, il-Bank hu responsabbli biex jigura li s-sistemi ta pagament -UE jadmu mingajr xkiel. Il-Bank innifsu jaddem it-TARGET2Malta, is-sistema ta pagament bejn il-banek li hi parti mitTARGET2, is-sistema tas-SEB gal las gross fin attwali feuro. Il-Bank entrali ta Malta gandu l-awtorit wkoll li jippromwovi t-twaqqif ta sistema ta kklerjar ta-ekkijiet gall-banek u li jipprovdi failitajiet gal din is-sistema. Il-Bank, imkien ma gadd ta banek, hu membru tal-Malta Clearing House. Il-Bank hu responsabbli gas-sorveljanza lokali tal-proett ta-ona Unika ta Pagamenti fEuro (SEPA), inizjattiva mmexxija mill-banek kummerjali Ewropej, kif ukoll gas-sorveljanza tas-sistemi lokali ta las marbut ma titoli. Flimkien ma banek entrali ora li huma membri tasSEB, il-Bank hu involut ukoll t-tfassil u l-implimentazzjoni tat-TARGET2-Titoli (T2S) gallissetiljar ta las marbut ma titoli, kemm bejn il-pajjii kif ukoll lokalment.

Payment systems
The Central Bank of Malta is also charged with the regulation and oversight of domestic payment systems in order to maintain the stability and security of these systems and ensure the condence of their users. Payment systems include interbank and retail systems, as well as clearing, settlement, securities clearing and settlement and netting systems. Together with the ESCB, the Bank is responsible for ensuring the smooth operation of payment systems within the EU. The Bank itself operates TARGET2Malta, the interbank payment system which forms part of TARGET2, the ESCBs Real-Time Gross Settlement (RTGS) system for the euro. The Central Bank of Malta also has the authority to promote the establishment of a cheque clearing 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 the design and implementation of TARGET2-Securities (T2S) for the cross-border and domestic settlement of transactions involving securities.

ru ta karti tal-us u muniti

Sa mit-twaqqif tiegu -1968, il-Bank entrali ta Malta kien responsabbli gall-ru u l-kontroll tal-karti tal-us u tal-muniti fMalta. L-ewwel serje tal-karti tal-us Maltin inaret fSettembru tal-1969, waqt li l-aar serje naret eattament goxrin sena wara. Il-Bank are l-ewwel muniti tiegu fMejju tal-1972, meta Malta adottat is-sistema deimali. Bl-introduzzjoni tal-euro fMalta, il-Bank entrali ta Malta sar responsabbli gall-ru tal-karti tal-us tal-euro u biex jigura l-kwalit u l-awtentiit tal-karti tal-us -irkolazzjoni. Il-Bank gandu wkoll taqsima gas-sorveljanza tal-us li teamina kull karta tal-us issuspettata li tkun falza. Il-karti tal-us li ma jkunux tajbin biex jibqgu -idejn jitneew mi-irkolazzjoni regolarment, jinqerdu u jiu sostitwiti bkarti tal-us odda. Il-Bank entrali ta Malta joro ukoll il-muniti tal-euro fMalta fisem il-Gvern ta Malta. Il-volum tal-muniti tal-euro li jinare irid jii approvat minn qabel mill-BE. Fil-bini ewlieni tal-Bank hemm muew tal-us. Minbarra l-ariet kollha ta us mill-1969 l hawn, din il-wirja ha kollezzjoni tal-karti tal-us kollha li kienu valuta legali minn meta naru l-ewwel karti tal-us ufjali Maltin -1914. Il-wirja ha wkoll kollezzjoni ta muniti wati fMalta tul is-snin, li jmorru lura saansitra sal-era Punika, kif ukoll il-muniti numimatii kollha marua mill-Bank.

Issuance of notes and coins

Since its establishment in 1968, the Central Bank of Malta has been responsible for the issue and control of currency notes and coins in Malta. The rst series of Maltese currency notes was issued in September 1969, while the last series was launched exactly twenty years later. The Bank issued its rst 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 banknotes in circulation. The Bank houses a Currency Surveillance Unit which analyses every banknote that is suspected of being counterfeit. Notes that are unt for circulation are regularly withdrawn and destroyed, and replaced with new 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 Banks main building. Besides all currency issues since 1969, it includes a collection of all available note issues of legal tender currency since 1914, when the rst ofcial Maltese currency notes were issued. The museum also displays a collection of coins used in Malta over the years, going as far back as the Punic era, as well as all the collector coins issued by the Bank.

Bankier gall-banek u gas-settur pubbliku u konsulent tal-Gvern

Il-Bank entrali ta Malta jagmilha ta bankier gall-banek kummerjali u gall-Gvern ta Malta. Kull meta jkun metie, jipprovdi likwidit lill-banek permezz ta operazzjonijiet s-suq ieles u self gal matul il-jum kontra garanziji. Barra milli jieu sehem , u jaddem, it-TARGET2Malta il-Bank jgin -ikklerjar ta ammonti gar bejn il-banek permezz tal-Malta Clearing House gall-las ta kuljum permezz tat-TARGET2. Il-banek iommu bilani ta depoiti baess immedjat jew gal terminu ss mal-Bank entrali ta Malta. Jekk ikun metie, huma jistgu jiedu self gal mien qasir mill-Bank billi jiggarantixxu bi ple jew jiddepoitaw assi speikati mal-Bank. Minbarra li jmexxi l-operazzjonijiet s-suq ieles, il-Bank jista jipprovdi failitajiet ta rinanzjament lill-banek billi jixtri assi eliibbli bi skont. Bala parti mit-tmexxija tal-politika monetarja, il-Bank entrali ta Malta jesii li l-banek iommu depoiti ta rierva miegu. Il-Bank jagmilha wkoll ta bankier gal gadd ta istituzzjonijiet tas-settur pubbliku u jipprovdilhom diversi failitajiet bankarji, fosthom kontijiet ta depoitu u servizzi tal-kambju, ida mhux self, gax dan huwa speikament ipprojbit bil-lii. Fir-rwol tiegu bala konsulent tal-Gvern dwar kwistjonijiet nanzjarji u ekonomii, il-Bank jikkontribwixxi gat-tfassil ta politika gaqlija 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 operations and collateralised intraday lending. Apart from participating in, and operating,TARGET2Malta the Bank supports the clearing of retail interbank payments through the operation of the Malta Clearing House for daily settlement through TARGET2. Banks maintain call and term deposit balances with the Central Bank of Malta. If need be they may obtain short-term loans and advances from the Bank secured by pledging or depositing specied assets with the Bank. In addition to conducting open market operations, the Bank can provide renancing 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 maintain reserve deposits with it. The Bank also acts as banker to a number of public sector institutions to which it provides various banking facilities, including deposit accounts and foreign exchange services, but excluding loans and advances, which are expressly prohibited by law. As advisor to the Government on nancial and economic matters, the Bank contributes to sound policy-making by offering independent advice.

Analii ekonomika u rierka

Il-Bank entrali ta Malta jagmel analii u rierka ekonomika kemm biex jikkontribwixxi gallparteipazzjoni tal-Gvernatur l-Kunsill Governattiv tal-BE kif ukoll gall-qadi ta gadd ta funzjonijiet ora tiegu. Il-Bank jippubblika l-analii tiegu few pubblikazzjonijiet ewlenin, jiieri r-Rivista ta Kull Tliet Xhur u r-Rapport Annwali. Ir-Rivista ta Kull Tliet Xhur ikun ha rapporti dwar l-iviluppi ekonomii u nanzjarji kemm fMalta kif ukoll barra minn Malta, artikli spejali dwar temi ekonomii u monetarji, u rxa wiesga ta statistika relatata. Mill-banda l-ora, ir-Rapport Annwali h analii lokali u internazzjonali tal-iviluppi ekonomii u nanzjarji li jkunu seew matul is-sena li tkun gaddiet. Jinkludi wkoll rapporti fuq il-idma tal-Bank, kif ukoll il-kontijiet nanzjarji annwali tal-Bank. Il-Bank entrali ta Malta jejji wkoll previjonijiet dwar ix-xejriet makroekonomii ewlenin talekonomija Maltija permezz ta mudell ekonometriku u strumenti ora. Dawn il-projezzjonijiet jintuaw ukoll mill-Eurosistema l-previjonijiet tagha.

Il-bir u l-pubblikazzjoni tal-istatistika

Il-Bank entrali ta Malta jibor u jikkumpila rxa wiesga ta statistika monetarja, nanzjarja u statistika ora makroekonomika skont standards Ewropej u internazzjonali. Il-Bank gandu s-setga li jaqdi dawn il-funzjonijiet bis-saa tal-Att dwar il-Bank entrali ta Malta. Barra minn hekk, l-Istatut tas-SEB u tal-BE jagti lill-BE l-kompetenza biex, bl-gajnuna tal-BN, jibor l-istatistika metiea gall-qadi tad-dmirijiet tas-SEB, jew mingand l-awtoritajiet nazzjonali kompetenti jew direttament mingand l-aenti ekonomii. Din l-istatistika hi metiea gat-tfassil tal-politika, biex il-Bank iwettaq l-obbligazzjonijiet tiegu nazzjonali u internazzjonali gal dak li gandu xjaqsam mal-istatistika, u gall-analii u r-rierka ekonomika kemm l-Bank kif ukoll -Eurosistema. Statistika aggregata u konsolidata tii ppubblikata l-pubblikazzjonijiet regolari tal-Bank, s-sit elettroniku tiegu, l-pubblikazzjonijiet tal-BE u fdawk ta organizzazzjonijiet internazzjonali ora.

Economic analysis and research

The Central Bank of Malta conducts economic analysis and research to support both the Governors participation in the ECBs 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 nancial developments 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 an analysis of local and international economic and nancial developments during the previous year. It also reports on the Banks operations and includes its annual nancial statements. The Central Bank of Malta prepares forecasts of the main macroeconomic variables for the Maltese economy by means of its econometric model and other tools. These projections are also 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, nancial and other macroeconomic statistics in accordance with European and other international standards. The Bank 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 to collect, with the assistance of the NCBs, the statistical information necessary to perform the tasks 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 full its national and international statistical obligations, and for economic analysis and research within the Bank and in the Eurosystem. Aggregated or consolidated statistics are released through the Banks regular publications, its website, the publications of the ECB and other international organisations.

Relazzjonijiet ma istituzzjonijiet internazzjonali

Barra milli hu msieeb s-SEB u -Eurosistema, il-Bank jipparteipa wkoll fgadd ta istituzzjonijiet ora tal-UE. Dawn jinkludu l-Kumitat Ekonomiku u Finanzjarju (EFC) u l-Kumitat gall-Istatistika Monetarja, Finanzjarja u tal-Bilan tal-Pagamenti (CMFB). L-EFC jagti pariri lill-Kunsill tal-UE dwar affarijiet ekonomii u nanzjarji. Is-CMFB jagti pariri lill-Kummissjoni Ewropea dwar kwistjonijiet ta statistika. Il-Gvernatur jattendi wkoll gal-laqgat informali talKunsill tal-ECOFIN. Flimkien mal-Ministeru tal-Finanzi, l-Ekonomija u l-Investiment, il-Bank iomm ukoll relazzjonijiet ma istituzzjonijiet ekonomii u nanzjarji internazzjonali li taghom Malta hi membru. Dawn jinkludu l-Fond Monetarju Internazzjonali (IMF), il-Bank Dinji (IBRD) u l-Bank Ewropew garRikostruzzjoni u l-Ivilupp (EBRD).

Fiex nemmnu
Bkonformita mal-missjoni tal-Eurosistema, meta jwettaq l-ganijiet tiegu, il-Bank entrali ta Malta jagti importanza kbira lill-kredibilit, il-duja, it-trasparenza u r-responsabbilt. Dejjem jara li jkun trasparenti u li jagti rendikont pubbliku ta gemilu. Dan jagmlu permezz tal-pubblikazzjoni tar-rendikonti nanzjarji tiegu, komunikazzjoni effettiva u stqarrijiet s-sit elettroniku tiegu, pubblikazzjonijiet ora u rappurtar regolari lill-Parlament dwar il-politika u l-operat tiegu. Hu impenjat favur tmexxija serja u t-twettiq ta dmirijietu bmod effettiv u efjenti, spirtu ta koperazzjoni u gaqda.

Relations with international institutions

Apart from its membership of the ESCB and the Eurosystem the Bank also participates in a number of other EU institutions. These include the Economic and Financial Committee (EFC) and the Committee for Monetary, Financial and Balance of Payments Statistics (CMFB). The EFC advises the Council of the EU on economic and nancial matters. The CMFB advises the European Commission on statistical issues. The Governor also attends the informal meetings of the ECOFIN Council. Together with the Ministry of Finance, the Economy and Investment, the Bank also maintains relations with international economic and nancial institutions of which Malta is a member. These include the International Monetary Fund (IMF), the World Bank (IBRD) and the European Bank for Reconstruction and Development (EBRD).

Our values
In line with the Eurosystems mission the Central Bank of Malta, when pursuing its objectives, attaches utmost importance to credibility, trust, transparency and accountability. It always seeks to be transparent and publicly accountable. This is achieved through the publication of its nancial statements, effective communications and announcements through its website, other publications and regular reporting to Parliament on its policies and operations. It is committed to good governance and to performing its tasks effectively and efciently, in a spirit of cooperation and teamwork.

Ikkuntattjana Ufju gar-Relazzjonijiet Esterni Bank entrali ta Malta Pjazza Kastilja Valletta VLT 1060 MALTA Tel: (+356) 2550 0000 Fax: (+356) 2550 2500 E-mail: info@centralbankmalta.org Website: www.centralbankmalta.org Contact Us External Relations Ofce Central Bank of Malta Pjazza Kastilja Valletta VLT 1060 MALTA Tel: (+356) 2550 0000 Fax: (+356) 2550 2500 E-mail: info@centralbankmalta.org Website www.centralbankmalta.org

Central Bank of Malta, 2010 ISBN 978-99932-0-905-8 (print) ISBN 978-99932-0-906-5 (online)
Gutenberg Press Tarxien, Malta