FIFTY-SECOND ANNUAL REPORT AND STATEMENT OF ACCOUNTS 2019 © Central Bank of Malta, 2020 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website www.centralbankmalta.org E-mail
[email protected] Photo credits Melvin Bugeja/Central Bank of Malta, Shutterstock, Patrick Fenech/Art and Architecture and European Central Bank. Printed by Gutenberg Press Ltd Gudja Road Tarxien GXQ 2902 Malta All rights reserved. Reproduction is permitted provided that the source is acknowledged. The cut-off date for information published in this Report is 28 February 2020 except where otherwise indicated. Figures in tables may not add up due to rounding. ISSN 0577-0653 (print) ISSN 1811-1262 (online) MISSION STATEMENT The Central Bank of Malta is an independent institution, which forms an integral part of the Eurosystem and, as a member of the European System of Central Banks (ESCB), has the primary objective of maintaining price stability. The Bank is entrusted with all major central banking tasks, particularly that of ensuring the stability of the financial system. It seeks to carry out its statutory responsibilities in the public interest and is committed to performing its func- tions effectively, efficiently and economically to the highest level of integrity, competence and transparency. In this regard it will continue to: i. undertake economic and financial analysis and research to support the Governor’s partici- pation in the decision-making process of the Governing Council of the European Central Bank (ECB) and provide independent advice to Government on economic and financial policy issues; ii. implement the ECB’s monetary policy through market operations conducted within the opera- tional framework of the Eurosystem; iii.