Edward Scicluna formally appointed as Central Bank governor

Acting on the advice of the Prime Minister, the President of Malta has formally appointed former Finance Minister Edward Scicluna as governor of the Central Bank of Malta, his appointment coming into effect on 1 January 2021 for a five-year time period.

Scicluna is replacing Dr Mario Vella, who has served as Central Bank governor since 1 July 2016. Vella has in turn been appointed the role of Special Commissioner for Economic, Financial and Trade Relations with the United Kingdom, a role he takes up on 1 January 2021.

Having served as finance minister for seven years, Scicluna resigned from the post in November this year. His resignation set the ball rolling for a Cabinet reshuffle, with co-opted MP Clyde Caruana taking his place in the finance ministry.

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His nomination for the role of Central Bank governor was then approved by parliament’s public appointments committee. The motion for his appointment was narrowly passed with four votes in favour and three against.

Still an MP, Scicluna is expected to resign from parliament once plenary sessions resume.

His political career began in 2009 when he successfully stood the Labour Party ticket in the MEP elections held that year. In 2013 he went on to resign from his post in favour of the finance minister position.

An economist by profession, he served as Chairman of the MFSA (1997-99) and Malta Council of Economic and Social Development (1999-2003). Not unfamiliar with the runnings of the Central Bank, he was a director within the bank between 1996 and 2003.