Central Bank Governor addresses the 2021 Commonwealth Meeting

The Governor of the Central Bank of Malta, Professor Edward Scicluna, addressed the Commonwealth Central Bank Governors Meeting held virtually on Monday 11 October 2021. The event, jointly organised with the Commonwealth Finance Ministers Meeting, brings together the top economic decision-makers from the 54 member states that form the organisation.

In this edition, the agenda of the meeting was focused on Central Bank Digital Currencies and the Commonwealth Fintech Programme. The agenda reflected the rapid transformations derived from digitalisation and offered the Governors a forum to discuss the upcoming challenges and share experiences.

Several central banks from the Commonwealth reported having launched initiatives and pilot programmes to assess the impact of digital currencies.

In his speech, Governor Scicluna also stated that digital transformations offered “enormous opportunities for increasing efficiency, facilitating cross-border payments, promoting financial inclusion and/or creating innovation synergies. Nevertheless, they do not come without risks”. Therefore, he advocated for a cautious approach and for the reinforcement of international cooperation.

The Governor concluded his intervention with the following remarks: “Let us not let the urgent overtake the important. The digital transition is here to stay, and it is up to us to decide whether this is done in an orderly manner or not.”