Alexander Demarco approved to lead Central Bank of Malta

The Parliament’s Public Appointments Committee has given its unanimous backing to Alexander Demarco to become the next Governor of the Central Bank of Malta, clearing the way for his formal appointment.

The committee’s chair, Labour MP Chris Agius, is expected to notify the Prime Minister of the decision, after which Mr Demarco will assume the role at the start of the new year. He will replace Edward Scicluna, whose five-year term concludes at the end of 2025.

Currently serving as Deputy Governor, he also filled the role of Acting Governor between July 2024 and July 2025, stepping in after Prof. Scicluna temporarily withdrew from office following the initiation of criminal proceedings linked to the Vitals hospitals case.

Mr Demarco’s career at the Central Bank spans more than four decades. He joined the institution in 1984 as a Clerk before progressing to Senior Economist within the Economic Research Department. He later led the EU and International Relations Department and subsequently headed the Financial Stability Department.

Appointed Deputy Governor in January 2014, Mr Demarco’s work includes contributing to the Central Bank’s first econometric model, overseeing macroeconomic forecasting, and taking part in Malta’s EU accession process. He was also involved in exchange rate policy discussions and preparations for Malta’s participation in ERM II ahead of joining the euro area.

At a European level, Mr Demarco served as a member of the supervisory boards of both the European Banking Authority and the European Central Bank until July 2017.

With parliamentary approval now secured, Mr Demarco is set to formally take the helm of the Central Bank at the beginning of 2026.

Featured Images: Central Bank of Malta / Alexander Demarco