Central Bank Governor Michael Bonello has resigned and will be replaced by former Economic Services Minister Josef Bonnici on July 1, the government announced yesterday.

Mr Bonello, who has been governor since October 1999, wrote to Prime Minister Lawrence Gonzi on April 18, informing him he would serve until the end of June.

When contacted, Mr Bonello said he had always planned to leave before the full term was over and the government had been informed of this when he accepted the re-appointment in 2008.

He pointed out that when he accepted Dr Gonzi’s offer of being appointed to another term, he had indicated his willingness to oversee the transition of the euro but not necessarily to complete the full five-year term.

The government in its statement said Dr Gonzi had accepted Mr Bonello’s resignation and thanked him for his valuable contribution.

Asked about his plans for the future, Mr Bonello said he was nearly 66 years old and had no ready plans, saying he still had to assess how to best divide his time. “I am concentrating on finishing off my work here first and then I will see,” he said.

Mr Bonello was actively involved in the transition to the euro, the accession of the Central Bank of Malta to the euro system and the restructuring of the bank to meet these new responsibilities.

Since 2008, Mr Bonello has been a member of the Governing Council of the European Central Bank.

Prof. Bonnici is a director at the Central Bank and a professor of economics, focusing primarily on monetary economics, macroeconomics and econometrics.

He had served as Parliamentary Secretary in the Finance Ministry between 1993 and 1995 and was then promoted to Economic Services Minister between 1995 and 1996, serving again between 1998 and 2003. His last appointment was that of member of the European Court of Auditors.