Edward Scicluna takes over as governor of the Central Bank for a five-year period on Friday.

The bank said on Tuesday, President George Vella appointed Scicluna governor on the advice of the Prime Minister.

Scicluna was approved as CBM’s new government by parliament’s public accounts committee earlier in December. 

The opposition objected to the nomination, saying he had made incompetent decisions during his term and citing a controversial hospital privatisation deal as grounds for concern. 

Scicluna served as finance minister for seven years until he stepped down last month. 

Prior to that he was an MEP and has also held various positions in public life, including as director of the Central Bank, chair of the Malta Council for Economic and Social Development (MCESD) and the Malta Financial Services Authority. 

As Central Bank governor, he will also sit on the governing council of the European Central Bank.

He will replace incumbent Mario Vella, who has been appointed special commissioner for economic, financial and trade relations with the United Kingdom, a role he takes up on Friday. 

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