The Central Bank of Malta has published its latest Economic Update, based on information available up to March 10.
According to the report, business conditions remained favourable, with the bank’s Business Conditions Index continuing to signal above normal activity levels in February.
Economic sentiment increased during the month, supported by improved sentiment among firms operating in the retail and services sector as well as among consumers.
In January, the annual rate of change of retail sales turned positive again, while industrial production and tourism activity continued to expand.
Labour market conditions remained favourable, with the number of registered unemployed falling further during the month.
The annual rate of inflation based on the Harmonised Index of Consumer Prices rose to 1.4 per cent in January.
Maltese residents’ deposits rose 10.1 per cent when compared with the same month in 2016, while the annual rate of growth of credit to residents eased to 1.3 per cent.
The Economic Update is available on the website of the Central Bank of Malta www. centralbankmalta.org.
Whistleblowing seminar
The Chamber of Advocates is hosting a seminar on whistle-blowing on March 24 at the Casino Maltese, Valletta.
The speaker is Bradley Birkenfeld, the US banker considered possibly the most significant financial whistleblower in recent history whose disclosures to the US government in 2007 led to a massive fraud investigation against the Swiss bank UBS and other banks that had enabled tax evasion by US taxpayers.
Mr Birkenfeld will recall his experience on how despite a thriving banking career, he could no longer keep silent about bank-enabled tax fraud, how when UBS rejected his concerns, he turned to the US authorities, was jailed for 30 months but soon vindicated with a record-breaking IRS $104 million reward.
He enabled the US Treasury to recover $15 billion in back taxes, fines and penalties. The case set off a domino effect of international investigations into offshore banking’s secret crimes, including the Panama Papers. Now retired, Birkenfeld is a philanthropist and supports whistleblowing efforts worldwide.
Birkenfeld will also launch his recent book Lucifer’s Banker: The Untold Story of How I Destroyed Swiss Bank Secrecy.
The event is open to the public but spaces are limited.
To book places send an e-mail to events@avukati.org.