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C BL to enforce regulations on US Dollars

Arthur Douglas/Jacob Parley
Executive Governor of CBL, Milton Weeks
Executive Governor of CBL, Milton Weeks

MONROVIA-The Central Bank of Liberia has been mandated to review the alarming situation of capital flight and strengthen its regulatory measures.

The idea is aimed at curbing the illicit repatriation of foreign currency from the country.

An Executive Mansion release issued on February 6, 2017 says the Central Bank was given the mandate during separate meetings with the Economic Management Team and the Cabinet, under the leadership of President Ellen Johnson Sirleaf.

During the meeting, the issue of flaunting of the Liberianization Law was discussed.

The Economic Management Team called for a more robust enforcement by relevant Ministries and Agencies, with specific emphasis on dealing with the situation where some Liberians are said to be fronting for foreigners.

The   Economic Management Team has also mandated the Ministry of Commerce and Industry to conclude arrangements leading to the elimination of the Import Permit Declaration (IPD) regime on the importation of certain vital commodities, including rice and flour.

The elimination of the Import Permit Declaration will however be done with strict regulatory standards to ensure quality. 

 


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