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Central Bank of Liberia to temporarily shut its banking hall

Jacob Parley/Maximilian Kasseh, Jr.
The Central Bank of Liberia
The Central Bank of Liberia

MONROVIA,LIBERIA-The Central Bank of Liberia(CBL)has commenced  the temporary closure of its banking hall to the public.

The CBL says the closure is intended to facilitate the hosting of the West African Monetary Zone Statutory meetings at its head office in Monrovia.

The bank is therefore directing all civil servants and pensioners to conduct their banking services with commercial banks in the country.

According to a release, all commercial banks will assist civil servants, pensioners and the public with the encashment of their salary and allowance checks during the transitory period.

The release concluded that the exercise will end on Thursday August 4, and banking activities at the CBL head office will resume on Monday, August 6, 2017.

Liberia will be hosting for the first time statutory meetings of the Committees of Ministers of Finance, Governors of Central Banks and College of Supervisors of the West African Monetary Zone (WAMZ) beginning next Monday in Monrovia.

The conference will discuss the establishment of a central bank of West Africa and address proposal for a single currency in the region, and also address issues of harmonization of payment system and free trade among West African countries

According to a release from the Ministry of Finance, the 25th statutory meetings will run from July 9 to the 13 at the Monrovia City Hall.

The Heads of State of six countries in West Africa, as part of the fast-track approach to integration, decided in Accra, Ghana, April 20, 2000 to establish a second monetary zone to be known as the West African Monetary Zone by the year 2003.

These countries, namely The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone, signed the ‘Accra Declaration’ which defined the objectives of the Zone as well as, an action plan and institutional arrangements to ensure the speedy implementation of their decision.

It is envisaged that this Zone will be merged with the West African Economic and Monetary Union (WAEMU) to form a single monetary zone in West Africa.

At the second summit of Heads of State and Government of the Zone held in Bamako, Mali, in December 15, 2000 a number of important documents relating to the institutional, administrative and legal framework for establishing the Zone was adopted by five countries namely the Gambia, Ghana, Guinea, Nigeria and Sierra Leone, as follows:

- the Agreement of the West African Monetary Zone (WAMZ);
- the Statute of the West African Monetary Institute (WAMI);
- the Statute of the West African Central Bank (WACB); and
- the Provisions on the Stabilization and Cooperation Fund (SCF);
Liberia, which was on observer status for about a decade, acceded fully to the WAMZ in February 2010.
The initial date for the launch of the single currency was January 1, 2003 but this was postponed to July 1, 2005 due to Member States’ inability to comply with all the four primary criteria simultaneously and on sustainable basis.
The Zone witnessed two further postponements of the launch dates in 2005 and on December 1, 2009.

WAMZ INSTITUTIONS
The institutions that have been established in accordance with the WAMZ Agreement include:
• The Authority of Heads of State and Government;
• The Convergence Council;
• The Technical Committee;
•The West African Monetary Institute;
• The West African Central Bank;
• The WAMZ Secretariat;
• The Stabilization and Cooperation Fund; and
• The West African Financial and Supervisory Authority

 


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