General News

Breaking News

Prez. Weah promises sweeping measures at CBL

Jos Garneo Cephas Sr.
President George and CBL Executive Governor,  Nathaniel Patray
President George and CBL Executive Governor, Nathaniel Patray

MONROVIA, LIBERIA - President George Weah, has promised to announce new measures in the banking sector, aimed at restoring confidence in the Central Bank of Liberia (CBL).

The Liberian leader hinted that he will shortly institute major changes at the CBL to strengthen the Liberian currency in the coming days, saying: “Government will no longer borrow from the central Bank of Liberia for any short term liquidity needs of the country’s economy”.

He said he will shortly institute major changes at the CBL to strengthen the Liberian currency and ensure proper control of the monetary policy and decried the depreciating Liberia Dollar, and emphasized that the situation requires Government’s appropriate action.

President Weah announcing the measures in his Wednesday, May 29, 2019 nationwide address said the decision is intended to restore confidence in the CBL and other commercial banks in the banking sector.

“My administration will protect the integrity and independence of the CBL and the banking sector, for monetary policies to work to enable Liberians to develop confidence in the system”.  

The Liberia Chief Executive further pointed out that the measures, among other things, will include the review of prices and subsequent reduction scheme to put the country on the path of growth and development.
 

 


Copyright 2012 Mylbsonline.com All Rights Reserved.