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CBL Commits to Restoring Fiscal Policy Integrity

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The Board of Governors of the Central Bank of Liberia (CBL) reaffirmed their commitment to restoring the integrity of the CBL through the crafting, advisory and implementation of policies that would strengthen and guide the effective operations of the Bank. At a 2-day retreat convened in Harbel, Margibi County, (September 14-15, 2019) and chaired by the Executive Governor of the CBL, Hon. Nathaniel R. Patray, III, the Governors renewed their pledge to enhance support to the administration of the CBL in ensuring that the Bank provides and supports the necessary monetary policy prescriptions to ease the lingering macroeconomic pressures in the economy

The 5-member board acknowledged its critical role in the overall performance of the monetary and financial sector, and promised to exercise that authority more prudently in the interest of the country and its people.

During the retreat, the Board, among other presentations, reviewed issues relating to effective governance and the Board’s role in terms of strategic direction of the Bank; a resolution strategy for under-capitalized insurance companies which are now under the jurisdiction of the CBL; Foreign Exchange license for Category C foreign exchange bureau, operationalization of Monetary Policy Charter and Framework, as well as a revision of the CBL Act.

The Executive Governor of the CBL lauded members of the Board of Governors for the deliberation, which he described as rewarding. Executive Governor Patray, further commended directors and technical staff for their presentations and resourceful contributions to the retreat  He acknowledged the lingering challenges confronting  the CBL and the economy, while expressing optimism that the issues discussed will engender the framework for the adoption of monetary policy measures that would essentially guide operation of Bank in its service to the country.

Executive Governor Patray disclosed that a delegation of the Central Bank of Nigeria (CBN) is scheduled to arrive in the country shortly as a follow-up visit to Liberia last week by a Technical Team on a scoping mission from that sister Central Bank. The ongoing engagement between the CBN and CBL is aimed at establishing bi-lateral collaboration between the two central banks in the areas of capacity building, experience sharing on policy and promoting trade relations.

Members of the CBL Board who participated in the retreat included, Governors D. Sheba Brown; James B. Dennis; A. Richard Dorley; and Timothy E. Thomas. The CBL Board retreat was also attended by the Deputy Governor for Economic Policy, Dr. Musa Dukuly, who welcomed the exercise and commended the Executive Governor for his leadership. The Deputy Governor for Operations, Madam Nyemade D. Pearson is out of the country on official duty.