12 July 2013

Liberia: CBL Board Wants Bank's Independence Respected

The Board of Governors of the Central Bank of Liberia (CBL) has called on the Liberian populace to respect the independence of the bank. The CBL Board in a statement issued in Monrovia yesterday resolved that it unconditionally confirm, affirm and reaffirm their implicit confidence and satisfaction in the ability of the CBL's Executive Governor, Dr. Joseph Mills Jones to ably steer the affairs of the CBL.

The Board of Governors of the Central Bank of Liberia (CBL) confirmed that all policies, decisions and instructions issued to date and duly executed by the Management of the Central Bank of Liberia, including the work with microfinance institutions, are valid and legal in keeping with the CBL Act of 1999.

In a statement issued yesterday the CBL Board also confirmed that all decisions regarding its stimulus initiatives are approved by the Board and should not be construed as unilateral decisions of the Executive Governor of the CBL.

As such, the Board said it takes full responsibility for its collective actions, which have proven to be beneficial to the Liberian economy and the Liberian people.

"Again, the Board of Governors emphasize that the CBL does not give loans to individuals. It uses the commercial banks and non-bank financial institutions, such as credit unions, microfinance organizations and village savings and loan associations taking into account the specific circumstances of Liberia, " the CBL Board said.

The Board of Governors according to the statement assured the Liberian people that it will continue to ensure that the broad mandate of the Central Bank of Liberia, which provides for stimulating economic growth through the use of monetary instruments and fostering credit to bank and non-bank financial institutions will continue to be pursued with the aim of bringing benefits to Liberian businesses and ordinary Liberians in all of the fifteen counties.

"We believe that poverty must be fought where poverty is all across Liberia, in our counties, in our towns and in our villages. Liberians must be given access to credit so that they can have the opportunity to start businesses, improve their businesses, meet the needs of their families and uplift themselves out of poverty. This contributes to long-term growth and macroeconomic stability," the CBL Board said.

The statement signed by Mr. John G. Bestman , CBL Board member, former Minister of Finance and former Governor of the National Bank of Liberia; Mr. David K. Vinton, CBL Board member, former President Liberia Bank for Development and Investment(LBDI); Madam Betty J. Saway CBL Board member, former President of the Agricultural and Cooperative Development Bank and Madam Mildred B. Reeves, CBL Board member, former General Manager and Deputy Chief Executive Officer at the Liberia Bank for Development and Investment (LBDI).

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