Liberia: CBL Releases L$2.7 Billion to Commercial Banks,

Against the backdrop of rising public concern about the acute difficulty faced by the public at large to access cash from remittances through Western Union and MoneyGram as well as from individual deposits, the Governor of the Central Bank of Liberia(CBL), Milton Weeks, has disclosed that the CBL has provided an amount of L$2. 7 billion roughly equivalent to US$21,259,842 to address the liquidity crunch. He says the amount, provided since last week is intended to contribute to economic growth and the livelihood of the banks' clients.

Governor Weeks further disclosed that as far as he was concerned there are no pending requests from commercial banks. He attributed the liquidity problem to what he described as a slight delay in the currency management process at the bank. He said 'getting reserve funds from operational vault to commercial banks' was an operational issue that has been resolved, adding, "but for people to go the extent of saying that there is no money or cash in various commercial banks, that's completely false", he declared.

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