Liberia: CBL Governor Urges Cswamz to Be More Proactive

The Executive Governor of the Central Bank of Liberia (CBL), Mr. Milton A. Weeks, on Monday 31 July 2017, set the tone of the 26th meeting of the College of Supervisors of the West African Monetary Zone (CSWAMZ) by urging members of the College of Supervisors of West African Central Banks to think through what is likely to cause a banking/financial crisis in the West African monetary zone as well as the efforts required to address such crisis. He said: "The need for a zonal crisis prevention, management and resolution framework is more and more evident. Do we have the right mechanisms to address the potential risks associated with the increasing digitization of our financial systems?"

Mr. Weeks also stressed the need to provide an enabling environment that would be conducive for competition and innovation, while at the same time balancing risk management and internal control against overbearing regulations. This view, he said, is informed by lessons learnt by past failures/crises and the need to reg ularly assess existing practices and makes future crises less damaging.

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