Liberia: 'LBDI Still Enjoys Correspondent Banking With Citibank'

-- Terms recent statement as "untrue and baseless"

The attention of the Liberian Bank for Development and Investment (LBDI) has been drawn to speculations in the media that Citibank in New York has dropped LBDI as money transfer partner and Qatar Bank turned LBDI down for US$50M Loan."

In a statement issued Wednesday, November 20, LBDI said that "the story is UNTRUE and BASELESS as the LBDI continues to enjoy correspondent banking relationships with Citibank, New York, even up to the time of the press release."

The LBDI statement came in the wake of public speculations about the state of the national economy, characterized by high inflation and a degree of scarcity of local currency across various commercial banks operating in the country.

Of late, Liberians have had to endure long queues at teller windows at various commercial banks and their automated teller machines (ATMs), amid a sudden shortage of local currency as the Central Bank of Liberia seeks Legislative approval to print new currency banknotes. Recently, the Ministry of Finance and Development Planning (MFDP) said there is no sufficient money in the vaults of commercial banks because people are keeping money at home - something onlookers say is motivated by a lack of confidence in the banks.

However, according to the statement, LBDI and Citibank have enjoyed the mutual relationship for decades and are the only banking institution in Liberia that has a direct money transfer relationship with Citibank, New York.

The Bank further clarifies that at no time has it engaged a Qatari Bank for financing neither has a Qatari Bank offered to finance to the LBDI.

The LBDI wishes to assure its valued customers and the general public that these speculations are intended to instill fear in the public.

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