Liberia: CBL's Challenge - Rebranding, Restoring Integrity

-- Governor Tarlue tells visiting NY Federal Reserve delegation

The Executive Governor of the Central Bank of Liberia (CBL), J. Aloysius Tarlue, Jr. has said his most pressing challenge is the rebranding of the CBL to restore its integrity.

The CBL Executive Governor said it is important that immediate steps are taken to restore public confidence in the operations of the Bank.

In a briefing Wednesday, January 15, 2020, with a delegation of the New York Federal Reserve (FED) at the Bank's corporate headquarters in Monrovia, Executive Governor Tarlue said the CBL, under his governorship, will exercise transparency in its operations to remove the reputational harm the Bank has suffered.

The CBL statement, quoting its Executive Governor, reiterated the need for the implementation of effective internal controls that would help restore the image of the CBL.

He thanked the FED for its support and stressed the need for more capacity building to help the CBL in its effort to maintain price stability in the Liberian economy.

The Head of International Affairs and Senior Vice President of the New York Federal Reserve, Mr. Michael Schetzel, lauded Executive Governor Tarlue and praised the CBL for the cordial working relationship with the FED.

He said his institution values the relationship with the CBL and will continue to exert all efforts to enhance the capacity of the Bank.

The meeting was centered around the CBL's regular operations and administration of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and its Customer Security Program (CSP), which was recently implemented.

The visiting 5-member FED delegation includes Mr. Matthew Nemeth, Central Bank & International Account Services Vice President; Ms. Lara Green-Spector, Central Bank & International Account Services Officer; Mr. Matthew Trieste, Central Bank & International Account Services Senior Associate; and Ms. Lauren Comunale, Central Bank & International Account Services Senior Associate. The meeting, which is an annual mission of the FED to Liberia, was also attended by CBL's Acting Deputy Governor for Operations, Ms. Nyemadi D. Pearson, as well as other senior staff members of the Bank.

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