Liberia: 'L$4 Billion Insufficient' to Address Mutilated LRD Notes

-- CBL Deputy Governor-Designate tells Senators

Central Bank of Liberia (CBL) Deputy Governor-Designate for Operations says the Bank is ensuring that the newly printed L$ 4 billion is in circulation on the market. Appearing Tuesday for confirmation proceedings before the Senate Banking and Currency Committee, Madam Nyemadi D. Pearson however told Senators that the amount printed is not sufficient for the market.

According to her, there is L$ 21 billion in circulation with huge sum of mutilated notes on the market. This, she said, makes the L$4 billion grossly insufficient to address the issue of mutilated banknotes on the market.

She further indicated that the CBL is doing everything possible to ensure that the mutilated banknotes that come to the Bank does not go back in circulation. According to her, going back will undermine the efforts of the Bank to get the mutilated notes off the market.

Madam Pearson further called for the printing of additional notes in five, ten and fifty LRD notes to replace the existing mutilated ones.

"Senators, the amount printed is small, so you will not feel the impact of the new money" she noted.

The nominee pointed out that if confirmed she will work to implement effective operational policies to sustain the already gains by the bank.

Madam Pearson promised that she will also work with the current team at the Bank to ensure that the CBL continues to run credible budgets, follow all requisite and statutory policies to procure currency and institute efficient banking operations.

Madam Pearson has at the same time pledged to Support the management team of the CBL to sustain the relatively stable macroeconomics climax.

Touching on achievements as Acting Governor for Operations, the nominee revealed that the current Team at the bank ensured the outsourcing of the internal audit function of the CBL to lend credibility to the internal control processes of the bank, a prior action, she said was demanded by the IMF.

Additionally, Pearson said the CBL supported government's efforts in negotiating an IMF-support program to Liberia.

The Deputy Bank Governor-designate also told the Committee that, as Acting Deputy Governor, she closely worked with her Colleagues to ensure that the CBL complies with all commitment under the IMF program, including monetary policy that will promote macroeconomics stability, Governance of the bank and internal controls, as well as strengthening the Country's international reserves position amongst others.

Madam Pearson holds an MBA in Management with an emphasis on marketing from Strayer University, Rockville, Maryland, USA in 2011.

She also holds BA in Management from the United Methodist University in 2006 and other certificates to include, but not limited to: Certificate in Leadership Decision Marketing Optimizing Organizational Performance, Harvard University, MA-USA. The nominee has a Diploma in Procurement from the Liberia Institute of Public Administration.

She obtained a Certificate in Corporate Planning and Management-Effective Techniques and Coaching and Goal Setting for High-Performance Smart Concept Technology, Houston, Texas, 2014; Certificate, Banking, and Finance, Logan University 2006.Certificate, Customer Service, Ecobank Ghana LTD, 2007 and a Certificate, Computer Applications, Global Computer Institute, Teshie Nunga, Ghana, 2002.

Prior to her appointment as Deputy central bank Governor or Operation, served as: Managing Director- Liberia Petroleum Refinery Company February 2018 to June 2019. Special Assistant- President, Republic of Liberia 2019.Deputy Director-General Support Services Department, Central Bank of Liberia, 2016 to 2017.

She served as Acting Chief of Office-Interim President/ CEO National Oil Company of Liberia, 2015. Training and Development Manager/ Scholarship National Oil Company of Liberia 2012 to 2015. Counselor Staff Assistant, Embassy of the Republic of Liberia, USA 2010 to 2012.

She previously served as Banking Supervisor/ Ecobank, Liberia, 2006 to 2010; Officer Manager at the Ministry of Commerce and Industry, 2003 to 2006.

The committee is expected to forward its findings and recommendations to the Plenary of the Senate for action in the coming days.

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