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CBL Asked To Exercise Caution In Economic Decisions
Date Uploaded: Jan 27, 2015

Central Bank of Liberia (CBL) Boss J. Mill Jones

 

 

CBL Asked To Exercise Caution In Economic Decisions

By Peter Kahler/LINA

MONROVIA, January 27 (LINA) – President Ellen Johnson Sirleaf has urged more caution by the Central Bank of Liberia (CBL) in the announcement of measures which have implications on the collective economic targets for sustained national financial viability.

She said while welcoming the positive impact of the CBL decision to mitigate the financial burden of school closure in the private schools by committing to settle the debts owed the commercial banks, there was a need to liaise with other players in the economy.

President Sirleaf made the statement in her Annual State of the Nation address delivered in the Joint Chambers of the National Legislature on Monday in keeping with Constitutional provisions.

She said the government had to take appropriate measures on the economic front to ensure that the economy did not collapse during the outbreak of the Ebola virus in the country.

“Under my very clear and emphatic instructions, the Economic Management Team (EMT) coordinated by the Minister of Finance and Development Planning ensured that certain measures were instituted to keep the economy afloat,” she noted.

The Government, through CBL expanded financial intermediation by promoting throughout the country expansion in commercial banks, foreign exchange bureaux and Savings and Loans Associations, she said.

The president cited introduction of a Collateral Registry and promotion of the recently passed Insurance Act as some of the important milestones.

The Chief executive noted that consistent with policies, the CBL took decisions to improve access to finance in rural areas and in the informal sector of the economy, while foreign exchange rate remained stable, civil servants received their salaries and wages on time and the commercial banks remained liquid during the crisis.

The Liberian leader then applauded the Economic Management Team for working to maintain macroeconomic stability.  

LINA

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