Central Bank of Liberia (CBL) Boss J. Mill Jones
CBL Boosts Voluntary Savings, Loan Bodies
By Winnie Dixon/LINA
MONROVIA, February 23 (LINA) - The Central Bank of Liberia (CBL) has strengthened voluntary savings and loan bodies across the country through facilitating the setting up of administrative structures and national leadership.
Voluntary savings and loan associations serve a substantial role in communities where they also give social support to members.
This was disclosed in the annual report of CBL covering the period January 1 to December 31, 2014.
According to the report, the leadership has among its priorities, encouraged members of trade groups and professional categories to become integrated within the formal financial system.
The report said the CBL arranged non-collateral based soft loans for the various associations through the Loan Extension and Availability Facility (LEAF). Soft loans are loans which have low interest rates and flexible time for re-payment.
Meanwhile, according to the report, the CBL continued its partnership with the Liberian Business Association providing access to finance for its members in conjunction with three local banks.