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CBL Records Growth In Banking Sector
Date Uploaded: Feb 26, 2015

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

 

 

CBL Records Growth In Banking Sector

By: Ballah M. Kollie/LINA

MONROVIA, February 26 (LINA) - The Central Bank of Liberia (CBL) says the total assets of commercial banks in the country amount to L$73,554 million.

According to the CBL 2014 annual report, the amount represents a 7.4 percent growth in the performance of commercial banks up to the end of November 2014, as compared to L$68,469 million at the end of November 2013.

The report said loans and advances also increased from L$26,939 million in 2013 to L$28,330million or 5.2 percent in 2014.

The report also recorded a 13.0 percent increase in the nation’s total capital from L$8,938 million to L$10,102 million, while deposits shrank by 6.3 percent or from L$48,586 million to L$45,529 million during the reporting period.

Meanwhile, the CBL says 11 of the 15 counties have at least a bank, while three of the remaining four counties - Grand Kru, Gbarpolu and River Gee - have rural community finance institutions.

The Central Bank said it is exerting significant efforts in addressing the banking needs of citizens of Rivercess County as they remain the only people without a banking facility.

LINA

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