Central Bank of Liberia (CBL) Boss J. Mill Jones
CBL Nets US$220m In Foreign Reserves
By Decontee Wesseh/LINA
MONROVIA, March 2 (LINA) - The Central Bank of Liberia (CBL) in 2014 netted US$220 million in foreign reserves, according to the bank’s 2014 Annual Report.
The report, released recently covering the period January 1 to December 31, 2014, indicated a drop in foreign reserves by US$9 million, compared to US$229 million CBL in 2013.
According to the report, the decrease was mainly due to increase in capital and some recurrent expenditure associated with the expanding activities of the bank.
Meanwhile, according to the report, the CBL implemented the 2014 budget as approved by the Board of Governors.
The budget was based on interest income on loans and advances to the Government of Liberia, interests on placements abroad as well as service fees and commissions.