- Search Results
 
 
Low Export Prices, Ebola Stigma Hit Liberian Dollar In 2016
Date Uploaded: Apr 03, 2017

Montserrado County Flag

 

Low Export Prices, Ebola Stigma Hit Liberian Dollar In 2016

By Catherine B. Nyenkan

MONROVIA, April 3 (LINA) - The Central Bank of Liberia (CBL) has said the severe slump in the global prices of Liberia’s major export commodities and a lingering Ebola legacy put immense downward pressure on the value of the Liberian dollar against the United States dollar in 2016.

Executive Governor Milton A. Weeks made the disclosure in his foreword contained in the CBL 2016 annual report released recently.

He added that the downward pressure also yielded an estimated real Gross Domestic Product (GDP) growth of negative 0.5 percent for the year.

Weeks noted that despite those trying macroeconomic conditions, the CBL forged ahead with prudent liquidity management to contain annual average inflation within the single-digit range at 8.7 percent.

The apex bank Governor said the CBL also made efforts to smooth out exchange rate volatility with selective interventions into the foreign exchange market.

He said the CBL’s attempt to mitigate the exchange rate volatility fell below the total intervention for 2015 due mainly to the CBL reserve accumulation policy.

He said despite the challenges described, the financial sector continued to expand and remain relatively resilient.

Governor Weeks explained that the total credit to all sectors of the economy grew by 11.3 percent during the year due mainly to a resumption of economy activities in key sectors.

According to th governor, the gradual improvements in the energy sector and in farm-to-market and other roads triggered this development which saw the private sector capture 97.3 percent share of and total credit.

Weeks noted that this reflects a growing contribution of the private sector as a driver of balance sustainable economic growth.

LINA CBN/JGT/PK

latest headlines
Police, Hunters In Hot Pursuit Of Murder Suspect In Bong
Traditional hunters in Zota District, Bong County backed by members of the Liberia National Police have intensified their search for Moses Porkpa ...more
Trial Stalled Due To Poor Documentation
The trial of some Liberians indicted by the Grand Jury of Montserrado County for alleged car theft stalled Tuesday due to the failure of state pr ...more
AFL Captain Completes Top Military Training In Nigeria
Armed Forces of Liberia (AFL) Captain Stephen T. Tarplah has completed a 21-week intensive training in Kaduna, the Federal Republic of Nigeria. ...more
Bassa Maternal, Newborn Health Confab Says ‘No To Home Delivery’
Stakeholders at a two-day Maternal and Newborn Health Conference in Grand Bassa County have pledged to collectively intensify their efforts to ad ...more
KOICA Donates Oxygen Machine To JFD Hospital
The Jackson Fiah Doe Memorial Regional Referral Hospital located in Tappita City, Nimba County has benefited from a donation of an Oxygen Genera ...more
High-level RUFORUM Delegation.....
President Ellen Johnson Sirleaf has received a high-level delegation from the Regional Universities Forum for Capacity Building in Agriculture (R ...more
 
All rights reserved © 2013 - 2014
Liberia News Agency