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CBL official decries lack of commercial banks in five counties

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Deputy Central Bank Governor Musa Dukuly has said that the absence of commercial banks in five of Liberia’s fifteen political subdivisions is contributing to the devastating state of the country’s economy.

Speaking Wednesday, 14 April at the Edward Wilmot Blyden Intellectual Forum organized by the Press Union of Liberia (PUL), Dr. Dukuly said the absence of banks in some rural parts of the country has greatly affected the circular flow of the economy.

According to him, the the printing of new family of banknotes is significant but not sufficient, adding that other complementary actions are needed.

The deputy CLB governor at the same time names financial digitalization, decentralization of the CBL, micro-economic development and the management of money that is expected to be printed as sufficient complementary actions needed to resuscitate the country’s economy.

He clarifies that the printing of 48.7 billion new banknotes will be done within three years, noting that an initial 35.8 billion will be printed.

Also speaking, Movement for Progressive Change (MPC) political leader Simeon Freeman attributed the state of the economy to the lack of trust in the banking sector.

Mr. Freeman noted that the lack of trust in the banking system is causing business owners and operators to do personal saving at homes.

He calls on the CLB to desist from the printing of new family of banknotes and invest more in financial digitalization.

For his part, PUL Vice President, Daniel Nyankonah lauds economists for their high level of professionalism and work as they strive to put the Liberian economy back on track.

By Bridgett Milton–Edited by Winston W. Parley

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