The Executive Governor of the Central Bank of Liberia promises to inject foreigners from the forex market as part of measures to curb current volatility in the market.
The forex market here is dominated by Fula business people and other nationalities. Speaking before the Liberian Senate during confirmation hearing in Monrovia, Professor Nathaniel Patray says one of the options the Central Bank is considering to reduce the excess liquidity in the economy is to stop foreigners from operating in the forex market.
He notes that government is working around the clock to ease the financial challenge, adding, “If anybody thinks this government can fix the challenges besetting the economy within two weeks, it is untrue.”
Professor Patray unequivocally forms the Senate Committee to limit high expectation about quick resuscitation of the depreciating economy Liberian upon his ascendency, if confirmed by that august body.
He underscores there is no quick fix as expected, as the challenges are enormous, and they need diverse methods some of which he says, has been embarked upon by the Economy Management Team (EMT) set-up by President George Weah comprising of all financial actors.
“The going crisis is worse than ever before, but I can assure you honorable Committee it’s curable. We can solve it with concerted efforts,” he assures.“Challenges today, yesterday are enormous. We have to use methods, guidelines, regulations that will suit the challenges because today and yesterday conditions and circumstances have changed and this is what the CBL and Economy Management Team are working on,” he explains.
Mr. Patray replaces former Executive Governor Milton Weeks, who resigned early July amid the serious financial crisis characterized by excess liquidity, rapid depreciation of the Liberian dollar and skyrocketing prices.
Speaking on the Liberian banknotes, he says every country’s banknotes must be recognizable publicly, but the country’s current legal money is to the contrary.
“You cannot have two banknotes with two sides, and different colors. National banknotes must have characteristics, including strength, economic activities, like past banknotes,” he notes.
By E. J. Nathaniel Daygbor–Editing by Jonathan Browne