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Forex bureaus threaten tough action

--Induct new officers

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The newly inducted officers of the National Association of ForeignExchange Bureau of Liberia or (NAFEBOL) have threatened to takefurther action against anyone, or institution caught in violation ofthe Central Bank Act of 1999.

“NAFEBOL under our administration will not relent to implement to thefullest, Central Bank Act of 1999 in an effort to promote safe, andsecured foreign exchange activities or take drastic action againstpeople that will be caught in violation of the CBL Act,” the groupsaid Thursday, 30 January in Monrovia.

During the induction ceremony held in the CBL auditorium, NAFEBOLPresident Mr. NimelySayeh says his organization, particularly thenewly elected officials will do all to implement the CBL Act of 1999for the promotion of safe, secured foreign exchange activities here in

He said NAFEBOL is an intermediary financial institution that wasestablished in August 2000, with the aim to help the government ofLiberia to regulate foreign exchange activities. He said since theirestablishment they have been working with the government through the
CBL to promote local economic activities.

“Our engagement with the government over the years helped us to expandessential economic programs and currency exchange rate service tocustomers and the general public,” he says.
Mr. Sayeh adds that they will remain committed to attaining acollective approach that will strengthen the hardship in the economy,and other policies.

According to the NAFEBOL president, there are 75 licensed bureaus thatmeet the full requirements of the CBL Act of 1999, saying reports thatmore than 75 unlicensed foreign exchange bureaus are currentlyoperating here is a violation of section 21.0 of the CBL Act whichcalls for full compliance.

Under his leadership, he says NAFEBOL will establish a task force thatwill promote policies, programs and standards that will combat any actthat will violate the CBL Act, the Bylaws and Constitution of theorganization.

Also making remarks, Deputy CBL Governor for Economic Policy Dr. MusaDukly expresses delight for the conduct of NAFEBOL’s peacefulelection, promising the CBL’s unflinching support to working alongwith the group to help resolve the challenge facing the economy.
Dr. Dukly who inducted the new officials into office says CBL willremain engaged with the leadership of NAFEBOL, noting that theinduction ceremony is a new beginning of the CBL that will promotedigitization of the economy and wide acceptability of mobile money forfinancial transaction.

“It’s a new beginning for you to deposit your money in bank and haveattractive returns,” he says, adding that the CBL has initiated thiswith its new monetary policy instrument that will allow the interestrate in the bank for bank to compete for deposit.

According to him, the induction is also a new beginning for NAFEBOL, anew leadership that is expected to work and ensure that foreignexchange activities in the country are well structured and organized.

“It’s our believe at CBL that this new leadership will go beyondMontserrado County since the CBL data collection [of] foreign exchangerate is now nationwide,” he adds.

Meanwhile the Manager of Mobile Money at Lonestar Cell MTN PrinceChesson praises officials of NAFEBOL for taking a bold step in forminga leadership that will steer the affairs of the organization for thenext four years.

He recalls the partnership and the smooth working relationship withNAFEBOL, as he uses the occasion to call on the newly electedofficials to work cooperatively in the discharge of their duties, andto promote a safe, and secured financial environment.By Lewis S. Teh—Edited by Winston W. Parley

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