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L$4 billion ‘insufficient’

-CBL Deputy Governor-Designate tells Senators

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Central Bank of Liberia (CBL) Deputy Governor-Designate for Operations says the Bank is ensuring that the newly printed L$ 4 billion (Four Billion Liberian Dollars) is in circulation.

Appearing Tuesday, September 29, in the chambers of the Liberian Senate, in Monrovia for her confirmation proceedings before the Senate’s Banking and Currency Committee, Madam Nyemadid Pearson says the amount printed is not sufficient for the market.

According to a dispatch from the senate’s press and public relations department quoting Madam Pearson, there is L$21 billion in circulation significant portion of which are mutilated notes on the market. This, she said makes the Four Billion Liberian Dollars grossly insufficient to address the issue of mutilated banknotes here.

She further indicated that the CBL is doing everything possible to ensure that the mutilated banknotes that come to the CBL does not go back in circulation.

According to her, going back will undermine the efforts of the Bank to get the mutilated notes off the market. Madam Pearson further called for the printing of additional notes in five, ten and fifty notes to replace the existing mutilated ones.

“Senators, the amount printed is small, so you will not feel the impact of the new money” she noted.
The nominee pointed out that if confirmed she will work to implement effective operational policies to sustain the gains already made by the bank.

Madam Pearson promised that she will also work with the current team at the Bank to ensure that the CBL continue to run credible budgets, follow all requisite and statutory policies to procure currency and institute efficient banking operations. Madam Pearson pledged to support the management team of the CBL to sustain the relatively stable macroeconomics climax.

Touching on achievements as Acting Governor for Operations, the nominee revealed that the current Team at the bank ensured the outsourcing of the internal audit function of the CBL to lend credibility to the internal control processes of the bank, a prior action, she said was demanded by the IMF. Additionally, Pearson said the CBL supported government’s efforts in negotiating an IMF-support program to Liberia.

The Deputy Bank Governor-designate also told the Committee that as acting deputy governor she closely worked with her Colleagues to ensure that the CBL comply with all commitment under the IMF program, including monetary policy that will promote macroeconomics stability, Governance of the bank and internal controls, as well as strengthening the Country’s international reserves position amongst others.-Edited by Othello B. Garblah

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