By E. J. Nathaniel Daygbor
The Senate Committee on Banking and Currency and the entire Plenary of the Liberian Senate are poised to decide the reconfirmation of the Executive Governor of the Central Bank of Liberia (CBL) Aloysius Tarlue, after his appearance to give reasons why he should continue as head of the nation’s bank.
Appearing Thursday, July 08, 2021, before the committee at the Capitol, Mr. Tarlue who had occupied the post for a little over a year to complete the tenure of his predecessor Nathaniel Patray, spoke technological innovation to move the CBL forward.
Mr. Tarlue was recently reappointed by President George Weah following his completion of former executive governor Patray’s five years tenure.
Speaking before the committee Thursday in the chambers of the Liberian Senate, he said in light of the dynamic environment of the financial system, increased responsibilities of the bank, coupled with technological innovation and competing priorities, the board of governors and management approved a three-year strategic plan (2021-2023) launched in early May to enhance productivity and ensure effective use of scarce resources in achieving mandates of the bank.
Mr. Tarlue spoke of expanding the scope of the regulatory functions of the CBL, including licensed financial institutions and digital credits to enhance services.
Talking about loan scheme and policy, the CBL executive boss also mentioned the increase of the maximum amount of loan to be granted from US$7,000 to US$50,000 or 0.5 percent of the total net worth of microfinance deposit-taking institution and expansion of permissible activities.
He argued that these regulations seek to create the environment for discount houses to develop financial markets for the sale of land purchases or financial instruments.
He pointed out that as part of the efforts to rebrand the CBL, as envisaged in the strategic plan, the bank is pushing through a broader partnership with the media to inform the public of its activities, developments in the financial system, and the economy in general.
He continued that the first step toward the rebranding process, the bank has signed an MOU with the Liberia Broadcasting System and began rolling out a regular radio program called ‘money matters’.
“The bank has drafted a comprehensive communication and stakeholder engagement strategy that is now being reviewed internally. The strategy is part of the bank’s vision to remain open and accountable to its stakeholders and the Liberia people. We look forward to a fruitful exchange of ideas during today’s hearing, not your questions, but also to hear views,” he concluded. Editing by Jonathan Browne