The Inquirer is a leading independent daily newspaper published in Liberia, based in Monrovia. It is privately owned with a "good reputation".

Bankers ASSC. Prexy Stresses Internet Banking

In the wake of the country’s struggling economic condition, Liberia’s Bank for Development & Investment (LBDI) President, John B. S. Davis, has insisted that Liberia needs to quickly transition from a less cash transaction and embark on the promotion of an electronic banking economy, stressing that it is a globally accepted method.
Davis who is also the President of the Bankers Association of Liberia (BAL) said, “We as a country have to realize that we are a part of a global village, and it is becoming increasingly difficult for a cash based economy. So we must consolidate efforts to encourage and promote a more digital banking approach rather than cash based transactions.”
“The sooner we put that in the back of our minds and look for options using electronic works, using other digital financial tools, increasing the numbers of ATMs and increasing the number of points of sales, the better it becomes for us all,” he lamented.
Speaking in an exclusive interview on Monday, November 18 at the launch of CBL’s new monetary policy held at the Central Bank of Liberia Headquarters in Monrovia, the LBDI’s President told journalists that Liberia needs to scale down on the use of cash.
Commenting on the CBL’s new monetary policy and its importance to resuscitating the Liberian economy, Banker Davis said, “I empathize with the Central Bank of Liberia (CBL).” Davis also iterated that the new CBL’s monetary policy will help in giving higher returns to depositors.
At a press briefing on Monday, the Central Bank of Liberia (CBL) admitted that over eighteen billion (18bn) Liberian dollars is outside the banking sector in the country.
The bank’s statement came as a confirmation to Finance, Development and Planning Minister, Samuel Tweah’s assertion that over 99 percent of the local currency in the economy was out of the banking system- in which he said, is one of the contributing factors leading to the inflow in the economy.
Amid the increasing inflation rate and a dwindling economy, the Central Bank of Liberia (CBL) introduced a set of new monetary policies aimed at reviving the Liberian economy.
Central Bank Deputy Governor for Economic Policy, Dr. Musa Dukuly, told journalists that the bank’s newest move is aimed at helping to contain inflation, control the level of Liberian dollars and promote the confidence of the Liberian dollars amongst other things.
“Considering how intense the challenges are, these new policies are the way out. We are quite aware of the recommendations being proffered, they are the initial steps, therefore let’s give them our support, our fullest cooperation so that in the end we will ensure we all pull out of this together,” the LBDI President urges.
Also speaking, Liberian Marketing Association (LMA) President, Alice Yeabahn called on the CBL to embark of vigorous interpretation of its new monetary policies to clearly explain in simple terms to the business community for proper understanding.
Madam Yeabahn named the issuance of mutilated banknotes by commercial banks and the blatant refusal of banks to give out customers’ money on time as some of the problems discouraging people from saving their money in the bank.
The only way the policy will be understood by the marketers; she said is for the CBL to address these problems.
It can be recalled, CBL’s Officer-in-Charge, Dr. Dukuly emphasized that the decisions that influenced the latest policy is aimed at executing the CBL’s core mandate of achieving and maintaining price stability and were based on global, regional and domestic economic developments and financial market conditions.
Dr. Dukuly iterated that the bank’s new policy is also meant to stabilize prices and revive the national economy owing to the downward trend and the current economic constraints the country is now engulfed with.
The CBL also stated that the Bank’s Board of Governors has increased the Standing Deposit Facility (SDF) rate to 30 percent and set the Standing Credit Facility at 500 basis points above the SDF.
Weeks ago, Finance Minister Tweah disclosed that the Government of Liberia was working on new monetary policy aimed at resuscitating the country’s struggling economy. This newest consolidated monetary policy came as a rallying effort from the country’s fiscal managing experts with the hope of reviving and moderating the current inflationary pressure to support stable macroeconomic environment in Liberia. The bank further disclosed that its action was drawn from several consultative meetings held with key financial, and the banking community, so as to ensure that the new policy resonates and be implemented to the fullest. D. Webster Cassell writes/ 0778924412/0086924412

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