Liberia: COMMENDATION OF CBL’S ACTION ON DELINQUENT BORROWERS DATED 12th Dec 2022
The Liberia Bankers Association commends and supports the Central Bank of Liberia for the measures it has taken to curtail the persistent failure of non-compliant, delinquent businesses and individuals plaguing the Banking sector today.
We welcome the measures that CBL has taken and express the hope that the CBL will maintain a sustained engagement on this issue with the judiciary and lead the efforts to promote a timely resolution of collecting or recovering outstanding obligations of delinquent borrowers.
We also encourage the CBL to engage the Judiciary in speeding up hearing on long outstanding and new cases in the courts as this will aid the banks in loan recovery process.
The LBA will continue to work with the CBL towards continuous improvement in the financial sector through the automation of the credit reference system that will ultimately lead to an efficient credit approval, disbursement, and monitoring process.
We assure the CBL that the LBA will not hesitate to sanction any of its officers found not to conform to laid down credit policy guidelines and credit approval process.
Issued on this 15th day of December 2022
Liberia Bankers Association