Liberia: Commercial Banks Key To Resolving Economic Crisis, CBL Governor Stresses
MONROVIA – The Executive Governor of the Central Bank of Liberia, Hon. J. Aloysius Tarlue, has reiterated his desire of working with commercial banks in the country to ease some of the problems in the banking system.
Although he said the banking sector is safe and sound, the CBL Executive Governor highlighted several operational challenges which remain inimical to the performance of the banking sector. Prominent among the challenges he noted is the high level of non-performing loans, a factor he described as disturbing.
“We have to work together to ensure that we bring it down and that we reduce the level of non-performance loans. This will help us to give loans to individuals worthy of loans, so that we can try to create jobs in the country,” the Governor added.
Speaking during an acquaintance meeting on Tuesday, January 28, 2020, with Chief Executive Officers (CEOS) of commercial banks operating in Liberia, Governor Tarlue lauded the institutions for their continued support and understanding during the December festive season. The banks, he emphasized, were instrumental in collaborating to ease the liquidity pressure in the economy. “Without your support, the situation could have gotten out of hand.” Executive Governor Tarlue recalled.
He also stressed the need to ease the long queues at banks to make them more accessible and efficient for customers. The new CBL Executive Governor also highlighted the need for the persistent promotion of digital banking to ease the demand for cash on the system for the actualization of cashless economy. The CBL, he said will continue to support all efforts by the commercial banks geared toward digital banking.
“We have to work together to ensure that we bring it down and that we reduce the level of non-performance loans. This will help us to give loans to individuals worthy of loans, so that we can try to create jobs in the country”– Central Bank of Liberia Executive Governor J. Aloysius Tarlue
The president of the Liberia Bankers Association (LBA), Mr. John B. Davies, III, congratulated Executive Governor Tarlue on his ascendency to the post, and commended the CBL for the level of cooperation, support and collaboration, especially during the Christmas festive season to ease the liquidity problem. Mr. Davies, who is also the President/CEO of the Liberia Bank for Development and Investment (LBDI), welcomed the meeting and reassured the Governor and his team of the Bankers Association’s support in tackling the challenges confronting the banking sector.
Tuesday’s meeting, the first between Executive Governor Tarlue and commercial banks since his induction a month ago, was also attended by senior executives of the CBL, including the Acting Deputy Governor for Operations, Madam Nyemadi D. Pearson; the Deputy Governor for Economic Policy, Dr. Musa Dukuly; and directors of departments at the CBL, as well as Chief Executive Officers (CEOs) and other senior officials of commercial banks in the country.