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‘I’m The Right Man At The Right Time’ - CBL Boss-Designate Vows to Restore Confidence In Banking Sector

‘I’m The Right Man At The Right Time’ - CBL Boss-Designate Vows to Restore Confidence In Banking Sector

The Executive Governor-designate of the Central Bank of Liberia(CBL), Mr. Jolue Aloycious Tarlue, has vowed to restore public confidence in the banking sector of the country, especially the CBL, when confirmed to the position.

Speaking Thursday, December 5, 2019 when he appeared before the Senate Committee on Banking and Finance for confirmation hearing at the Capitol Building, the seat of the Liberian Legislature, Tarlue described himself as the right man at the right time to restore public confidence so that Liberians will once again trust the sector.

Tarlue, who has vast experience in public finance having worked in the banking and financial sector for over 17 years, pointed out that the lack of effective implementation and enforcement in the country’s monetary policy has been the major problem at the CBL.

“I am humbled to be nominated by the President to serve my people in the area that I have vast experience. I have worked in this sector for over 17 years. And so I am the right man at the right time taken into consideration, all of the financial crisis our country is going through,” said the CBL executive governor-designate.

He said his reign at the CBL will promote independence, because the bank under his watchful eyes, will institute systems and controls.

Tarlue observed that lapses in the standard operating system and lack of internal control are also critical problems that the bank is rumbled with.

However, he assured that if confirmed by the Liberian Senate, he will ensure non-partisanship in a bid to make the CBL totally independent of the power that be.

Quizzed by Grand Cape Mount County Senator Varney Nambi Gboto Sherman where he has the spin to reject direct order from the President or Minister of Finance on the disbursement of money in an unauthorized manner, he answered in the affirmative.

Speaking on the much-publicized printing of new Liberian Dollar banknotes, Tarlue asserted: “Printing money is a normal thing in the banking sector as cleaning your house is a normal thing in the home. But the problem is that we have lack of soundness in our financial sector.”

“Distinguished Senators what I can assured you is that, if confirmed, I will maintain price stability in our financial markets. Now, the question is how? This can be done by putting value in the Liberian Dollars from an exchange rate policy to an interest based policy. The monetary policy will help to address the liquidity policy. As part of our job, we will promote digitization in the money market. We must reduce dependency on import and promote export by empowering the private sector and agriculture,” Tarlue, among other things, added amid cheers from some Liberians, who trooped in their numbers at the Liberian Senate to witness the confirmation hearing.

It can be recalled that on November 8, 2019, President Dr. George Manneh Weah named Mr. Tarlue as Executive Governor of the CBL. Mr. Tarlue replaced Mr. Nathaniel R. Patray, III who resigned on October 24, 2019.
 
The President named the new Executive Governor of the CBL following a comprehensive vetting process by a team of experts that he had set up.
 
Mr. Tarlue is expected to lead a team of other governors in restructuring the CBL to tackle Liberia’s challenging economy. 
 
The incoming CBL chief worked with a plethora of important banks and other financial institutions in the United States of America including J.P. Morgan Chase, BNY Mellon N.A., Deutsche Bank, Merrill Lynch and HSBC Bank N.A. amongst many other executive level financial establishments.
 
Mr. Tarlue holds MPA (specializing in Public Policy) from Kean University, New Jersey (USA) and BA in Political Science from the King University in Bristol, Tennessee (USA).
 
Prior to his preferment by President Weah, he was Chairman, Board of Commissioners of the Liberia Electricity Renewable Commission. See pages--- for Mr. Tarlue’s confirmation presentation and CV.

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