Why CBL Is Incurring Operational Loses - Executive Governor-Designate Explains

Why CBL Is Incurring Operational Loses - Executive Governor-Designate Explains

Central Bank of Liberia (CBL) Executive Governor-Designate, Mr. Jolue Aloysius Tarlue, has explained that the CBL is currently incurring operational losses due to what he referred to as various inefficiencies, including a "bloated workforce" which the budget cannot sustain.

Against this backdrop, Tarlue warned that if the CBL cannot fix itself, it cannot help fix the country's monetary challenges, promising to regularly consult with the National Legislature on issues of the common good of the country.

Tarlue made the disclosure when he appeared before the Liberian Senate Committee on Banking and Currency headed by Grand Gedeh County Senator Marshall Dennis for the confirmation hearing recently at the Capitol Building- the seat of the Legislature.

The Executive Governor-designate of the CBL, who said his key priority if confirmed by the Liberian Senate will be to ensure the independence of the nation’s apex bank, pointed out that key policy decisions will be made and implemented with the approval of the CBL Board of Governors.

He added that his vision is to rebuild confidence in the CBL and the banking sector as a whole in the next five years.
 
"This will be done through reforms aimed at improving governance, ensuring technical soundness in policies, achieving financial sustainability of the CBL and above all ensuring that the CBL is focused on carrying out monetary policies that seek to keep inflation low, stabilize the exchange rate, as well as ensure that Liberia has enough foreign exchange buffers," Tarlue indicated.
 
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 in keeping with the age-related requirement for retirement of the bank’s Executive Governor.

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.

 

Read 8123 times Last modified on Monday, 16 December 2019 19:34
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